The Shanghai-Hangchow Rail was granted as a British concession in 1898, but in spite of this on flotation of the loan of £1,500,000 in 1908 the Chinese refused either to the loan or to allow board into: ference. They were then allowed to begin construction of the line by private agency, and for this purpose two companies were formed und Chinese management who quickly exhausted their capital and were then allowed to use the British loan funds, China appointing a British Chief engineer to comply with the agreement, but who, owing to local opposition, was never able to do anything The Chinese companies completed, partially from Shanghai to Hangchow and about 60 miles at. the Ningpo end—about 170 of line which was presumably at a loss until 1914 when ta by the Shanghai-Nanking Rai The railway is run at a loss cannot meet interest on its capital.
Text read from the printed page and cleaned; old type leaves the occasional error.