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Paraphrase of Telegram from the Governor of Hong Kong to
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the Secretary of State for the Colonies.
(Received Colonial Office 4.55 p.m. 5th September 1916.)
Fras/36006
With reference to your telegram of the August 11th. A local loan of $3,000,000, bearing interest at 6% repayable in a period not exceeding twelve years
is recommended by unofficial members
of both Council unanimously. The flotation of the loan will be undertaken by the Hongkong and Shanghai Bank who will arrange that,in order to afford an opportunity for taking up the loan by small investors as far as possible, a considerable portion of the scrip will be of a low denomination, probably $100. The loan would be taken up readily, I am informed, and so far as Chinese capital is concerned and certain number of small (?)local investors, would tep
resources not so far available. Do you approve?
Financial position is that debit balance on 31st December 1915 has been wiped out, and it is anti- cipated that on 31st December next there will be a balance of revenue over expenditure of $800,000
MAY.
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