Sir,
650
Crown Agents to Colonial Secretary Hong Kong
C.O. 3954
F: 6 MAR 34!
2nd March, 1894.
With reference to your letter No.923 of the 30th June last relative to the Conversion of the Hong Kong 4 per cent Debenture Loan of £200,000 into 3 per cent Stock, I have the honour to enclose three copies of an advertisement calling in these Debentures for Redemption and offering terms of Conversion into 3 per cent Stock in respect of £140,000 of the Loan. This advertisement appeared in the "Times" on the 28th February and the 1st instant, the latter date being in accordance with the terms of the Prospectus of the Debenture Loan relating to Redemption.
It has also been widely circulated amongst the Holders of the Debentures, Bankers and Stockbrokers.
2. The conditions more materially affecting this combined transaction of Conversion and Redemption are as follows:-
a. The £200,000 Debentures must be redeemed thirteen years hence, but may be redeemed at any time by notice.
b. The Investments in the Sinking Fund of the Debentures will represent in September next a value which we estimate at £58,000.
c. The accumulations in this Fund can, under the terms of the Debenture Loan Ordinance, be applied only in connection with a scheme for the Redemption, or extinction of the whole of the Debenture debt.
d. The 3 per cent Inscribed Stock has a possible currency on the basis of the Investment of its Sinking Fund at 3 per cent (1)
Copy.
Sir,
650
Crown Agents to Colonial Secretary Hong Konglitc
C.O.
3954
F: 6 MAR 34!
2nd March, 1894.
With reference to your letter No.923 of the 30th June last
relative to the Conversion of the Hong Kong 4 per cent Debenture
Loan of £200,000 into 3 per cent Stock, I have the honour to en-
close three copies of an advertisement calling in these Deben-
tures for Redemption and offering terms of Conversion into 3 per
cent Stock in respect of £140,000 of the Loan. This advertise-
ment appeared in the "Times" on the 28th February and the 1st
Instant, the latter date being in accordance with the terms of
the Prospectus of the Debenture Loan relating to Redemption.
has also been widely circulated amongst the Holders of the Deben-
tures, Bankers and Stockbrokers.
It
2. The conditions more materially affecting this combined
transaction, of Conversion and Redemption are
as follows:-
a. The £200,000 Debentures must be redeemed thirteen years
hence, but may be redeemed at any time by notice.
b. The Investments in the Sinking Fund of the Debentures
will represent in September next a value which we estimate at
£58,000.
C. The accumulations in this Fund can, under the terms of
the Debenture Loan Ordinance be applied only in connection with
a scheme for the Redemption, or extinction of the whole of the
Debenture debt.
d. The 3 per cent Inscribed Stock has a possible currency
on the basis of the Investment of its Sinking Fund at 3 per cent
(1)
of
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