CO129-470 - Public Offices - 1921 — Page 71

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senting the investment interests of their respective countries in procuring for the Chinese Government the capital necessary for a programme of economic reconstruction and improved communications

And whereas with these objects in view the respective national groups are prepared to participate on equal terms in such undertakings as may be calculated to assist China in the establishment of her great public utilities and to these ends to welcome the co-operation of Chinese capital"

IV-Consortium Agreement.

It was resolved to print the agreement as initialled in May 1919, with the fore- going three amendments in readiness for signature on Wednesday, the 13th October.

V.-Belgian Group.

With reference to the application of a Belgian group for inclusion in the consortium it was resolved to welcome such inclusion subject to the approval of the respective Governments of the parties to the consortium.

It was further resolved that the share offered to the Belgian group be one-ninth, the shares of each of the existing groups being in such event two-ninths.

VI-Italian Group.

With reference to the Italian application for inclusion in the consortium, having regard to existing circumstances, it was resolved to postpone the matter for further consideration.

VII.-Chinese Group.

It was resolved to welcome the co-operation of a Chinese group forming a representative national unit and prepared to undertake the obligations involved, and that the Peking representatives of the consortium be instructed to convey the terms of this resolution to the Ministries of Finance and Communications.

VIII--Conditions of Pooling.

It was resolved that loan agreements when pooled shall be deemed to be assigned to the consortium during the life of the consortium, after which, should no action have been taken under them or in connection with them, they shall revert to the original concessionaires.

For and on behalf of the British group:

C. S. ADDIS.

For and on behalf of the French group:

TH. DE LA CHAUMË.

For and on behalf of the Japanese group:

K. TAKEUCHI.

For and on behalf of the American group: THOMAS W. LAMONT.

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In Attendance:

Mr. R, C. Witt.

Mr. F. W. Stevens.

M. Henri Mazot.

Mr. C. F. Whigham.

Mr. J. Ridgely Carter.

Mr. Jeremiah Smith, Jr. Mr. Robert I, Barr. Mr. L. L. Strauss.

The minutes of the meeting of the 11th October were read, confirmed and signed.

IX.-Currency Reform.

It was resolved that the Peking representatives be instructed to apply for a renewal of the Currency Loan Agreement for a further six months from the 14th October, 1920.

It was further resolved that the groups ask their respective Governments to enquire of the Chinese Government as to the present situation of the currency reform question, particularly with reference to the proposed establishment of a mint at Shanghai.

X.-Existing Agreements and Options.

The following agreements and options were offered for pooling by the groups concerned :-

By the British, French and American groups-

Hukuang Railways Loan, 1911, second series and further loan.

By the British, French and Japanese groups

Reorganisation Loan, 1913, further loan.

By the British and French groups

Currency Reform and Industrial Development Loan, 1911.

By the British group--

Pukou-Sinyang Railway Loan, 1913.

Nanking-Hunan Railway Loan, 1914,

By the Japanese group

Jehol Taonan Railway Preliminary Agreement.

Tsinan-Shunteh, Kaomi-Hsuchou Railway Preliminary Agreement.

By the American group

Chinchowfu-Aigun Railroad, 1910.

Hengchowfu-Nanning Railway

Fengcheng-Ninghsia Railway

Ninghsia-Lanchowfu Railway

1916.

Minutes of an adjourned Meeting held in the Executive Committee Room of the

New York Chamber of Commerce on October 13, 1920.

Representing the British group-

Sir Charles Addis.

Mr. S. F. Mayers.

Representing the French group- M. R. Thion de la Chaume. M. Georges Picot.

Present:

Representing the Japanese group-

Mr. Kimpei Takeuchi. Mr. Reitaro Ichinomiya.

Representing the American group—

Mr. Thomas W. Lamont. Mr. Mortimer L. Schiff, Mr. Charles E. Mitchell. Mr. Albert H. Wiggin. Mr. Frederic W. Allen. Mr. John Jay Abbott. Mr. Burnett Walker.

Chungchow-Lu Kwei Railway

Hangchow-Wenehow Railway

Grand Canal Improvement Contract, 1917.

Continental and Commercial Trust and Savings Bank Loan, 1919.

Pacific Development Corporation Loan, 1919.

The following reservations were noted :—

The American group stated that the negotiations for pooling the 1916 Railway Agreements and the Grand Canal Improvement Contract were still incomplete but that of their successful issue there was little doubt.

The Japanese group stated that technical difficulties still required arrangement in regard to the Shantung railways.

The British group reserved the rights of the concessionaires under article 22 of the Pukou-Sinyang Railway Loan to the commutation of net profits.

XI-Land Tax.

Referring to the minutes of the Inter-Group Conference of the 30th January, 1917, on the subject of land tax, it was resolved that the consortium note this source of security for consideration later should occasion arise.

XII. Silver Loan.

It was resolved that the consortium instruct its banking representatives to report as to the prospects of issuing a Chinese silver loan in China to be treated,

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