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Legislative Council and the Secretary of State the
remission of $300,000 of his debt if he carries out
the Scheme to the satisfaction of the Director of
Public Works. Interest, however, should be
payable until the Secretary of State's sanction to any arrangement has been obtained.
Negotiations were opened accordingly but
made little progress. Mr. Kwik was frequently
absent from the Colony and he had certain other
schemes in mind with the result that more than a
year passed without further development.
The
matter was re-opened late in 1929 when Mr. Kwik
asked that the mortgage debt of $600,000 should be
cancelled entirely.
5.
The Executive Council further considered
the matter on the 2nd of January, 1930, and the
following decision was recorded:-
The Governor-in-Council discussed the
proposals contained in Messrs. Hastings, Dennys
and Bowley's letter of the 18th of December,
1929, for relief to Mr. Kwik Djoen Eng in
respect of his property at North Point.
It
was agreed that the Director of Public Works
should put to Mr. Kwik the Government's
proposals for the complete release of the major
portion of the property and the retention, as
security for its loan, of a first mortgage on
the remainder, the amount of the mortgage to be
$600,000, but the Government to undertake to
recommend to the Secretary of State and to the
Legislative Council the remission of $300,000 of
this