[4] _Parliamentary Debates, House of Lords_, fourth series, Volume 121 (1903), p. 1345; “The Bagdad Railway Negotiations,” in _The Quarterly Review_, Volume 228 (1917), pp. 489–490; Baron Kuhn von Kuhnenfeld, _The Strategical Importance of the Euphrates Valley Railway_ (English translation by Sir C. W. Wilson, London, 1873); V. L. Cameron, _Our Future Highway to India_, 2 volumes (London, 1880); A. Bérard, _La route de l’Inde par la vallée du Tigre et de l’Euphrate_ (Lyons, 1887); F. Jones, _The Direct Highway to the East considered as the Perfection of Great Britain’s duties toward British India_ (London, 1873). [5] _Supra_, pp. 66–67. [6] _Parliamentary Debates, House of Commons_, Volume 120 (1903), pp. 1247–1248, 1358, 1361, 1364–1367, 1371–1374. [7] Lord Mount Stephen had been president of the Canadian Pacific Railway and of the Bank of Montreal. Lord Revelstoke was senior partner in the firm of Baring Brothers & Company and a director of the Bank of England. [8] The participation of the three Great Powers was to be on the basis of 25–25–25%, 15% was to be reserved for minor groups, and 10% for the Anatolian Railway Company. The provisions of Article 12 of the concession of 1903 were to be amended to establish a board of directors of 30, upon which each of the principal participants should be represented by 8 members. The remaining 6 members of the board were to be designated by the Ottoman Government and the Anatolian Railway Company. The directors were to be appointed by the original subscribers so that sale or transfer of shares could not alter the proportionate representation thus agreed upon. [9] For the facts in this and the succeeding paragraph the author is indebted to Dr. Arthur von Gwinner, managing director of the _Deutsche Bank_; and to Sir Henry Babington Smith, erstwhile chairman of the Ottoman Public Debt Administration, a partner of Sir Ernest Cassel, president of the National Bank of Turkey, and a director of the Bank of England. Dr. von Gwinner placed at the disposal of the author many of the records of the _Deutsche Bank_ and of the Bagdad Railway Company, and Sir Henry Babington Smith graciously volunteered to answer many puzzling questions. [10] _Parliamentary Debates, House of Commons_, Volume 121 (1903), pp. 271–272.