3
377
writing
that
Water Supply. Since September last I have earnestly requested enquiries to be made regarding the feasibility of raising the necessary Loan in Hongkong,
I beg to submit for the consideration of Your Lordships the Copy of a letter which I have received from the Chief Manager of the Hongkong & Shanghai Bank on this subject.
2.
Mr. Creig makes a definite offer to take up the Loan at par for charging 2 per cent Commission - The Loan bearing 5 per cent interest, and being paid off by instalments of 1 per cent per annum, besides the interest.
3.
I am not aware of the amount of Commission usually charged by the Crown Agents under similar circumstances, but I do not suppose that it would be less than that stated in Mr. Gray's letter.
If the Loan can be raised in London at 4½ per cent as hinted at in the Crown Agents' letter of 9 July 1874, there cannot be any doubt, I apprehend, as to the advisability of placing the matter in their hands, but if on the contrary, it cannot be floated by them under 5 per cent the advantage of putting the arrangements