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Note.

Letter of Agreement for Advances by Deutsch-Asiatische Bank for Tientsin-Pukow Railway, July 11, 1912.

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I have the honour to inform you that, as the final series of bonds of the Chinese Government Five Percent Tientsin-Pukow Railway Supplementary Loan has not yet been issued and with a view to permit of the uninterrupted continuance of the work of construction, the Deutsch Asiatische Bank in Berlin has, in compliance with your request, consented to an advance to the amount of £40,000 (Forty Thousand Pounds Sterling) for the urgent requirements in July of the Tientsin-Pukow Railway, Northern Section, under the following terms and conditions:

1.-The Deutsch Asiatische Bank agrees to advance the said amount of £40,000 to the Tientsin-Pukow Railway Administration in instalments as required, bearing interest at the rate of seven (7) percent per annum from the date of each instalment, and to be repaid with interest by deduction by the Deutsch Asiatische Bank from the final issue of the Tientsin-Pukow Railway Supplementary Loan Bonds, or, in any case, on the 31st December, 1912.

2. The unissued part of the Bonds of the Tientsin-Pukow Railway Supplementary Loan now deposited with the Deutsch Asiatische Bank in Berlin are hereby hypothecated as security for this present and former advances made by the Deutsch Asiatische Bank to the Tientsin-Pukow Railway Administration, and these Bonds will in like manner be given as security for any future advances for the completion of Construction which the Deutsch Asiatische Bank may agree to make to the Railway Administra3. This advance will only be employed for the purposes enumerated in the statement annexed hereto.

tion.

4. The arrangements made between the Berlin Purchasing Agency and the TientsinPukow Railway, Northern Section, for payments of materials purchased at Berlin will remain unchanged.

5. This advance shall be kept in the Deutsch Asiatische Bank until actually required for the purposes specified in the statement annexed hereto and shall be drawn upon as hereinafter provided.

6.-Requisitions on this advance will be drawn by order issued and signed by the foreign Chief Accountant of the Tientsin-Pukow Railway, Northern Section, and approved and countersigned by the Managing Director or his Representative.

7. Until complete repayment with interest of this advance and of all former advances made by the Deutsch Asiatische Bank to the Tientsin-Pukow Railway Administration, the latter will treat all their traffic Receipts on the Northern Section as funds for construction works and/or the Loan service, and will deposit with the Deutsch Asiatische Bank such amounts thereof as the Engineer-in-Chief will not require immediately for construction purposes. The Foreign Chief Accountant of the Northern Section shall every ten days furnish to the Managing Director for the information of the Engineer-in-Chief a statement of earnings from all sources. The conditions for drawing on the earnings so deposited with the Deutsch Asiatische Bank will be the same as those provided in clause 6 above.

8. In the event of the Chinese Government having bona fide Chinese funds at their disposal for carrying on the work of construction, they may at any time utilise such funds for repaying with interest any advances as may then have been made, and thereby render the arrangements made under this Letter of Agreement null and void.

9. The terms and conditions of this Letter of Agreement will forthwith be communicated by the Director General of the Tientsin-Pukow Railway through the Board of Communications to the Waichiao Pu and will by the Waichiao Pu be officially communicated to the Minister for Germany in Peking.

10. This Letter is in duplicate in English and Chinese and it is understood that in the event of any doubt arising regarding the interpretation of its terms the English text shall rule.

I have the honour to request that you will be good enough to signify your acceptance and confirmation of the arrangements and conditions herein contained by affixing your

signature to the statement to this effect below, retaining one copy of the Letter so executed for your files and returning the other to the undersigned.

I have the honour to be, Sir,

Your obedient servant,

FOR THE DEUTSCH ASIATISCHE BANK,

H. CORDES.

I hereby accept and confirm on behalf of the Tientsin-Pukow Railway Administration the arrangements and conditions herein contained.

Peking 11th July, 1912.

A-Ausgaben:

(Signed)
(Seal)

IM JULI 1912 VORRAUSSICHTLICH ZU LEISTENDE
ZAHLUNGEN IN CHINA.

Shantung Bahn Frachten

Peking-Mukden Bahn Frachten

Chee Hsin Co., Cementlieferungen

Chinese Engineering & M. Co., Kohlen

China Imp. Exp. & Lumber Co., Schwellen

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Wenn von der Deutsch Asiatischen Bank Berlin statt £30,000 deren £40,000 ueberwiesen wuerden, so koennten die Ausgaben wie oben gedeckt werden.

(Gezeichnet) Brickner.

22/6 1912.

Letter of Agreement for Advances by Deutsch-Asiatische Bank for Tientsin-Pukow
Railway, August 12, 1912.
DEUTSCH-ASIATISCHE BANK.

The Honourable Mr. Chu Chi-chien,

SIR,

Peking, 12th August, 1912.

Director General of the Tientsin-Pukow Railway, Peking.

