10/2017/01/0
Mo Gent 27
My Caine B Lei A. Burns
DRAFT TELEGRAM
(CYPHER)
Governor
Hong Kong.
(26.02
(39)
1/3
53593/40 H16
at once
No.
34...cont
Recuphased next.
1842. Zam 6.
2- R
み
Confidential.
2/3.
1940
23
Your telegram of 19th January,
No.33. Loen.
to Treas (7)
τα (8)
Copen
ZA
You may
saf cony
At 95 with average life of 12
years yield to redemption exceeda 44.
While not in a position to estimate local
possibilities I am advised that the
proposed price seems unduly favourable
to investor having regard to recent rise
in price of War Loan and possibility that
conversion of 44 loan here may lead to
further general lowering of rates.
In circumstances
Neonsider
consider best
course will be to wait for the present
to see how market conditions develop
unless bank are prepared to improve further
on their offer.