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required at the price offered. (4) that the fact of the necessary capital being subscribed for the purpose of exploiting the scheme
that is in itself the greatest assurance Government could get the scheme will be carried through, and here again the circle referred to above is evident, as the capital cannot be subscribed until the Government has given its sanction. (5) The moral support support of theGovernment does not come into the question at all, the matter being entirely a business one for which the Government will receive its quid pro quo in exchange for the granting of the concession. The Government's moral support to the scheme no more comes into the question that it would were I to ask a concession for mining and it were granted to me. By granting me a mining concession in Hongkong the Government would not accept any obligation, not any more than in granting me a building con- cession under special conditions. (6) Even if I were to concede that the granting of the concession does for argument's sake - imply moral support to the scheme, the scheme being as profitable to the Government as it will be to the Company exploiting it, and equally and more so to the welfare of the Colony where the money will be expended, it seems to me that the Government should have absolutely no objection to the granting of this moral
support.
We have etc,
(sd) Moser Johnson Stokes & Master.