I have the honour to inform you that, as the final series of bonds of the Chinese Government Five Percent Tientsin-Pukow Railway Supplementary Loan has not yet been issued and with a view to permit of the uninterrupted continuance of the work of construction, the Deutsch Asiatische Bank in Berlin has, in compliance with your request, consented to an advance to the amount of £49,000.- (Forty Nine Thousand Pounds Sterling) for the urgent requirements in August of the Tientsin-Pukow Railway, Northern Section, as specified in the Statement annexed hereto, under the terms and conditions set forth in my Letter of Agreement for the advance of £40,000 for the month of July, dated the 11th of July, 1912.

It is understood and agreed that this present advance of £49,000 shall be treated in conjunction with the advance for July of £40,000 above referred to and with all previous advances made by the Deutsch Asiatische Bank to the Tientsin-Pukow Railway Administration.

I have the honour to request that you will be good enough to signify your acceptance

and confirmation of the arrangements and conditions herein contained by affixing your signature to the statement to this effect below, retaining one of the two copies of this Letter so executed for your files and returning the other to the undersigned.

I have the honour to be, Sir,
Your obedient servant,

FOR THE DEUTSCH-ASIATISCHE BANK,

(S'd)

H. CORDES.

I hereby accept and confirm on behalf of the Tientsin-Pukow Railway Administration the arrangements and conditions herein contained.

Peking 12th August, 1912.

(S'd)
(Seal)

STATEMENT.

(Extract of the Estimate for the month of August, 1912, signed by the Chief Accountant Mr. Brickner on July 27th, 1912.)

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Letter of Agreement for Advances by Chinese Central Railways for Tientsin-Pukow Railway, August 28, 1912.

CHINESE CENTRAL RAILWAYS LIMITED.

The Honourable Mr. Chu Chi-Chien,

SIR,

Minister of Communications, Peking.

Peking, August 28th, 1912.

I have the honour to inform you that. as the final series of bonds of the Chinese Government 5% Tientsin Pukow Railway Supplementary Loan has not yet been issued, and with a view to permit of the uninterrupted continuance of the work of construction and maintenance, Chinese Central Railways Limited, London, has, in compliance with your request, consented to make advances not exceeding £300,000 sterling, in instalments to meet the urgent requirements of the Tientsin Pukow Railway, Southern Section, under the following terms and conditions:

1. Chinese Central Railways Limited agree to make the said advances, not exceeding £300,000 (Three Hundred Thousand pounds) in monthly instalments as required, up to March 31st 1913, bearing interest at the rate of 7% per annum from the date of each instalment: these advances together with previous advances already made by_Chinese_Central Railways Limited to be repaid with interest by deduction by Chinese Central Railways Limited from the final issue of the Tientsin Pukow Railway Supplementary Loan bonds, or in any case on March 31st 1913.

2. The unissued part of the bonds of the Tientsin Pukow Railway Supplementary Loan (London issue) are hereby hypothecated as security for this present and all former advances made by Chinese Central Railways Limited to the Tientsin Pukow Railway Administration, and these bonds will in like manner be given as security for any future advances for the completion of construction which Chinese Central Railways Limited may agree to make to the Railway Administration.

3. It is hereby agreed that these advances will be applied solely to the following pur

poses :

a. Payment of the Southern Section's outstanding obligations, and the provision of the necessary rolling stock and ferry between Pukow and Nanking.

b. Continuance of construction work on the Southern section.

4. These advances shall be kept in the Hongkong and Shanghai Banking Corporation until actually required for the purposes specified in Clause 3 and shall be drawn upon as hereinafter provided.

5. Requisitions on these advances will be drawn by orders issued and signed by the foreign Chief Accountant of the Tientsin Pukow Railway Southern Section and approved and countersigned by the Managing Director, or his representative.

6. Until complete repayment with interest of these advances and of all other advances made by Chinese Central Railways Limited to the Railway Administration the latter will treat their traffic receipts on the Southern Section as funds for construction works and/or loan service, and will deposit with the Hongkong and Shanghai Bank such amounts thereof as the Engineer-in-Chief will not require immediately for construction purposes. The foreign Chief Accountant of the Southern Section shall every ten days furnish to the Managing Director for the information of the Engineer-in-Chief a statement of earnings from all sources. The conditions for drawing on the earnings so deposited with the Hongkong and Shanghai Bank will be the same as those provided in Clause 5 above.

7. In the event of the Chinese Government having bona fide Chinese funds at their disposal for carrying on the work of construction, they may at any time utilise such funds for repaying with interest any advances as may then have been made, and thereby render the arrangements made under this letter of agreement null and void.

8. The terms and conditions of this Letter of Agreement will forthwith be communicated by the Ministry of Communications to the Waichiaopu and will by the Waichiaopu be officially communicated to the Minister for Great Britain in Peking.

This letter is in duplicate in English and Chinese and it is understood that in the event of any doubt arising regarding the interpretation of its terms the English text shall rule.

