'The term of the 1908 loan thirty years, amortization, at the of £75,000 per annum, commencing after ten years. 'This loan was' redeemed last year with funds advanced by the syndicate, and repayment of the advance of £225,000 is provided for from the Loan, In considering the suitability of Issue of a loan for the completion of the railway, including the construction of the Chien 'Tang Bridge, it was felt that the interest could' only be secured by a second lien upon the revenues of the existing Jing, and that it would be dimeult to provide for the amortization of a new Joan until 1934, after the expiration of the 1908 loan, Tt was therefore considered advisable to redeem the outstanding portion of the 1908 loan so as to free the entire revenues of the existing line as security for the interest and redemption of the new completion loan.
Th addition to the sum of £225,000 and $2,800,000 already advanced ' by the syndicate, $200,000 Is to be allotted for payment' of the balance due to the "provincial railway companies from the new loan, Two-thirds of the cost of the Chien Tang Bria the estimated total for which 1s about $6,000,000, is also to be provided from the new Toan; the Chekiang Provincial Government,' under agreement with the Ministry of Railways, will bear the other third of the cost of the bridge, In view of the conditions, as mentioned before, that it is to be a combined rail and highway bridge and the joint undertaking of the Ministry of Railways and the Provineial Government, The balance of the loan is to be expended on the completion of the line from the Chien Tang River to Pakwan, including the construction of the bridge over the Tsao Ngo River, and for equipment of the line and improvements, Security of Revenue This completion Loan will enjoy a position, as to security for payment of interest and redemption from the revenues of the line, differing from that of a loan for the construction of a new railway. As the major portion of the railway is already in being and is producing ample revenue to meet, the service of the loan, it has been deemed advisable, as a measure of extra caution, to have the entire' Fevenue of the whole completed line and seventy per cent, of the rates and tolls from the Chien Tang Bridj pledged as security without any encumbrance.
Under the schedule of interest and amortization for the present completion loan, the annual amount re+
Text read from the printed page and cleaned; old type leaves the occasional error.