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30 D. II. Kong Loan.
The Honble.
Endlos in
no
Hong Kong Loan.
C.0.
1505
6544
¡Rec?
Red 24 FEB 06
23rd February
1906.
Sir,
I have the honour to report that on the 20th instant we sent you a telegram in the following words
"Loan, to provide £1,100,000 issued and placed today in 3 per cent Stock at £99. 1.0 less expenses." and I now beg to state the circumstances in which the same has been made.
2. When we agreed in July last to provide temporarily and in anticipation of the issue of a Loan the sum of £1,100,000 which the Colonial Government desired to lend to the Viceroy at Wuchang we had anticipated that we should be provided by the beginning of the present year at the latest with the necessary legislation to enable the Loan to be issued. We had also contemplated that the Loan would take the shape of short-dated debentures and we are still of opinion that such an issue would have been most in accordance with the interests of the Colony as it would have enabled the money borrowed to be paid off as the repayments to be made by the Viceroy under the terms of the agreement with him came into the possession of the Colonial Government. Unfortunately, however, the legislation which has been passed in the Colony has not been sufficiently specific to enable such an issue to be made, and
The Colonial Secretary,
&c. No.
Kong.
time
2
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