I have the honour to request that you will be good enough to signify your acceptance and confirmation of the arrangements and conditions herein contained by affixing your signature to the statement to this effect below, retaining one copy of the letter so executed for your files and returning the other to the undersigned.

I have the honour to be, Sir,

(S'd)

Your obedient servant,

S. F. MAYERS,

For Chinese Central Railways Limited.

I hereby accept and confirm on behalf of the Tientsin-Pukow Railway Administration the arrangements and conditions herein contained.

CHINESE CENTRAL RAILWAYS LIMITED.

The Honourable Mr. Chu Chi-Chien,

SIR,

Minister of Communications, Peking.

Peking, August 28th, 1912.

With reference to the Letter of Agreement of today's date for advances up to £300,000 from Chinese Central Railways Limited to the Tientsin Pukow Railway, Southern Section, to be repaid on or before March 31st 1913, and in consideration for which the unissued bonds of the Tientsin Pukow Railway Supplementary Loan (London issue) are hypothecated as security it is understood that if it is possible before 31st March 1913 to issue the balance of the loan, the Chinese Central Railways Limited will be duly authorised to take the necessary steps as on the occasions of previous issues: should no issue appear possible, Chinese Central Railways Limited will notify the Railway Administration one month prior to the date upon which these advances are due for repayment, and if the Railway Administration is unable to repay all advances at due date it is understood that Chinese Central Railways Limited shall have the option to purchase at 88 sufficient bonds to repay these and previous advances. This price of £88 for each £100 bond is based on the present market price less interest and commission.

I shall be glad if you will favour me with a reply granting this option to Chinese Central Railways Limited, and assuring them that in the event of its being exercised the Chinese Minister in London will be called upon to cooperate in taking the steps which would be necessary to obtain quotation of these bonds on the London Stock Exchange.

I have the honour to be,

Sir, (S'd)

Your obedient servant,

S. F. MAYERS,

FOR CHINESE CENTRAL RAILWAYS LIMITED.

In connection with this agreement see also the agreement of January 13, 1908 (No. 1908/1, ante).

NUMBER 1910/5.

FRANCE (Banque de l'Indo-Chine), GERMANY (Deutsch-Chinesische Eisenbahn Gesellschaft), GREAT BRITAIN (British & Chinese Corporation, Limited, and Chinese Central Railways, Limited) AND UNITED STATES (American Group).

Agreement concerning loans for railway purposes.*-November 10, 1910. MEMORANDUM OF AGREEMENT made the Tenth Day of November One thousand nine hundred and ten Between THE BRITISH AND CHINESE CORPORATION LIMITED having its registered office at 3 Lombard Street in the City of London (hereinafter called "the Corporation ") of the first part CHINESE CENTRAL RAILWAYS LIMITED having its registered office at 110 Cannon Street in the said City (hereinafter called "the Central Company") of the second part THE BANQUE DE L'INDO CHINE having its office at 15bis Rue Laffitte Paris (hereinafter called "the French Bank ") of the third part THE DEUTSCH-CHINESISCHE EISENBAHN GESELLSCHAFT m. b. H. having its office at 31 Unter den Linden Berlin (hereinafter called "the German Company ") of the fourth part MESSRS. J. P. MORGAN & CO., MESSRS. KUHN, LOEB & CO., THE FIRST NATIONAL BANK and THE NATIONAL CITY BANK all of New York (hereinafter called "the American Group") acting as to the United Kingdom by Messrs. Morgan Grenfell & Co. of 22 Old Broad Street in the City of London as to Germany by Messrs. M. M. Warburg & Co. of Hamburg and as to France by Messrs. Morgan Harjes & Co. of Paris and Messrs. M. M. Warburg & Co. (all hereinafter collectively called "the American Agents ") of the fifth part. WHEREAS the parties hereto have expressed their willingness to enter into a general understanding for the purpose of governing their action in connection with the negotiations for and making to the Chinese Empire loans for railway purposes NOW IT IS HEREBY AGREED by and between the parties hereto as follows:

1.-IN the matter of this Agreement the French Bank is acting on behalf of the French Syndicate for Chinese business consisting of the parties whose names are set forth in the First Schedule hereto, the German Company is acting on behalf of the German Syndicate for Chinese business consisting of the parties. whose names are set forth in the Second Schedule hereto, and the American Agents are acting on behalf of the American Group. The French Bank the Germany Company and the American Group reserve to themselves the right of increasing or reducing in each special case the number of parties interested in the French and German Syndicates and the American Group respectively and a similar right is reserved to the Corporation but so that in any such case any party dropping out in any special case shall still remain bound by the restrictive

* In connection with this agreement see also the Anglo-German bankers' agreement of September 2, 1898 (see p. 266, ante), Anglo-French bankers' agreement of October 2, 1905 (No. 1905/11, ante), and Hukuang Railway loan agreement of May 20, 1911 (No. 1911/5, post). See Note to this document, post, p. 833.

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