CO129-344 - Public Offices & Foreign Office - 1907 — Page 121

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Again, with reference to Your Excellency's remark

that "the loan is for railway construction and the line can

only be used as & security; it cannot be given over to their

control"; I would point out that the present Agreement dis-

tinctly provides for the appointment by the Chinese Government

of a Managing Director to superintend all matters connected

with the construction of the line, and it is stipulated that

the power of engaging and employing engineers and personnel

is vested in the Chinese Government, so there is no question

of parting with the control.

Your Excellency further observes that as the loan is

to be issued at 94 there seems to be no reason for giving the

Corporation £35,000 remuneration. With respect to this point,

Your Excellency is aware that the practica) of discounting

loans is universal. The Northern Railways and the Shankhai-

Nanking Railway Loans were both issued at 90, so that the

present price of 94 seems to me exceptionally favourable.

Under the Shangha Wanking Railway Agreement, the Corporation gets a commission of 5% on the purchase of materials, and it

was out of apprehension that this arrangement is too far-

reaching that we changed the payment to a fixed remuneration

calculated on an expenditure for materials of £700,000 and

giving the total of £35,000. Beyond this the Corporation

only gets a further annual remuneration of £1000. This arises

from the fact that in the Shanghai Nanking Railway the foreign-

era representing the Corporation's Agency on the Directorate

draw in pay, monthly, several thousand taels; and after cone

struction is completed the Corporation still gets a commission

on materials. So by giving them this sum of £1000 we have

merely guarded against possible irregularities, and there has

been