CO129-330 - Public Offices - 1905 — Page 222

126.

A.

.Kong

ALL COMMUNICATIONS

TO BE ADDRESSED TO THE

GROWN ACENT FOR THE COLONIES,

THE ABOVE HEFERENCE AND THE

DATE OF THIS LETTER BEING QUOTED.

TEL. ADO."CROWN, LONDON”

PRESSING.

Sir,

N

OR

USE

ERN

$5

OLONIAL

OFFICE

Hong Kong.

C.O.

38126

RECP

REG 27 OCT 05

WHITEHALL CARDENS,

215

LONDON, S. W.

26th October

190

5.

Muchany shall and is Heiti suturity to Mindate tripart Low at a fuche 25 ៥

the provided by Guard Stock & Low Min. 44. To

to Low anually by 10% ammmally. bodhall not be ath taler hall ad antag

th

Gray

who made

08

dinance

of 1901

※

I have the honour to acknowled the receipt of your letter of the 23rd instant No.36884/1905 enclosing a copy of a telegram from the Governor of Hong Kong and informing us that an Ordinance has already been passed for raising the sum of £2,000,000 under the provisions of Ordinance 1 of 1893.

2. In reply I beg to say that unless there are very strong reasons to the contrary it appears to us that it would be desirable to proceed in the manner which I have already suggested privately and pass fresh legisla- tion on the subject. The Hong Kong Ordinance No.1 of 1893 was passed at a time when Debentures were out of favour with the London Stock Exchange. It does not therefore provide any machinery for raising money by means of Debentures. At the present time however Debentures are more favoured than stock and we are therefore recommend- ing the adoption by the Colonies, as opportunities offer, of amended legislation providing for the raising of Loans either in the shape of Stuck or Debentures as may prove most advantageous at the time of the issue of a Luan. This amended form of legislation has recently been adopted by Lagos and I enclose a copy of the Ordinance that has

been

Under Secretary of State,

&c.

&C.

Colonial Office.

* No.