The Church House,
Great Smith Street,
London, 3.7.1.
26
Dott. $4126/4/48
Dear David.
53667/45
8 January, 1949.
Would you please refer to Marshall's letter to Portsure of 21st December, 1948, regarding the raising of loans in Hong Kong in the form of bearer benda. we do not appear to make mish progress in this matter, and as the whole question of the form in which future borrowing by Hong Kong mat now be considered, perhapa I may put all the relevant facts before you as we soo theme
2. Pertamore in his letter to liarshall of 14th December agreed, somewhat reluctantly, that registration need not be insisted upon in the case of the #50,000,000 already issued in the form of bearer bonds. is regarda any further issues, he raised the following points :➡
(a) ́whether events in China would render a
registered issue more attractive than formerly;
:-
(b) whether it would be possible: (1) for
bearer bonds to be issued only to Hong Kong residents; and (11) for interest payments and redemption money to be restricted to residents or to persons who were resident when they purchased the bonds.
The above points were embodied in our telagrem No. 1245 to which we have now received a reply, a copy of which I endless. You will see that the Governor answers (a) in
D.B. PITELADO,” ESC.
/ the