of purchase of the stock for Linking Fund purposes on reference with Advantage the Colonial Treasurer from buying under $100 the stocks for which, at the date of redemption, it will have overy
100.
Mr. Fairfield
T.H.O.
2872
It is all of outward that the Legislative Council passed the bill on "the understanding that par (in fee. 5) price of "issue", whereas it means par.
Members of The Unofficial Council will consider it a breach of faith if the bill is assented to without being referred back to them. Notwithstanding, I think it must be assented to at the Foreign Agency instructed without delay, and the Governor must be asked to make some kind of apology.
Sir M. Ommanney tells me that there is a very good chance of issuing a loan within a week or two. Sanction & instructions be sent.
I have talked about their 15th. Mr. Ommanney and he think that nothing need be said about it.
When the misunderstanding is officially cleared, the Council understand that they are not required to repurchase.
Tell him in confidence, the misunderstanding only relates to the limit of price, and we expect the promoters to repurchase at a high price, and in no case under par.
The Council will go off 2/3 time. Agents Members are urged to use their discretion and should not be swayed by their following the market as considerable buyers would defeat their object.
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