CO129-226 - Acting Governor Marsh - 1886 [4-5] — Page 129

4

3.

that the sum to be applied to the payment of interest and

#

sinking-fund

on the loan

should not exceed £15,000 per

amun

The day after the

first resolution was

passed

however the Honourable Thomas

Jackson informed me that he was authorized by the Directors of ~ the Bonghong Bank to offer to lend the money at four and a -half per sent, and the feeling

was so

strong at the time that

this

45%

C

this would be a more

4% borrowing

l

4399

126

a more advantageous

arrangement for the Colony than borrowing in London at four per cent repayable in Gold, that I did not think it prudent to - bring the resolution of the Finance Committee before the Legislative Council immediately,

and I telegraphed to Your

Lordship to Know whether a local loan at With would be sanctioned. After receiving Your Lordship's reply to my telegram the resolution of the Finance

Committee