CO129-337 - Public Offices & Foreign Office - 1906 — Page 584

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

575

In a loan agreement who is the lender is proved by seeing who provides the money.

This sum of £1,100,000 is really borrowed from the Government of Hongkong so what more need be said?

Hitherto loans through foreign banks have always carried a discount which causes enormous loss.

Moreover after settling the loan the foreign Minister at Peking had to be notified through the Wai Tu Pu and our Minister abroad written to: then the foreign Minister had to telegraph it to the foreign bank before the bonds could be made, some thousands or tens of thousands, each of which our minister had to seal before they could be issued to the market.

This multitude of details delayed actual payment at least 4 or 5 months.

In present case ready money was essential for the redemption of the line to the great amount of Tls 7 or 8 million. The Development company's assent was got only 7 or 8 days before the date limit for payment: so the usual loan arrangements were quite impracticable.

The foreign banks could not possibly undertake the business.

It happened that the Hankow Consul-General Fraser had told memorialist that Hongkong had money in reserve and offered to arrange matters, the interest to be less than a bank would want. As he also said there would be no discount agreement was made with him.

The separate despatch given was to provide for the chance that our own provision of funds might not suffice or further loans be required. Having in the first instance made the redemption loan England would then certainly compete for these and so it was proper to lay down

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575 In a loan agreement who is the lender is proved by seeing who provides the money. This sum of £1,100,000 is really borrowed from the Government of Hongkong so what more need be said? Hitherto loans through foreign banks have always carried a discount which causes enormous loss. Moreover after settling the loan the foreign Minister at Peking had to be notified through the Wai Tu Pu and our Minister abroad written to: then the foreign Minister had to telegraph it to the foreign bank before the bonds could be made, some thousands or tens of thousands, each of which our minister had to seal before they could be issued to the market. This multitude of details delayed actual payment at least 4 or 5 months. In present case ready money was essential for the redemption of the line to the great amount of Tls 7 or 8 million. The Development company's assent was got only 7 or 8 days before the date limit for payment: so the usual loan arrangements were quite impracticable. The foreign banks could not possibly undertake the business. It happened that the Hankow Consul-General Fraser had told memorialist that Hongkong had money in reserve and offered to arrange matters, the interest to be less than a bank would want. As he also said there would be no discount agreement was made with him. The separate despatch given was to provide for the chance that our own provision of funds might not suffice or further loans be required. Having in the first instance made the redemption loan England would then certainly compete for these and so it was proper to lay down

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575 In a loan agreement who is the lender is proved by seeing who provides the money. This sum of £1,100,000 is really borrowed from the Goverment of Hongkong so what more need be said? Hitherto loan a through foreign banks have always carried a discount which causes enormous loss. Moreover after settling the loan the foreign Minister at Poking had to be notified through the Wai Tu Pu and our Minister abroad written to: then the foreign Hinister had to telegraph it to the foreign bank before the bonda could be made, some thousands or tons of thousands, sachı of which our minister had to seal before they could be issued to the market. This multitude of details delayed actual payment at least 4 or 5 months, In present case ready money was essential for the rademption of the line to the great amount of Tls 7 or 8 million. The Development company's assent was got only 7 or 8 days before the date limit for payment: so the usual loan arrangements were quite impracticable. The foreign banks could not possibly undertake the business. It happened that the Hankow Consul-General Fraser had told memorialist that Hongkong had money in reserve and offered toa arrange matters, the interest to be less than a bank would want. As he also said there would be no discount agreement was made with him. The separate despatch given was to provide for the chance that our own provision of funds might not suffice or further loans be required. Having in the first instance made the redemption loan England wouldd then certainly compete for these and so it was proper to lay down

2026-06-02 15:04:40 · Baseline

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575

In a loan agreement who is the lender is proved by

seeing who provides the money.

This sum of £1,100,000

is really borrowed from the Goverment of Hongkong so what

more need be said?

Hitherto loan a through foreign banks have always

carried a discount which causes enormous loss.

Moreover after settling the loan the foreign Minister at

Poking had to be notified through the Wai Tu Pu and our Minister abroad written to: then the foreign Hinister

had to telegraph it to the foreign bank before the bonda

could be made, some thousands or tons of thousands, sachı

of which our minister had to seal before they could be

issued to the market.

This multitude of details

delayed actual payment at least 4 or 5 months,

In present case ready money was essential for the

rademption of the line to the great amount of Tls 7 or 8

million. The Development company's assent was got

only 7 or 8 days before the date limit for payment: so the usual loan arrangements were quite impracticable.

The foreign banks could not possibly undertake the

business.

It happened that the Hankow Consul-General

Fraser had told memorialist that Hongkong had money in

reserve and offered toa arrange matters, the interest to

be less than a bank would want. As he also said there

would be no discount agreement was made with him.

The separate despatch given was to provide for the

chance that our own provision of funds might not suffice

or further loans be required. Having in the first

instance made the redemption loan England wouldd then

certainly compete for these and so it was proper to lay

down

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