It appears that the initial part of the text is heavily distorted due to OCR errors. The coherent part of the text starts from "a telegram received yesterday from his Beard to the effect". Here is the corrected and formatted text:
A telegram received yesterday from his Beard to the effect that in consequence of the unsettled state of the market it would be necessary to stipulate that the price of the Loan should be governed by the quotations for other Chinese securities at the time of its issue; the present price of the Northern Railway Loan, deducting interest, being now only £98.10 and other bonds having similarly fallen.
Under these circumstances, I.B. T'ANG SHAO-YI suggested the advisability of postponing the conclusion of the Agreement, but after full explanation and discussion of the situation, it was decided to be generally advisable to come to a decision which, in the event of the market conditions remaining unfavourable at the date of signature of the Agreement, would enable the Chinese Government thereafter to exercise its option and discretion for issuing the same within a reasonable period, allowing the Corporation a fixed Commission of six points on the flotation.
Article 1 was accordingly redrafted in this sense, it being understood that the Corporation would, if necessary, make advances under the terms of the agreement to defray the cost of survey, etc., pending the issue of the Loan.
H.E. T'ANG SHAO-YI raised the question as to the date of payment to the Corporation of its commuted commission under Article 9, expressing the opinion that it was not reasonable to claim payment until services had been actually rendered; after discussion, it was agreed that half the amount is to be paid when half the work, estimated by mileage, has been done and the other half upon completion of the Railway.
The terms of the Agreement, with the one exception above noted, being thus determined, it was decided that the representatives of the Viceroy of Canton would go over the entire...
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a telegram received yesterday from his Beard to the effect
that in consequence of the unsettled state of the market it
would be necessary to stipulate that the price of the Loan
should be governed by the quotations for other Chinese
securities at the time of its issue; the present price of
the Northern allway Loan, deducting interest, being now only £98.10 and other bonds having similarly fallen. Under
these circumstances I.B. T'ANG SHAO-YI suggested the advisability of postponing the conclusion of the Agrement, but after full explanation and discussion of the situation
It was decided to be generally advisable to come to a decision which, in the event of themarket conditions remain- ing unfavourabl: at the date of signature of the Agreement, * would enable the Chinese Goverment thereafter to exercise
its option and discretion for issuing the same within a reasonable period, allowing the Corporation a fixed Commission of six points on the flotation. Article 1 was
accordingly redrafted in this sense, it being understood that the orporation would, if necessary, make advances under the terms of the agreement to defray cost of survey
etc. pending issue of the Loan.
H.3. T'ANG SHAO-YI raisec the question us to the date
of payment to the Corporation of its commuted comission under Article 9, expressing the opinion that it was not reasonable to claim payment until services have been actually rendered; after discussion it was agreed that half the acount is to be paid when half the work, estimated by mile-
age,
has been done and the other half upon completion of the Railway •
The terms of the Agreement, with the one exception above noted, being thus determined, it was decided that the representatives of the Viceroy of Canton would go over the
entire
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