This Document is the Property of His Britannic Majesty's Government.]
8
The Viceroy, after the delay, is now in a great hurry to forward the work and desires that you be good enough to telegraph your reply, either through our Foreign Office or the Chinese Legation, and that the engineer start without delay on receipt of his reply to your telegram, leaving the formal contract to be drawn up and signed here. The term and pay being settled by telegraph; the contract will contain in addition only the usual provisions as to diligence, ill-health, notice of withdrawal or renewal, leave of absence, and passage bome.
I trust that you may be willing to help in this matter as we are all interested, as Mr. Kinder says, in procuring an able and honest Briton for the work in question.
I have, &c. (Signed) E. H. FRASER.
0
CHINA RAILWAYS,
CONFIDENTIAL.
[17903]
(No. 182.) Sir,
No. 1.
Sir J. Jordan to Sir Edward Grey.-(Received June 3.)
305
[June 3.]
SECTION 5.
Peking, April 16, 1907. IN continuation of my despatch No. 158 of the 1st instant, I have the honour to report that on the 11th instant his Excellency Tong Shoa-yi informed the agent of the British and Chinese Corporation that the Viceroy of Canton had abandoned his intention of subscribing for any portion of the Canton-Kowloon Railway Loan.
Mr. Bland transmitted this information by telegram to the Board of Directors in London, and a few days later received a reply stating that it was proposed to issue the loan forthwith, in accordance with the terms of the Agreement, at the price of 94, payable to the Chinese Government.
At Mr. Bland's request I communicated the above to the Wai-wu Pu to-day in a Memorandum, copy of which I have the honour to inclose, and invited them to send telegraphic instructions to the Chinese Minister in London for sealing the bonds.
His Excellency Tong Shoa-yi said that this would be done without delay, and that be anticipated no difficulty in the matter unless the Minister in London advised them to wait for a state of the market which might give them a more favourable rate
than 94.
I pointed out to his Excellency that by Article 1 of the Agreement the Corporation was clearly entitled to issue the loan at once if it guaranteed the Chinese Government a price of 94 on the nominal value, and that the provision with regard to the eight months' option only took effect in the event of the state of the market rendering this impossible.
His Excellency made no attempt to question this interpretation of the Article.
I have, &c. (Signed) J. N. JORDAN.
Inclosure in No. 1.
Memorandum communicated by Sir J. Jordan to the Wai-wu Pu, April 16, 1907.
THE British and Chinese Corporation request Sir John Jordan to inform the Chinese Government that the condition of the money market being favourable, they desire to float the Canton-Kowloon Railway Loan forthwith, and are prepared to do so as soon as the Chinese Minister in London bas received instructions to seal the bonds. The price payable to the Chinese Government in accordance with Article 1 of the Agreement is 94 per cent. of the nominal value.
As it is very important that the present opportunity should not be lost, Sir John Jordan has the honour to request the Chinese Government to issue the necessary instructions to the Chinese Minister in London by telegraph with the least possible delay.
(Signed) J. N. JORDAN.
Peking, April 16, 1907.
[2525 -5]
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