CO129-336 - Governor Nathan & Public Offices - 1906 [11-12] — Page 511

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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506

time has not permitted of reference being again made to the Colony to procure the passing of the legislation which we had contemplated in the first instance.

3. I would here explain that the money which we have temporarily lent to the Colonial Government is in course of being required for other purposes and will all be required not later than the beginning of May and we ascertained from our Bankers that in view of the stringency which at present exists in the money market they hoped that we would keep our requirements for temporary advances within the lowest possible limits. Our Brokers had also warned us that many fresh issues of Loans are impending and that unless we acted with promptitude we might find that we were anticipated by other issues and that the Hong Kong Loan might in consequence have to be postponed indefinitely.

4. In those circumstances it became necessary to consider whether the Loan should not be raised in the shape of Stock, as prescribed by the provisions of the Ordinance No.11 of 1905 and further whether the issue could be made on such conditions as would not be likely to prove very disadvantageous to the Colony in the event of the Chinese Viceroy exercising the option which is given to him in the agreement of repaying at the end of five years the whole of the advances made to him which might then be outstanding.

5. Most fortunately in connection with the previous Loan of the Colony the power exists to pay off the Loan in April 1918 and this date is only 24 years after the expiration of the period at which the completion of the repayment of the advance made to the Chinese Viceroy is anticipated.

An

*2*

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506 time has not permitted of reference being again made to the Colony to procure the passing of the legislation which we had contemplated in the first instance. 3. I would here explain that the money which we have temporarily lent to the Colonial Government is in course of being required for other purposes and will all be required not later than the beginning of May and we ascertained from our Bankers that in view of the stringency which at present exists in the money market they hoped that we would keep our requirements for temporary advances within the lowest possible limits. Our Brokers had also warned us that many fresh issues of Loans are impending and that unless we acted with promptitude we might find that we were anticipated by other issues and that the Hong Kong Loan might in consequence have to be postponed indefinitely. 4. In those circumstances it became necessary to consider whether the Loan should not be raised in the shape of Stock, as prescribed by the provisions of the Ordinance No.11 of 1905 and further whether the issue could be made on such conditions as would not be likely to prove very disadvantageous to the Colony in the event of the Chinese Viceroy exercising the option which is given to him in the agreement of repaying at the end of five years the whole of the advances made to him which might then be outstanding. 5. Most fortunately in connection with the previous Loan of the Colony the power exists to pay off the Loan in April 1918 and this date is only 24 years after the expiration of the period at which the completion of the repayment of the advance made to the Chinese Viceroy is anticipated. An *2*
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506 time has not permitted of reference being again rade to the Colony to procure the passing of the legislation which we had contemplated in the first instance. 3. I would here explain that the money which wo have temporarily lent to the Colonial Government is in course of being required for other purposes and will all be required not later than the beginning of May and wo ascertained from our Bankers that in view of the stringency which at present exists in the money market they hoped that we would keep our requirements for temporary advances within the lowest possible limits. Our Brokers had also warned us that many fresh issues of Loans are impending and that unless we acted with promptitude we might find that we were anticipated by other issues and that the Hong Kong Loan might in consequence have to be postponed indefinitely. 4. In those circumstances it became necessary tu consider whether the Loan should not be raised in the shape of Stock, as prescribed by the provisions of the Ordinace No.11 of 1905 and further whether the iame could be made on such conditions as would not be likely to prove very disadvantageous to the Colony in the event of the Chinese Viceroy exercising the option which is given to him in the agreement of repaying at the end of five years the whole of the advances made to him which might then be outstanding. 5. Most fortunately in connection with the previous Loan of the Colony the power exists to pay off the Loan in April 1918 and this date is only 24 years after the expiration of the period at which the completion of the repayment of the advance made to the Chinese Viceroy is An *2*
2026-06-02 12:07:25 · Baseline
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506

time has not permitted of reference being again rade to the Colony to procure the passing of the legislation which we had contemplated in the first instance.

3. I would here explain that the money which wo

have temporarily lent to the Colonial Government is in course of being required for other purposes and will all be required not later than the beginning of May and wo

ascertained from our Bankers that in view of the stringency

which at present exists in the money market they hoped that we would keep our requirements for temporary advances

within the lowest possible limits. Our Brokers had also

warned us that many fresh issues of Loans are impending

and that unless we acted with promptitude we might find

that we were anticipated by other issues and that the

Hong Kong Loan might in consequence have to be postponed

indefinitely.

4. In those circumstances it became necessary tu

consider whether the Loan should not be raised in the

shape of Stock, as prescribed by the provisions of the

Ordinace No.11 of 1905 and further whether the iame

could be made on such conditions as would not be likely to prove very disadvantageous to the Colony in the event of the Chinese Viceroy exercising the option which is given to him in the agreement of repaying at the end of

five years the whole of the advances made to him which

might then be outstanding.

5. Most fortunately in connection with the previous

Loan of the Colony the power exists to pay off the Loan

in April 1918 and this date is only 24 years after the

expiration of the period at which the completion of the

repayment of the advance made to the Chinese Viceroy is

An

*2*

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