12
W
F
}
1
}
1
1
E
13
76
for first class investments exceptionally low with an exceptional rate of exchange which is favourable alike for raising the loan and for the remittance by the Crown Agents of such portion of the loan as is required for expenditure in Hongkong, and the facts that our balances are exhausted, that there is a deficit which must be promptly adjusted on the transactions of 1892, and that funds are immediately required for the prosecution of at least some of the public works extraordinary mentioned in the schedule to the Ordinance.
6. The conversion of our existing loan of £200,000 will, I presume, be undertaken after the proposed loan has been raised, and not concurrently therewith, but I am in doubt as to the intention being...