ARTICLE VI
The Loan shall be issued to the public in two or more series of Bonds, the first issue to be made to the amount of from one to two million pounds sterling as soon as possible after the signature of the Detailed Agreement referred to in Article 17 of this Agreement. The issue price of the Bonds shall be fixed by the Corporation and the Contractors sometime before the issue, taking the last price of similar Bonds as a basis for fixing the market price. The price payable to the Corporation shall be the actual rate of issue to the public less a sufficient amount to cover the cost of stamps on the Bonds in the various countries of issue, provided always that at least fifty per cent of the Bonds shall be issued in England, plus floatation charges of four per cent retainable by the Contractors (that is to say, a charge of four pounds for every one hundred pound Bond issued).
After the Detailed Agreement referred to in Article 17 is settled, and pending the issue of the Loan, the Contractors shall deposit the sum of fifty thousand pounds with the issuing Bank to the Canton Chungking Railway account, and this amount can be drawn on by the Corporation for survey and other necessary expenses authorized by the Managing Director against certificates signed by the Chief Accountant and Chief Engineer. This sum of fifty thousand pounds shall bear interest at the rate of five per cent per annum and shall be refunded out of the proceeds of the Loan.