The long default on the Tientsin-Pukow and Hukuang Railway bonds, coupled with the announced aboktion, on January 1, of likin, has attracted attention to the actual liability, under the loan agreements, of the Customs, The default on Pukow is now £4,000,000 and on the The following article is from the! "Financial Times."
The fact that (certain internal duties) abolished is of importance to holders of the Five per Cent. bonds of 'TNentsin-Pukow Railway and the Hukuang Railways, Tu the ease of both these railways the security for the loan was precisely similar, Besides being charged upon the respective railways, likin and other internal revenues were also allocate ed to specified amounts as security for the service of the bonds in the event of the profits from the working of the lines proving; insufficient for the purpose, Tt was stated at the time thei jes were made—in 1908 in the ease of the Tientsin-Pukow and in 1911 of the Hukuang—that so long]
principal and interest on the Joana were met no interference was to take place with the provincial "revenues. If either principal {interest were in default, likin and suitable internal revenues of the provinces sufficient to provide the amounts due under loan contracts were to be transferred to and be administered by the Imperial Maritime Customs in the interests of the bondholders.
Text read from the printed page and cleaned; old type leaves the occasional error.