to that Ord;
the balance
the
cost is to be called in as the Govt may require it, & no question of interest thereon need arise.
Imagine that the money now in hand will not be lying idle for very long. The Govt is not bound by the terms of its Agreements with the Debtholders to turn this money to account by getting interest on it, but if it is invested any interest obtained will only be equitable to credit the fund with this interest obtained, which will have the effect of proportionately reducing the final call to be made upon each Debtholder; I object but I think the investment must be made by & in the name of the Govt, as to make the Debtholders liable for the loss in the Event investment failing.
I have trouble seeing why the investment should be made locally as they could doubtless get at least 4% interest. It is not short of amendment of the said Ord & a great amount of expense in supplementary agreements with such of the Debtholders as agreed to the plan, which agreements if not made under the Ord would have to be secured. For these reasons I say that the Secy of State considers the funds should be met in this Country, regarding Portland Cement Co., the question of possible loss by remitting the money back again arises; and little if any interest would necessarily have been received had the money been sent home as the Agents could for some time past have got it.
Probably so little interest has accrued against the Colony, any loss would be minimal. The Govt Agents should say therefore that the money should be remitted to England with instructions to draw this money when required for payments of the loan to be met in the Colony, should be set aside in the Treasury Chest, in accordance with instructions in the other despatch (No. 1590).
And add to the despatch No. 1590, that the Secy of State is surprised at the letter written to the Debtholders (within) which the instructions as to keeping Balances at the Banks in Hong Kong were blazed abroad to the world public, in a manner that was calculated to discredit the Banker, undesirable; and add that as some large part of the expenses of the work will no doubt...
to that Ord;
the balance
the
cost is to be called in as the foven
may require it, & no
question of
interest there on need arise.
Inmagine that the money now in hand will not be lying
Ging idle
for
verz
long. The is not bound by the terms of its Agreements with the dotholders to twin this cumey to account by getting
it, but if it is invested any interest on temperavil it will only be squitable to credit the fund with this interest
obtained, which will have thee Effect of proportionates reducing the final call to be made upon each Cotholder; Hejacked but I think the investment must be made by & in the name of the In fort, as to make the Cotholders liable for the loas in the Event investiment failing
I have
trouble
Ne
ord [as
they couldno daubt get at least 4%
mmes is not shatt required
M.
would involve
endment of
said) & a gal normen, Dexpense in supplementary
the Cotholder
Agreements with such of the
Ang
agreed to the plan, which agreements if not made under the Ord would
to be secured se fut you in require
? For these reasons say that the
S. of State considers the flam
doubt have to be met in this
Country, roger for Portland, Cement fa, question of
21
possible loss by remitting the back again arises; and "little if any
ہے
interest would necessarily have
that very
Elegants to
as
on a
tampwarz
lous
had been
received
latab
little
arisen if the money
sent home as
the Agents could for some time past Apen now have got
Probably
Наста
so
"Mimo
déforit, hat least has an agamist shin
the Colony,
any
Kart book,
C. Agents shouts
Say therefm that the momen
ressive vilstructions to draw this money
hand, if not underry
Shortly required for payments
Inger loan to be met in the foling, shaded be
and in that case it should be
the furr Chest, in
set aside in the fu
accordance with mistinctions in the
other desp! (m 1590)
And add to the farf? desk" to be
written
ст
1590, that the I. of State
is surprised at the letter written to the Lotholders (within)
which the instinctions as
im
to keeping
Balances at the Banks in Kans blazed abroad to the world public, ather I manner that in M
in
lower the Banker calculated to discredit in
undesirable; and add that as sime lage part of the expenses of the work will no
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