HONG KONG GOVERNMENT 3 PER CENT. INSCRIBED STOCK. Issue of £200,000. Authorised by Ordinance No. 2 of 1893, "For the purpose of defraying the cost of certain Public Works."
THE Crown Agents for the Colonies, on behalf of the Government of Hong Kong, invite Tenders for the above amount of Stock, to be issued under the provisions of "The General Loan and Inscribed Stock Ordinance, 1893," and inscribed in accordance with "The Colonial Stock Act, 1877," 40 and 41 Vict., cap. 59.
The Loan is secured on the General Revenues and Assets of the Government of Hong Kong, and the principal will be repayable at par on the 15th April, 1943, by a Sinking Fund of 1 per cent. per annum, to be formed in this country under the management of the Crown Agents, who are appointed Trustees, but the Government of Hong Kong will have the option of redemption at par on or after the 15th April, 1918, on giving six calendar months' notice by advertisement in the London Gazette and in the Times newspaper, or by post to the then Stockholders at their registered addresses. The interest at the rate of 3 per cent. per annum will be payable half-yearly on the 15th April and 15th October in each year, the first payment being due on the 15th October next, by Dividend Warrants, which, if desired, may be transmitted by post either to the Stockholders, or other person, Bank, or Firm, within the United Kingdom. Principal and Interest will be payable at the Office of the Crown Agents for the Colonies, Downing Street, London.
If the price of the Stock be below par when the contributions to the Sinking Fund are received, the Crown Agents are empowered to purchase therewith the Stock in the market, cancelling in the Register the Stock so purchased.
The Stock will be transferable at the Crown Agents' Transfer Office, No. 1, Tokenhouse Buildings, E.C., without charge, and free of stamp duty.
Tenders will be received at the Office of the Crown Agents for the Colonies, Downing Street, until One p.m. on Tuesday, the 25th April, and will be opened in the presence of such of the applicants as may attend.
The Allotments will be made to the highest bidders, provided the rates offered are not below £98 in money for every £100 of Stock; in the event of the receipt of Tenders in excess of the amount to be allotted at or above the minimum price, the Tenders at the lowest price accepted will be subjected to a pro rata diminution.
If no allotment be made, the amount forwarded with the Tender will be returned in full, and if a portion only of the amount applied for be allotted, the surplus will be appropriated towards the payment of the second instalment.
Tenders must be for even hundreds of Stock, and those at a fraction of a shilling other than sixpence will not be preferentially accepted.
The purchase money will be required as follows: £5 per cent. on application, and so much on the 4th May, 1893, as will leave £75 per cent. payable as under: £40 per cent. on the 21st June, 1893, and £35 per cent. on the 26th July, 1893.
The first payment must accompany the Tender, and the subsequent payments are to be made at the Crown Agents' Transfer Office, No. 1 Tokenhouse Buildings, E.C., not later than the dates above mentioned. Payments may be made in full on the 4th May, or on any subsequent date prior to the 26th July next, under discount at the rate of 2 per cent. per annum.
It is intended to offer holders of existing Securities of the Hong Kong Government an opportunity of conversion into Inscribed Stock identical with this issue.
Scrip Certificates will be issued at No. 1 Tokenhouse Buildings, in exchange for the receipts for the amounts payable on Allotment, and such Certificates may be inscribed either at the Crown Agents Office in Downing Street, S.W., or at their Transfer Office, No. 1, Tokenhouse Buildings, E.C., as soon as they are paid in full.
The Revenues of the Colony of Hong Kong alone are liable in respect of the above Stock, and the Dividends thereon, and the Consolidated Fund of the United Kingdom and the Commissioners of Her Majesty's Treasury are not directly or indirectly liable or responsible for the payment of the Stock or of the Dividends thereon, or for any matter relating thereto. - Act 40 and 41 Vict., cap. 59.
Forms of Tender and a Statistical Statement relative to the Public Debt, Revenue, and Expenditure and Trade of the Colony from 1882 to 1892 inclusive, may be obtained by applying at the Office of the Crown Agents for the Colonies, Downing Street, S.W.; at No. 1, Tokenhouse Buildings, E.C.; at that of Messrs. MULLENS, MARSHALL, and Co., 1, Lombard Street, E.C.; and that of Messrs. J. and A. SCRIMGEOUR, 18, Old Broad Street, E.C.; and copies of the Ordinances may be seen on application at the Office of the Crown Agents in Downing Street.
OFFICE OF THE CROWN AGENTS FOR THE COLONIES, DOWNING STREET, LONDON, 19th April, 1893.