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in our telegram of the 9th February.
61
In commenting on
the decision of the Colonial Government as to the date of
redemption, the Manager of the Hong Kong and Shangai
Banking Corporation writes as follows:- "I notice from the
"telegram that Hong Kong considers the date on which the
"bonds will have to be paid off should be the 1st December
1928. This would involve the payment of an extra month's
"interest, and would seem to necessitate an additional
"coupon for the 1st Bovember to the 1st December 1928,
"which I cannot believe to be the intention of Hong Kong.
"I cannot see any reason why the bonds should not be paid
"off on the 1st November 1928, xxXXX and the fact of
"that date having been given in the Prospectus as the date
"on which the loàn is repayable at par seems to be an
"additional reason for retaining it on the bond. The terms
"of the prospectus cannot now be varied, but conditions
"laid down by Ordinance can be altered by an amending
"Ordinance, and I suggest Clause 4 sub-section (1) should
"be amended by the substitution of lat November 1928 for
"1st December 1928". If, however, this suggestion is not
accepted, I have to request that we may be informed
whether another caupon for this interest should be provided
in the bond, or whether it will be paid without production
of a coupon at the time the principal is demanded. In
either case it would have to be stated on the bond that a
final payment of interest would be made on the lat
December 1928.
3.
The Ordinance lays down in Section 4(2) that
drawings of the bonds may take place at any time after the
30th November 1921, and that from the date of such
drawings all interest shall cease. The effect of this provision would be that a holder would receive unusually
short notice (which, we presume, would be by public advertisement) that his bond had been drawn, and it would
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