H.Kong
ALL COMMUNICATIONS
TO BE ADDRESSED TO THE
CROWN AGENTS FOR THE COLONIES,
THE ABOVE REFERENCE AND THE
DATE OF THIS LETTER BEING QUOTED.
TEL. ADD. CROWN, LONDON"
Enclosures
Hong Kong
REC
30971
IRE. 22 AUG 06
WHITEHALL GARDENS,
542
LONDON, S. W.
21st August
1906.
Sir,
I have the honour to acknowledge the receipt of your letter of the 13th instant No.27897/1906 enclosing a copy of a despatch from the Governor of Hong Kong with regard to the procedure to be adopted in the administration of the Special Fund which has been opened on account of the repayments of interest and principal of the Loan of £1,100,000 made by the Government of Hong Kong to the Viceroy at Wuchang.
2. I would point out in the first place that in adopting the rate of 3 per cent as the interest to be paid on advances made in respect of the Railway from the Special Fund, Sir M. Nathan has apparently overlooked the fact that the rate of interest which the Colonial Government is paying for its Stock Loan is somewhat higher viz. about £5.13/- per cent and it is obvious that the Railway Account should be charged at the same rate for advances made to it for construction.
3. The proposals which we had made with regard to the fund are embodied in the following correspondence which has passed between ourselves and the Colonial
Under Secretary of State
Government
&c &c &c
Colonial Office