CO129-450 - Acting Governor Claud Severn - 1918 [10-12] — Page 192

193

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1

beginning in 1911 on that part is insufficient to ensure its

extinction in 1942.

The present annual change for the Sinking Fundis only 214,185,73 whereas if 1942 were to see the extinction of the Loan it would have to be at the rate of £31,675,85 from 1919

on.

The proposal to convert the sterling loan therefore has these advantaged that there is a saving of $50,273 per anmm and that the loan is wholly, instead of only partly, extinguish -ed in 1942, provided of course that rate of exchange on remittance is 3/- and rate of purchase in London is 70% and that exchange will not again exceed 3/- during the existence

of the debt.

In regard to the matter of purchase in England there is of course no need to insist on the purchase of actual

If holders are unwilling to sell their stock Hongkong Stock. the purchase of equivalent stocks would fulfil the conditions

of the conversion.

If it is considered that the calculation of Sinking Fund in London @ a 31% rate is incorrect (as it would appear 5% is more nearly the rate now ruling) a comparison of the annual amounts required in Hongkong and in London respectively, based on a 5% rate up to say 1950, would show that the saving of $50,273 per annumbove stated would be wiped out approxi- -nately, so long as the rate of the day stayed around 3/- but advantage would of course begin to accrue with any subsequent fall in the rate, and the advantage of

in 1942 would remain.

extinguishing the loan

(Sa.)

A.H. THOMSON,

Treasurer,

30. 10. 1918.