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not only to H.K.Navy, but to the Mercantile Marine, and will in addition be a very valuable asset to the Colony of Hongkong.
3. The estimated additional expenditure to complete this Dock is about $5,000,000 Hongkong Currency, and the time to complete about four years.
4. In view of the importance of this work being started at the earliest opportunity, and the amount of money involved, we should be obliged if you would approach the Colonial Office in London, and request them to recommend to the Hongkong Government to advance us the necessary money at the rate of 4% per annum during the construction of the Dock, and for a period of ten years thereafter, The way we suggest it might be brought about is as follows:-
We propose that the Hongkong Government deposit the necessary funds from time to time with the Hongkong & Shanghai Banking Corporation in Hongkong as required by us, and get deposit receipts from the Bank for these sum, interest to be
aid at the rate of 4% per annum. We in turn to arrange with The Hongkong Bank to advance us similar amounts at the same rate interest thereby keeping the Hongkong Government perfectly
afe.
Should you or the Financial Secretary wish to see us again on