ARTICLE I
The Contractors, or their Assigns, agree to issue on behalf of the Government of the Republic of China a sterling Loan, bearing interest at the rate of five per cent per annum, (hereinafter referred to as "the Loan") for such an amount as may be mutually estimated to be necessary for the completion of the Railway from Canton to Chungking.
The Loan shall be of the date on which the first series of Bonds are issued and shall be called "The Chinese National Railways Government five per cent Gold Loan of 1912 for the Canton Chungking Railway."