Encl. 3 in
No.
C.O.
Conf.
CANTON-KOWLOON RAILWAY.
44670
RECT.
37
Rec'd 1 DEC 06
Minutes of Meeting (the 5th.) held at the Nai Mu Pu on Monday the 8th. October at 3 p.m.
Present:-
H.E. T'ang Shao-yi,
Kung Paotai and Mr. Hu, representing H.E. the Vice-
roy of Canton.
Mr. En, Secretary to the Yamen, and
Mr. J. G. B. Bland, representing the British and Chinese Corporation, Limited.
Mr. Bland stated that further instructions from his Board now enabled him to make a final offer for the Loan at 99 provided that the matter be promptly settled and that the other conditions of the agreement be accepted, as stated by the Corporation. In making the offer he again explained that the Canton-Kowloon railway was regarded by the money market as a security decidedly inferior to that of the Northern railway (now quoted at 101½) and that if any further modification affecting the security of investors were introduced, the price must suffer corresponding depreciation. It was impossible for the Chinese Government to expect that the Bonds for a short railway as yet unbuilt, should be on the same footing as those of a remunerative and extensive system and the price suggested by Kung Taotai, 95, was therefore impossible.
H.E. T'ang Shao-yi stated that the Viceroy had named 95 as the price in his draft agreement and that it would be extremely difficult for his representatives, and for the Yamen, to conclude the Loan at a lower rate. Setting the question of price aside for the time being, however, he proposed that the re-draft of the Agreement, made since the last meeting by Mr. Bland, be discussed seriatim with a view to coming, if possible, to a final understanding on all other points.
Article 1.
H.E. T'ang Shao-yi took exception to the Bonds being specifically described as similar to those of the Shanghai Nanking railway, on the ground that the form should be a matter for arrangement in the event of there being anything in the Nanking bonds to which
Enches 3 mi
no
C O.
coer.
CANTON-KONLCON MAILWAY.
44670
RECT
37
Rect 1 DEC 06
Minutes of Meeting (the 5th.) held at the Nai Nu Pu on Monday the
Present:-
Ath. October at 3 p.s.
H. . T'ang Shao-pi.
Kung Paotai and Mr. Hu, representing a. s. the Vice-
-roy of Canton.
Mr. En, Secretary to the Baimupu, and
Mr. J. G. B. Bland, representing the British and Chinese Corporation, Limited.
kr. Biand stated that further instructions from his Board
now-enabled him to make a final offer for the Loan at 99 provided that the matter be promptly settled and that the other conditions of the agreement be accepted, as stated by the Corporation. In making the offer be again explained that the Canton-Kowloon railway was regarded by the soney market as a security decidedly inferior to that of the Northern nailway (now quoted at 101%) and that if any further sodification affect- -ing the security of investors were introduced, the price must suffer corresponding depreciation. It was impossible for the Chinese Government `to expect that the Bonds for a short wailway as yet unbuilt, should be on the same footing as those of a remunerative and extensive syster and the price suggested by Kung Taotai, 95, was therefore impossible.
H. *. T'ang Shao-Yi stated that the Viceroy had naked 95 as
the price in his draft agreement and that it would be extremely difficult for his representatives, and for the haiwupo, to conclude the Loan at a lower rate. Setting the question of price aside for the time being, however, he proposed that the re-draft of the Agreement, made since the last meeting by Mr. Bland, be discussed seriatic with a view to coming,
if possible, to a final understanding on all other points.
Article 1.
M. B. T'ang Shao-Yi took exception to the
Bonds being specifically described as similar to those of the Shanghai Manking mailway, on the ground that the form should be a matter for arrangement :in the event of there being anything in thể Nanking bonds to
which
No comments yet.
Private notes are available after approval.