the debtor and the creditor 'to the special position of
1
banks; and to the attempt to achieve uniformity
on important points of principle, as between Hong Kong
and Malaya. It is hoped however that the stage has now
been reached when it will be possible in the next few
weeks to submit a bill to the Legislative Council.
When
the legislation has been enacted, the way will be clear
to lift the moratorium.
3. Much the same position holds in Malaya, except
that Singapore has recently raised the moratorium in
respect of pre-occupation non-interest bearing debts on
which no transactions took place during the period of
the Japanese occupation. If there is likely to be much
further delay in Hong Kong enacting the "Debtor-Creditor"
legislation referred to in paragraph 2 above, a recommendation
could be ma e to Hong Kong that they should consider lifting
the moratorium at least to the extent to which Singapore
has done so.
崛
Page 10Page 11