CO129-221 - Governor Sir Bowen - 1885 [4-6] — Page 117

116

Mr Meade.

The

ar

cho

course recommended by Colonial Government is unfortunato one, and would I fear cost the Colony much

money -

The proposed arrangements with the

Hongkang

aid

Shanghai Bank for temporary

advances is similar to those

hare for

Lee

have made

one or two Colonies, with the

material difference that we ar

very getting the

advance from

Bankers at the rate

orr

of

2

herkent instead of 6 per Cant, but

de as without

an Ordinance authorizing

the issue of Debouture.

The doubt expressed by Mr Mard

at the

commencement of his Memorandum,

though quite justifiable in Apul last

A

ronger holds good - We could paise a

her Cout loan, perhaps

43

4 fer Cout one at

(ho prevent moment, but we cannot expect

Sto

he has done is the concluding lines of

his Memorandum that 12 months hence

the

phall be able to borrow on more

could at the

reasonable terms than

prosent moment.

سمر

In March states that he does not

its

fake into consideration the lof that the

of Colony world pustoun by the pale Deboutines considerably below pour. I would

contemplated remark that I never

pale munch below par, and to provide

against

our

unfavorable market I

recommended that the Ordinance should interest not exceeding

authorize a rate

of

5 per Cont - Ite appears throughout

colvla

an

q

the

his Memorandum to be under

impression that

discretion

regards the moment of isuring this loan would be left to no,

need not say

is contrary

pay to

the I

-to

the

universal practice of other Colonies -

Attention is called to the los

exchange

он

av

the remittances to bay

interest, but the advantaps of the reverse

hia

operation