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But so far, owing to the money stringency, no
solution is possible. This is largely attributed to
the many recent reports concerning the auction of
property and the increasing bankruptcy of Business
Houses.
Conditions at the present moment are such
that one is mystified to anticipate what would happen
in the next minute, Time is flying and no little
anxiety is being felt as to what can be done to safe-
guard the interests of the public, It was thereby
discussed and carefully considered at the meeting
that the only possible way of overcoming the present
difficulties would be to petition to the Government
for its assistance.
It
I am directed to submit on behalf of the
Merchant Community, for the consideration of the
Government, the proposul adopted at the meeting,
was suggested that there shall be no better mean s
of relieving the present deplorable situation than
for the Hongkong Government to issue Treasury Bonds
Bay to the value of not more than $30,000,000,00
at the rate of 6% interest per annum for which
merchants of the Colony are at liberty to apply upon
furnishing the Goverment with their property, goods,
or shares etc. as security. It is anticipated that
once these Treasury Bonds are put into circulation
in the market the financial situation will
automatically ease a great deal, thus eliminating
the difficulties of meeting obligations. In
support of this suggestion it was quoted that during
the Great European War when Singapore was be-fallen
with