116
Mr Meade.
The
ar
cho
course recommended by Colonial Government is unfortunato one, and would I fear cost the Colony much
money -
The proposed arrangements with the
Hongkang
aid
Shanghai Bank for temporary
advances is similar to those
hare for
Lee
have made
one or two Colonies, with the
material difference that we ar
very getting the
advance from
Bankers at the rate
orr
of
2
herkent instead of 6 per Cant, but
de as without
an Ordinance authorizing
the issue of Debouture.
The doubt expressed by Mr Mard
at the
commencement of his Memorandum,
though quite justifiable in Apul last
A
ronger holds good - We could paise a
her Cout loan, perhaps
43
4 fer Cout one at
(ho prevent moment, but we cannot expect
Sto
he has done is the concluding lines of
his Memorandum that 12 months hence
the
phall be able to borrow on more
could at the
reasonable terms than
prosent moment.
سمر
In March states that he does not
its
fake into consideration the lof that the
of Colony world pustoun by the pale Deboutines considerably below pour. I would
contemplated remark that I never
pale munch below par, and to provide
against
our
unfavorable market I
recommended that the Ordinance should interest not exceeding
authorize a rate
of
5 per Cont - Ite appears throughout
colvla
an
q
the
his Memorandum to be under
impression that
discretion
regards the moment of isuring this loan would be left to no,
need not say
is contrary
pay to
the I
-to
the
universal practice of other Colonies -
Attention is called to the los
exchange
он
av
the remittances to bay
interest, but the advantaps of the reverse
hia
operation