22
When these bonds fill due for cefagment
I may 1926, the Ift afferved
of the
subalitution
them of
5% Debenture Stock
г
The Singapore
Iunicipality of the
Jame
face value.
however,
In the present case.
The security which it in purposed &
replace by the
new
Municipal Loan
ما
the S. Fallo 51⁄2%% was Loan 1818/1828,
which
tu Amey
in
was
juaranteed by me fort.
wil be glad to know whether
T.K's opinion the proposal made
the for. If Hhong way
п
whether
it
wash
be accepted,
desirable
to consult
the for. of the J. Sells
the security offered.
antä
cyard
(Signed) G. GRINDLE