4
3.
that the sum to be applied to the payment of interest and
#
sinking-fund
on the loan
should not exceed £15,000 per
amun
The day after the
first resolution was
passed
however the Honourable Thomas
Jackson informed me that he was authorized by the Directors of ~ the Bonghong Bank to offer to lend the money at four and a -half per sent, and the feeling
was so
strong at the time that
this
45%
C
this would be a more
4% borrowing
l
4399
126
a more advantageous
arrangement for the Colony than borrowing in London at four per cent repayable in Gold, that I did not think it prudent to - bring the resolution of the Finance Committee before the Legislative Council immediately,
and I telegraphed to Your
Lordship to Know whether a local loan at With would be sanctioned. After receiving Your Lordship's reply to my telegram the resolution of the Finance
Committee