CO129-394 - Governor Sir May & Public Offices - 1912 [12] — Page 322

th

that clause 2 of the Orde of.

follows:

reu as

"The Governor is hereby authorised to issue

Y

"stock of debentures or both under the provisions "of the General Loan and Inscribed Stock Ordinance #191...to an amount sufficient to produce as nearly

19s may be the sun of

for the

"purpose of defraying the cost of the completion "of the Canton Kowloon Railway and also to produce

"euch further aun as will reimburse to the Crom

"Agents for the Coloni es such advances as they have "made or may anke in anticipation of the repayment

"of the sum of £1,100,000 lent to the Viceroy

"at Wuchang so far as the advances my prove not

"to be fully covered by such repayment. "amount of stock or debentures or both may also be "issued in order to defray the expenses of issue

"of the loan hereby authorised."

A further

As regards the date of the starting of the

Sinking Fund contributi

ion,

it is usual, when the

proceeds of a loan are spent on works which are not expected to become remunerative at once, to defer it for three years from the date of the first issue.

It would seen advisable to do 30 in the present

instance.

Wht. Dev. 24.

Next. h.

Naro,

Sir G. Fiddes

315

I would substitute the new Clause 2 which

Sir R. Antrobus now proposes, insert the figure

£250,000, and make the Sinking Fund comrence 3 years

after the date of issue. (It may be observed that

the longer the C.A. finance a Colony before the issue

of a loan, the greater benefit the Colony gets in the

matter of the postponement of the Sinking Fund ).

Otherwise proceed as in Mr. Robinson's minute of

25 Nov.

ASC

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2