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tanked among investments of the highest class, while Hong Kong is known only by its single small issue of four per cent debentures. Moreover the Ceylon three per cent Stock was issued during a period of great inflation and, even then, was not placed without some difficulty. Any considerable further issue at the present time would undoubtedly depress the stock to a figure which taken as a basis for estimating the probable result of similar issue for Hong Kong would give a price at so great a discount as to leave saving in interest, as compared with a 3½ per cent Stock at par, altogether insufficient to compensate the Colony for the loss in repaying the debt.
3. The Conversion of the four per cent debenture loan into the new Stock will be taken into consideration as soon as we have secured a Stock Exchange quotation for trade.