HONG KONG SOUTH DEVELOPMENT SCHEME.
Adverting to your letter 36354/1919 of 2nd October authorising the Promoters to proceed with the Hong Kong South Development Scheme, I have the honour to inform you that the financial arrangements are proceeding satisfactorily, I am ready to produce evidence of this if desired, and I hope very shortly, in conjunction with Mr. Bowley, to submit our final proposals, together with the amount of the deposit required by the Hong Kong Government, in order that the agreement can be signed.
With reference to the deposit, owing to the present abnormal rate of exchange, it is very much preferred to give a guarantee in sterling instead of in Hong Kong currency, and thus obviate the probability of very considerable loss which would be incurred through the exchange returning to normal by the time the tramway is completed and the guarantee period ended. I shall, therefore, be glad to hear that a sterling guarantee will be accepted, calculated on the normal rate of 2/- to the dollar, which has been the basis for all our calculations in connection with this scheme, at 2/-, = £5,000 for $50,000.
Your letter authorising the Promoters to proceed was dated 2nd October, and owing to the conditions laid down by the Hong Kong Government, the negotiations had to be started de novo. As you are aware, the last two months have...
Page 363
...
treatment from us, and thought that in the circumstances his request was reasonable.
(2) In the event of a favourable decision being reached, he asked that he should be granted a reasonable interval, in view of the delays in granting the necessary guarantee at once.
1. (8) In the event of a favourable decision being taken, he did not press for an immediate answer.
BTW/EMS.
The Under-Secretary of State, Colonial Office.
...
S. W. 1., 11, The Drive, Golden's Green, N. W. 4. 24th December, 1919.
...
Conf. 244/12.
Page 507
treatment from
us, and thought that in the
Circs. his request was
(2) In the event of a him to provide
the
very
rensmable.
decision buing reached requesting
necessary guarantee at once, he asked that he should be granted a renomable
incotuer by of a few days respill, in view
of the delays in groning
Answer.
1 (8) In the event
he twas whitage
BTW/EMS.
The Under-Secretary of State,
Colonial Office,
вий
am
$13,
of a favourable decision being lakers,
he did not press for
an immediate answer.
cft. 244/12.
S. W. 1.
11, The Drive
2
Golden's Green,
N. W. 4. 24 C 1,
24th December, 1919.
507
-
HONG KONG SOUTH DEVELOPMENT SCHEME.
Em
-
Adverting to your letter 36354/1919 of 2nd October
authorising the Promoters to proceed with the Hong Kong
Development Scheme, I have the honour to inform you that
the financial arrangements are proceeding satisfactorily,
I am ready to produce evidence of this if desized,
and I hope very shortly, in conjunction with Mr. Bowley, to
submit our final proposals, together with the amount of the
deposit required by the Hong Kong Government, in order that
the agreement can be signed.
With reference to the deposit, owing to the present
abnormal rate of exchange, it is very much preferred to give
a guarantee in sterling instead of in Hong Kong currency, and
thus obviate the probability of very considerable loss which
would be incurred through the exchange returning to normal by the time the tramway is completed and the guarantee period
ended. I shall, therefore, be glad to hear that a sterling guarantee will be accepted, calculated on the normal rate of 2/-. to the dollar, which has been the basis for all our
this, calculations in connection with this scheme,
at 2/-, = £5,000.
-
$50,000
Your letter authorising the Promoters to proceed was dated 2nd October, and owing to the conditions laid down by the Hong Kong Government, the negotiations had to be started de novo. As you are avaze, the last two months
have
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