Objects and Reasons.
1. The object of this Bill is to make legislative provision to empower the raising of a loan of $150,000,000 for the general rehabilitation of the public services of the Colony following a period of enemy occupation, and such further sum as may be necessary to defray the expense of issue.
2. In this Bill-
Clause 2 empowers the Governor, or the Crown Agents acting on behalf of the Governor, to raise a loan in Hong Kong or in London or partly in Hong Kong and partly in London, of an amount not exceeding a total of $150,000,000.
Clause 3 provides that the principal moneys and interest represented by the loan be charged upon and payable out of the General Revenue and Assets of the Colony.
Clause 4 requires that money borrowed under the powers given by the Bill upon enactment shall be appropriated and applied only to the purposes specified in the Schedule to the Bill, the proviso being made, however, that the transfer of money from one item of the Schedule to another may be made if such transfer be approved by resolution of the Legislative Council and by the Secretary of State.
Clauses 6 and 7 make provision for a Sinking Fund for the redemption of a loan, according as to whether such loan, or part of it, is raised in London or in Hong Kong.
Clause 8 empowers the Governor, inter alia, to determine the time for any issue and redemption of bonds issued in respect of the loan.
J. B. GRIFFIN,
Attorney General.
75.