fell down
as
to the debentures issue, he will probably agree to the present proposal and issue Such Eligible Stock as per the writing of Mick Maracalao by this is great or basically Big Eser by this register and in this case I am
tition test. proposals. The
s that arises
2
sand confusion of
a
only par 12, for as they speak
new loan in 1918 (and in
pari. & they speak of raising the loan "on the lines
of the writing stock)
I infer that they intend to
Give the new loan
| 12 years,which is far too
short.
Minimum Currency of ours
I don't understand par 13:
So the Ordinance gives Authority to borrow up to £2 millions
it surely enables them to create Capital Stock
£2/100,000 plus expenses.
Avery
Call
J
the Loan do authorise
Fight
with the argument of par 3.
we ought
in our reply to decline to couple the responsibility for the failing the debenture Scheme on which this letter is based; and we might feel add
dit as
per your instructions to the Earl
on which the Ordinance is founded
Either
the L.A. and 3. Now last, they might have been criticising instead of waiting the war.
Sir M. Ommanney C.Pd.2
Dr.
1/2
7 Co.
I do not think that there is
real foundation
for I Pollute's difficulty. If the Governor
is authorised to raise money by debentures, he is, Junagie,
Authorised by Statute
to issue
a debenture
with the ordinary incidents of a loan. All the A. Aguits
the Loan do in
features of the
telepatte crave for his approval.
however,
I confer
that I was under
the impression that the Governor was to follow the usual form of ordinance, with a special repayment provision as the minimum change by this particular case. Taught to have made this clear in the despatch No. 38126-
As it is, the Governor has followed his
instructions.
But there is another point which I had not
difficultly foreseen.
He
General Loan & Subscribed Stock Act of 1893
secures the stock on the Revenue & Assets of the Colony - The amending Act leaves the debenture wholly unsecured.
If this is so, a debenture issue is impossible without further legislation. It
3/2
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