Zou ik
the price will
remain statte
That being
J
dors not advance.
we clearly be
undesirable & proud
forced
ar present
though it might concinally be worth considering
ů
for years
time
گران
if we have their same
prounds for thinking the juice will fall
and (2)
Are
dan get
over
The Weasury Rejection
121/19.
ей рома
the fans & off the Wellen.
that objection, the fremut
to regards
is not quite
A
fan with cares
Where the
Goth one - but there in
with issues a
B
(pr×
(8124)
go into that with casme now.
Sent 11.10 ou
9.8.3
26. Febig? Zl. for. Whoug
undisquise
by hit 1026 Shirking ton conversion
ليد
Bise
ased
After consulting treasury spot canest athirve prodrank dermulish
Purporal Desfetch followm
Milner
and confirin Gy desk. Sending out
of To Wellin
Kpr 25/2/19.
and At once A&P
and copy of this letter and
our tel. to C. A. L.F.
25.2
Ay
ה
Any reply to this letter should be addressed tum
THE SECRETARY,
TREASURY,
WHITEBALL, LONDON, S. W. 1. and the following number quoted.
6817
19
Sir,
RECE
287
TREASURY CHAMBERS
C.O
2 February 1919.
11702
(RES: FLB 19 3 So
I have laid before the Lords Commissioners of
His Majesty's Treasury the correspondence forwarded in Sir G.V.Fiddes' letter of the 12th instant (8121/19), on the subject of the proposed conversion of the Hong Kong 3% Sterling Loan into a silver loan.
In reply i am to request you to inform Viscount Milner that from the point of view of the London market and exchange My Lords would naturally welcome a substantial remittance from Hong Kong.
Whether the Colonial Government would be well advised from their point of view to carry out the proposed conversion is of course not primarily a matter for this Board. The proposal is however in effect a speculation which dependa for its success on the fall in the near future of the price of silver and the maintenance of the dollar exchange over a period of twenty four years at a mean rate not higher than 2/8 which corresponds to a
8.d
silver price of about 38d an ounce. considerable doubt (so far as They can form an opinion)
My Lords feel whether the price of silver is likely for some considerable period to fall to this figure.
In Their opinion the Colonial Government should weigh very carefully the observations of the Crown Agents
in their letter of the 4th instant.
I am to add with reference to paragraph 3 of
Mr. Severn's despatch (No.308) of the 2nd November last
Under Secretary of State,
Colonial Office.
that
डी
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