370
bye miting Found
but without
change for Intent?
arry
Send this of the Aputs in on
I have noted in the
Margin Mr.3
Rm 26/10
what I
Leliève are their Mayer.
This is the first Act of a parody of the old play of "Raising the wind," which fond incipient Colonial borrowers are fond of performing, with a Bank Manager prompter. The prominent features
in the opening scene usually represent patriotism purchased by a local issue of Government Debentures; and Economy Ensured by highly subsidizing financial Corporation for disinterested exports. The second Act generally portrays evident symptoms of the
non-Existence of the Expected constituency; transformation Scene in which the Manager adroitly contrives (in the interests of the Govt and the denouement is a certainty of course) to get the Debentures - originally destined to become the property of patriotic Colonists only - Indorsed "Interest and principal payable in London" with the Crown Agents
and the Stock Exchange listed as chief Promoters. The most recent performance of the kind is that not long ago acted by the Govt of New South Wales and the National Bank, which is now going through the final stage in this Country. See paper 22:10190. If it were
possible to conceive that the £50,000, which Hong Kong now proposes to borrow, were not to be followed by other Loans, it might be as well to allow them to buy their experience in the manner they desire, with the clear understanding that no change in the place of payment would on
any account be sanctioned; but with the strong probability of the rebuilding of the Praya will call for an Early and still larger issue of Debentures, the Colony can scarcely afford to indulge in such an Expensive Experiment, to the detriment - where it ought to be made beneficial of. The next operation of a similar kind.
It would be well therefore I think that they should be told, that in the present state of the market a 5% loan redeemable by a one per cent Sinking Fund, devoted either to the purchase of the Bonds when below par, or - at the option of the Govt - to annual Drawings Commencing five