CO129-330 - Public Offices - 1905 — Page 156

23345

S.

aKong - £1,300,000 Loan.

ALL COMMUNICATIONS

TO BE ADDRESSED TO THE

CROWN AGENTS FOR THE OPLONIES,

THE ABOVE REFERENCE AND THE DATE OF THIS LETTER BEING QUOTED.

TEL.ADD."CROWN, LONDON!"

CONFIDENTIAL

Sir,

PRINTED

FOR

USE

EASTERN.

No.88 COLONIALO

OFFICE

WHITEHALL CARDENS,

LONDON, S. W.

4th July

h

Hong Kong - £1 100.000 Loan,

153

190 5.

I have the honour to acknowledge the receipt

of your Confidential letter of the 30th of June

* No.22272/1905 and to say that we shall be prepared to

provide the advance of £1,100,000 to the Government of

Hong Kong which is required.

2. We shall have at our disposal about £250,000

on the 2nd of August and it would be a convenience to us

to make the first advance of £500,000 at that date, if

it could be so arranged, as otherwise we shall have to

make other and temporary arrangements for the use of the

money coming into our hands which camot be allowed to

lie idle.

3. We shall be prepared to make the advances in the first instance at Bank rate varying at present 24 per cent and to continue them on the same terms as

long as we may find it possible to do so. It will however

be desirable that legislative provision for the issue

of a Loan by the Government of Hong Kong should be made

as early as possible as the financial requirements of

many other Colonies have to be borne in mind and it is

therefore necessary that we should keep ourselves in a

position to suit our financial arrangements to the

varying conditions of the money market.

The Under Secretary of State,

&c. &c. &c.

Colonial Office.

ho.

4.