15 MAR 1940
C. C. Rack
53593/40
Loo
CYPHER TELEGRAM from the Governor of Hong Kong to the
Secretary of State for the Colonies.
Dated 15th March, 1940. Received 8.4 a.m. 15th March.
9.
22
21/-/39
No. 132 CONFIDENTIAL.
6
mays
(of
Your telegram No. 34. Local rates of exchange always higher but exchange control would prevent funds leaving England to seek higher rate in Hong Kong.
Proposed terms not particularly attractive locally.
1934 issue recently stood at 95. Anticipate
underwriting bank would be t with most of the issue. In the circumstances the bank is not prepared to improve
offer. I consider terms not unfavourable to Government and for reasons) given in my telegram No.33 urge
desirability of proceeding with issue and request your approval accordingly.
boy
6A(10)
bety
Treas
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