CO129-409 - Governor Sir May - 1914 [1-3] — Page 81

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COPY.

Enclosure

LL

The Proposed Internal Loan of Canton.

(1). Formation and Name:-

A Byndicate to be formed and named by the Merchants abroad by resolutions to be passed amongst themselves.

(2). Amount of the Loan;·

$25,000,000 in Canton 20 cent pieces. Subscriptions, if paid

in Canton Currency Notes, shall be charged a discount of 40%.

(3). Period of Repayment:

25 years in equal annual instalments. If, however, the

Canton Government can shorten the period by other means, it will be allowed to do so by arrangement with the syndicate.

(4). Rate of Interest:-

5% per annum.

(5). Rate of Issue:-

96.

(6). Security:-

five

The aggregate amount of Likin Tax collectable at given places, about $2,600,000 per annum, namely:-

on the river about...

In the City proper and

.81,100,000 per annum.

At Ho Hau near Samahui about..............

700,000

400,000

400,000 do.

do.

do.

At Lo Pau about

At To Shing and Hau Lek about.............

In the event of the Peking Government actually enforcing the

scheme, by which Likin will be abolished, a sum equal to the

amount of the tax collectable as above named will be deducted from

the import and export duty towards the payment of the loan and

interest thereon.

(7). Utilization of the Loan:-

With the exception of the Canton Currency notes collected as

subscriptions, which shall be destroyed, the balance remaining in

cash to be expended as follows; -

(a). 85,000,000 to be paid to the proposed bank for shares

which the Canton Government has promised to take up:

(b). 85,000,000 to be paid towards the redemption of the

Peking