Agreement Said to Be Signed with Banque Industrielle Peking, May 10.
With regard to the Peking tramcar loan, it is authoritatively reported that, on the basis of the five-per cent. loan concluded in the second year of the Republic of China between the Ministry of Finance and the Banque Industrielle de Chine, an agreement consisting of 18 articles was signed yesterday. The following are the main points of the argooment shall be established by Government' and 1. The Peking Tram-car Compan: people, each subscribing $2,000,000.
2. All the Government shares to be paid for with the five per cent. loan concluded with the Banque Industrielle Chine.
3. The superintendent of construction to be a Ohinese, 4, Chief engineer of construction work to be a Frenchman.
1. A Board of directors with six re. presentatives of the public and six of the Government, the latter including the manager of the Banque Industrielle de Chine.
6. In case foreigners are employed in connexion with construction work, the selection of them to be left to the French concerned, 7. Head of the business office to be a Chinese and the sub-head a Frenchman, 8. Chief accountants shall be a Chinese and a Frenchman.
9. With regard to the purchase of materials, preferential rights shall be accorded to France.
10. Prior to the complete repayment of the five per cent. loan of the 2nd Year of the Republic of China, the sale or purchase of the Government shares of the present Company to be prohibited Eastern News Agency.
Text read from the printed page and cleaned; old type leaves the occasional error.