CO129-477 - Public Offices - 1922 — Page 497

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(1) As a matter seriously involving the security of the

proposed bondholders. The proposed railroad line from Hankow

south has or will have five constituent parts:

(A) Hankow, or Fuchang, southward to the present temporary

terminus below Changshaw, this line having been built with the

Bukuang Bonds proceeds and being owned by the Chinese Government

(B) The portion to be built southward with the proposed

new loan funds, to connect (A) with (C) and to be owned by the

Chinese Government;

(C) The so-called "Kwantung Provincial Railway", a private

enterprise which must be acquired by or for the Chinese Govern-

ment, extending southward to the west side of the city of Canton. but with no harbor tracks and no physical connection with either

(D) or (X);

(D) The Canton portion of the Canton-Kowloon railroad,

extending from the east side of Canton city to the Briti sh

territorial Kowloon line, this portion being owned by the

Chinese Government, but having no harbor tracke and no connection

with (C); and

(E) The Kowloon portion of the Canton-Kowloon railroad,

a private enterprise or Hongkong Government owned - it matters

not which reaching to Hongkong Harbor.

Portion (A) is now subject to a prior lien for bond payments

aggregating, as I recall it, over $3,000,000 Gold annually,

that portion all or most of the southbound through traffic will originate and a large part of the northbound traffic will

terminate. It does not now meet even ita operating expenses, to

say nothing of those bond payments.

On

Portion (3) will run through a country not greatly populated

Its chief earning nor highly productive, to say the least. power will be from participation in through traffic.

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(4)

Portion