Copy of a minuti by for Wr. Marcas oring, returned to Mr.
Wickles CA. W d'Es
228
Not suitable investment for our funds, which are held against currency demands in ".A.
But if Secretary of State definitely requests Bd. will advance 1 millions, it being understood that no further application will be made.
Bd. would suggest issue of bonds by H.K.Government for a currency of one or two years at int. 5 per cent payable half yearly. The Board would subscriue for these at par up to above amount.
In view of fact that money is required by banks and merchants to meet commercial crisis Board suggests Government should take guarantee against each loan, with such securities as are obtainable and should hold same in trust for Board.
If any public loan issued bonds to be paid off out of proceeds.
Just over £1,000,000 to credit with C.A. No obligations here.
Authority to be given to get quotation on Stock
Exchange.
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Private notes are available after approval.