14
SCHEDULE of Payments of Interest and Repayments of Principal respecting the Hukuang Railways Five per Cent. Loan.
Total Principal
Years.
Interest.
Principal.
Repaid.
Principal still Outstanding.
£
* ::
£
£
187,500
1
137,500
137,500
2
137,500
137,500
3
137,500
137,500
4
187,500
137,500
5
137.800
137,500
6
137,500
137,500
7
187,500
137,500
8
137,500
137,500
9
137,500
137,500
10
137,500
137,500
188,300
11
366,600
137,500
183,800
128,335
183,300
12
733,200
5,133,400
4,766,800
128,335
183,300
119,170
183,300
13
1,099,800
4,400,200
119,170
183,300
110,005
188,300
14
1,466,400
4,033,600
110,005
183,300
100,840
183,800
15
100,840
183,300
1,833,000
3,667,000
91,675
183,300
16
2,199,600
3,300,400
91,675
183,300
82,510
183,300
17
2,566,200
2,933,800
82,510
183,300
73,345
198,500
18
2,982.800
2,567,200
78,845
188,800
64.180
183.300
19
64.180
183,800
3.299,400
2,200,600
55,015
188,800
20
3,066,000
55,015
1,834,000
183.300
45,850
183,300
21
4,032,600
45,850
1,467,400
188,300
36,685
183.300
22
4,399.200
30.685
183,800
1,100,800
27,520
23
153,300
27,520
183,800
4,765,800
18.355
24
183,800
5,132,400
734.200
367,600
18,355
183,300
9,190
25
9,190
183.800 184.300
5,500,000
2 ~ * * * *
Enclosure 8 in No. 1.
Minutes of Meeting of the French, British, German, and American Groups, at the Office of
the Banque de l'Indo-Chine, Paris, on May 23, 1910.
Present:
M. J. Caillaux, M. M. Casenave, M. S. Simon, M. E. Ullmann, representing the
French Group;
Mr. C. S. Addis, Mr. G. Jamieson, Mr. Carl Meyer, representing the British
Group;
M. E. Rehders, M. Franz Urbig, representing the German Group;
Mr. H. P. Davison, Mr. E. C. Grenfell, Mr. H. Harjes, Mr. Max Warburg,
Mr. W. D. Straight, representing the American Group.
(M. Caillaux in the Chair.)
MR. ADDIS at the request of the chairman stated to the meeting the present position of affairs and referred to :--
15
(a.) The draft original loan agreement and the accompanying despatch; (b.) The draft supplemental loan agreement;
(c.) The memorandum of the 11th May, 1910, between Mr. C. S. Addis and M. S. Simon;
and observed that these documents having been discussed and settled there remained only for discussion the new draft agreement between the four groups and certain questions of detail, e.g., the question of purchasing agents and preliminary expenses which might be conveniently left to a committee of the four groups to settle.
The meeting thereupon agreed that such a committee should be appointed. The new draft agreement was then read in extenso to the meeting with the following result:--
Clause 1 was approved without discussion, but with a slight verbal addition. Clauses 2 and 3 were approved without discussion.
Clause 4 was discussed and a verbal addition made.
Clause 5 was approved without discussion.
Clause was fully discussed and accepted upon the understanding that the whole loan should be offered for subscription in England, France, Germany, and America, and that if any of the four groups desired to give up any part of their share of 1,500,0007. such groups should give the three other groups notice of such desire, such notice to be in writing and to be given at least one month prior to the issue of the loan,
If any group should give up to any one or more of the groups any part of its share of 1,500,0001. and such cession should result in an increase of stamp duty and other expenses, then the group making such cession should defray such increase of stamp duty and other expenses.
In order to carry out the terms agreed it is explained that as the English and French groups are taking between them two-fourths they have to take account of the proportions in which the following institutions are interested, viz :-
The British and Chinese Corporation (Limited);
The Chinese Central Railways (Limited) ;
The Banque de l'Indo-Chine, representing the French group;
with the object and without modifying in any respect the position of the German and American groups which are each interested for one-fourth, the following explanation is given :—
1. Of the total loan of 6,000,000l. the portion appertaining to the Hankow- Canton section is 3,000,0007., and the portion appertaining to the Hankow-Szechuan section is 3,000,0007.
2. The Chinese Central Railways (Limited) takes no participation in the Hankow-Canton section, the profits of which, whether from flotation or commission on materials are divisible equally between the British and Chinese Corporation (Limited), the German group, the French group, and the American group.
3. The British and Chinese Corporation (Limited) and the French group take no participation in the Hankow-Szechuan section, the profits on which, whether from flotation or commission on materials, are divisible, two-fourths to the Chinese Central Railways (Limited), one-fourth to the German group and one-fourth to the American group.
4. For facility of division it is agreed that of the portion of the loan to be floated in London 750,0001. shall be deemed to be floated on account of the British and Chinese Corporation (Limited), and 750,000l. on account of the Chinese Central Railways (Limited).
5. Similarly of the portion to be issued in Paris by the Banque de l'Indo-Chine 750,0001. shall be deemed to be on account of the French group and 750,0007, on account of the Chinese Central Railways (Limited).
6. The one-fourth of the loan to be floated by the Deutsch-Asiatische Bank in Berlin shall be deemed to be wholly on account of the German group, and no account of flotation profits need be rendered to the other groups.
7. The one-fourth of the loan to be floated by Messrs. J. P. Morgan and Co., Messrs. Kuhn, Loeb, and Co., the First National Bank, and the National City Bank, in New York, shall be deemed to be wholly on account of the American group, and no account of flotation profits need be rendered to the other groups.
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