? ind duplente & derp & 7.0.
[and for their obrons on the last paragraph]
1 Ct F
12 wall in M 28/0/46
to 7.0.
AME
Rus
Yes Pr
28/4/14
En
NO CONFIDENTIAL.
O
Sir,
29.4.14
En
M. 30.4. the
630.4.14. * 30.4.14
of
HONGKONG.
15364/14 S.
145
GOVERNMENT HOUSE.
25th. March, 1914.
In continuation of my Confidential Despatch of
the 30th. of January, I have the honour to inform you that for the reasons stated in my cypher telegram of the 14th. of March,
para- -phrase of which is enclosed, the proposals for the raising of a domestic loan in the Kwangtung Province have proved abortive.
In these circumstances it became incumbent
upon me, in the interests of the trade of this Colony with the neighbouring Province, to endeavour to suggest some other means of relieving the financial condition in Kwangtung, which apart from its adverse effect on trade is fraught with grave danger to the peace of the Province.
2.
The most pressing necessity is to restore confidence in the Note Issue, the discount on which fell quickly from the temporary rate of 70 per centum mentioned in my Confidenti-
Sw/5221 Despatch of the 16th. of January, to a discount of 40 per
centum principally owing to rumours of financial assistance from the Central Government for the rehabilitation of the issue. It rose again, however, to 53 per centum and is now about 50 per centum. It is only maintained at that rate by rumours of Provincial loans (the latest report being of a loan by the German Firm of Krupp two-thirds of which was to be spent in redemption of notes and one-third in purchase of Military armament).
E RIGHT HONOURABLE
LEWIS HARCOURT, M.P.,
&o..
&c.
&c.
...
3.
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