the Chinese. There are large aunts, too, in the hands of the Chinese Companies, who have no outlet except by depositing the Bank's funds for placing their Funds in even now it is difficult to get Banks to take money in deposit at a more profitable rate than 4¼ or 4½ per cent. They would, doubtless, be glad of the opportunity of investing their surplus Funds in Government securities.
8. It would, therefore, be a material advantage to be gained by raising the loan in London. I would strongly urge the advisability of floating it in the Colony. It may be that the Government could obtain better terms than those offered by the Hongkong and Shanghai Bank, but if they are as favourable in London, I trust that Your Lordship will leave the matter to be arranged here.
9. There is only one point regards the Ordinance which will have to be passed to which I need refer, and that is that it should, I presume, provide for annual drawings of a certain amount of the Bonds which would be redeemed, thereby reducing the...
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