such lines could not be satisfactorily worked or financed except as part of the main line system, and that it would obviously be to the detriment of the undertaking, as a security, were loans raised elsewhere, or separate administration introduced. H.E. T'ANG SHAO-YI stated that the Chinese Government might be expected to deal with the question of branch lines without prejudice to the interests of the Government Railway, but declined to record any such conditions in the present Loan Agreement for the same reason he declined to insert a Clause having reference to the Railway working in connection hereafter with the Hankow Canton trunk line.
Finally the price of the Loan was discussed, H.E. expressing the opinion that the Viceroy, having fully expected 95, it was impossible to recommend to the Government an agreement at 93. The matter was fully discussed. MR. BLAND observed at the outset, that he had received instructions from his Directors to state that the outlook of the money market, with bank rate at 6% was very uncertain; that it would therefore be necessary to include in the agreement a Clause, similar to that in the Northern Railway contract, providing for extension of time or amendment of price in the event of unfavourable conditions for the issue of a Loan prevailing at the time of the issue of the prospectus. Subject to this condition the Corporation would be willing to offer 93¼, transferring the preliminary expenses to construction account. Eventually, on the understanding that the matter would be considered and decided at a meeting to be held on the 25th instant, MR. BLAND undertook to raise the price to 94 for the agreement as at present drafted. He took occasion, however, to point out that the uncertainty for some time past existing in regard to the finances etc., of the Shanghai Nanking Railway, could not...
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415
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such lines could not be satisfactorily worked or financed
except as part of the main line system, and that it would
obviously be to the detriment of the undertaking, as a
security, were loans raised elsewhere, or separate
administration introduced. H.E. T'ANG SHAO-YI stated
that the Chinese Government might be expected to deal with
the question of branch lines without prejudice to the
interests of the Goverment Railway, but declined to record
any such conditions in the present Loan Agreement for the
sace reason he declined to inserta Clause having reference
to the Rallway working in connection hereafter with the
Hankow 'anton trunk line.
Finally the price of the Loan was discussed, H.B.
expressing the opinion that the Viceroy, having fully
expected 95, it was impossible to recommend to the Govern→
ment an agreement at 93. The master was fully discussed.
MR. BLAND observed at the outset, that he had received
instructions from his Tirectors to state that the outlook
of the money market, with bank rate at 6% was very uncertain;
that it would therefore be necessary to include in the
agreement a Clause, similar to that in the Northern hallway
contract, providing for extension of time or amendment
of price in the event of unfavourable conditions for the
jesue of a Loan prevailing at the time of the issue of the
prospectus. Subject to this condition the Corporation would
be willing to offer 934, transferring the preliminary
exp nses to construction account. Eventually, on the under-
standing that the matter would be considered and decided
at a meeting to be held on the 25th instant., MK. BLAND
undertook to raise the price to 94 for the agreement as at
present drafted. He took occas on, however, to point out
that the uncertainty for some time past existing in regard
to the finances etc., of the Shanghai Nanking hallway, could
not
* $** +weitanoqto" edt mort erol redw?
Page 420Page 421
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