54126/4/48
32
(2/48) [16] Wt. 19126/754 50m. 7/48 C.N.Ld. 748
C. O.
Mr. Palmer
agrees)
Mr. Bourdillon agrees/
Mr.
Mr. Kelvin Stark b
Mr. Wallace 7/
Mr.
Sidebotham
DRAFT.
D.B. Pitblado, Esq.
1.
Treasury.
18
Copy of No.17
FURTHER ACTION. Copy (1) T.F.J.Portsmore
\(B/England)
(ii) 53687/48 (Tai
Lam Chung
Reservoir).
(iii) 15547/64/48 Econ
Br.U. in a fortnight if no reply.
Permt. U.S. of S.
Parly. U.S. S.
Minister of State
Secretary of State
Your Reference.E.C. 7/202/01
For Mr. Bourdillon's signature.
this matter
Would you please refer to Marshall's letter
to Portsmore of 21st December 1948 regarding the
raising of loans in Hong Kong in the form of
do not appear to make bearer bonds. As we appear to have reached a much progress, deadlock on this subject and as the whole question
of the form in which future borrowing by Hong Kong
must now be considered, perhaps I may put all the
relevant facts before you as we see them.
2.
L
Portsmore in his letter to Marshall 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. As regards 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: (i) for bearer
bonds to be issued only to Hong Kong
residents;
and (ii) 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 telegram
No. 1245 to which we have now received a reply, a copy of which I enclose. You will see that the
Fcopy
/Governor