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THE LOAN BILL.
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The ACTING ATTORNEY-GENERAL-I beg. sir, to move the second reading of a Bill entitled an Ordinance to authoriso the raising of a Lose not exceeding £200,000. This Bill, sir, I think is as short and simple as it could possibly ba made. The second article declares it to be law. ful for the Governor to raiss, by the issue of debentures, any sum or sums not exceeding €200,000. The third artiole charges the sum so to be raised on the general revenues and assets of the Government of Hongkong. The fourth article, speaking of debentures, say:-"Every debenture issued under this Ordinance shall ba for a sum of not less than ons hundrad pounds sterling, carrying interest at a rate not exceed- ing four and a half nor centum per annum pay- able half-yourly, and shall be naid off at par at any time after the expiration of five years, but not later than twenty years from the date of issus. By the fifth article the debentures will be issued in London at the office of the Crown Agents. They are to be registered in a book and there are to be attached to every debeature coupons for the payment of the interest to become due in sach half-year upon the principal secured by the debenture. Every debouture and sach compou shall be transferable by delivery, and the prin oipal moneys saenred by such debentura, and the interest payable by such coupon, shall be payable at the offices of the Crown Agents for the Colonies in London. Section 10 provide that the Governor shall appropriate half yearly, out of the general revenues of the Colony, the necessary sums to pay the half-yearly interest das on account of the said Loan; and the second paragraph of this section also obligez the Gover- nor to further appropriate half-yearly, ont of the General Ravennes of the Colony, commeno. ing six months after the date of issue of the first deboutures created under this Ordinance. the sum of C3,586 and shall remit the same to the Crown Agents for the Colonies in London. to be invested by them in sons ous or more of the securities of the Imperial Government of Great Britain, or of the Government of any Colony of Great Britain. as they may from time to time determine, as a sinking fand for the final extinction of the debt. The Crown Avents shall also from time to time invest the lividends, interest, or produce arising from auch investment. so that the same may ac en nalato by way of compound interest. So tion eleven requires that in 0139 the sinking fund shall be insasient for the payment of all the principal moneys borrowed under the authority of this Ordinance at the time the sens shall have become das, the Governor shall make rol the defsaney out of the general revenues and assets of the Colony; and the last section provides that all expense of or incidental to the management of the sinking fund. or the repay. unt of the principal moneys to be borrowed unlar this Ordina209, shall be paid out of the inking fund. It is a short au 1 gloar O-dinanca and I bag to more the second revling of it.
The ACTING COLONIALS BONETARY Seconded. The Bill was rand a woond timɔ,
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