COPY
Enclosure No.
to Despatch No. 188 October, 1902. -
of the 94th.
156
Minute by the Colonial Treasurer.
Hon. Colonial Secretary,
1 46500
༡༩ སཀྐཱ ༠॰
བརྙ
Mr. Playfair's letter is written in
rhetorical style and therefore difficult to argue with from a business point of view. The following comments may however be useful:-
A. This is denied..
1st
3.
The onus is on the Silver Loan men to show
that Exchange must fall.
0. The Hongkong Bank pays 4% for short call loans, i.e. one year's deposit. If 50 years for re-payment is stipulated the interest would be larger.
D.
E.
Statement of no value.
A loan in Gold simply takes things as they are and does not speculate on what may happen. In the meantime
we save
11%
per annum.
Is vague, but there is no objection, in case the inference from Mr. Playfair's question is correct, to bor- rowing the whole $2,500,000 at once.
3.
Yes; we know we have to pay
143
More at once.
Vague.
I.
In the mantine resources are being developed
and profit arises to bath leaders and borrowers. Otherwise this statement of Mr. Playfair's would be an absolute objection to the use of credit in any case.
our
K. A vague statement. I believe a credit at home would be comparatively ruined if a Silver Loan at 5% failed to fill.
G. This could be safely left to our Financial Advisers in London. We would take powers here for $3,500,000 or say £200,000 in any case.
The Crown Agents could make temporary advances at about 3% as has been done before.
A sneer at Government Despatch in regard
to Public Works.
(Sa.) A. M. Thomson, Treasurer
18th. October, 1903.
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