CO129-485 - Governor Sir Stubbs - 1924 [8-12] — Page 34

similar Batmant-

G.E

12.8.26

CONFIDENTIAL.

sir,

42807

GOVERNMENT HOUSE,

HONGKONG. 8th August, 1924.

21

A

GM

31122

With reference to my Confidential despatch

of the 23rd May, I have the honour to inform you that the affairs of Mr. Moller have recently been the subject of bankruptcy proceedings in Shanghai. These resulted in a composition with his creditors being accepted by the Court, and Mr. Moller obtained his discharge.

2.

Mr. Moller has since made a proposal through the legal firm of Messrs. Deacons, Hongkong, that the Government of Hongkong might assist him financially in purchasing three steamships to be operated by him or by a Company to be formed. I enclose a copy of Mr. Moller's

letter to Mr. Shenton. As you will observe the essence of

the proposal is that a sum of about £45,000 should be

advanced by this Government free of interest for ten years for the purchase of the vessels, which would be fully

insured and mortgaged to this Government.

3.

If the suggestion had been to make use in

this manner of money derived from the ordinary sources of

revenue of the Colony, I should have unhesitatingly refused

to listen to it, but the idea underlying the proposal is

that it would be a fitting use for money which accrued to

this Government as profit in respect of the controlled use of Mr. Moller's ships and to which he still regards himself

THE RIGHT HONOURABLE

J. H. THOMAS, M.P.,

ko.

&c.

&c..