CO129-357 - Governor Sir Lugard - 1909 [7-9] — Page 617

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Victoria Buildings,

Hongkong, 21st. July, 1909.

Re Government Note Issue.

C.C.

1 35645

RECE

(Rec: 30 OCT 09

As you requested me at the Council Meeting

of the 19th. to put my ideas on this subject in writing I

desire to say that while I an entirely in accord with the

Government's proposal to effect an issue of notes half of the

amount realized therefrom to be held in cash in the Colony, I

cannot find myself in agreement with the proposal to invest

the other half in securities of the homeland at 34% v.a.

interest. To ry mind this is a very low rate of interest and

the principal sums if and when required might not be readily

obtainable or only at a sacrifice of a part thereof, while a

further loss might be incurred in the fluctuations of exchange

when remitting to England or obtaining remittances therefrom. I

am strongly of the opinion that a better method of investment

will be found in Mortgages within the Colony and its territories

- for these reasons Kortrapes on first class security are

readily obtainable in the Colony at a minimum rate of 6% per

annum as may easily be verified by a reference to the Registers

of the Land Office where it will be found that a great many

of the lots comprising the City of Victoria are held by

Chinese owners and carry mortgage at rates varying from 6 to

$% per annum.

The following is the usual method adopted by

persons desiring to obtain advances against property a printed

proposal form, stating the name and address of the appliant,

situation and number of Lot proposed to be mortgaged, monthly

revenue derived from the property, annual Crown Rent payable

thereon