Telegram from the Governor of Hong Kong to the Secretary
of State for the Colonies.
57064
IREC TREO
Dated 19th December, 1925. (Received Colonial Office 9.30 a.m. 19th December 2025
634
Your telegram of 17th December Birkett's telegram of 15th December was not communicated to me. It was brought to the notice of the Colonial Secretary on the afternoon of the 17th December with an intimation that it had not the unanimous support of the Stock Exchange. At subsequent meeting with all the members of the Stock Exchange arranged at their request the Colonial Secretary explained conditions of issue of loan and my instruc- tions to issuing committee, which are that loan is to be used to prevent failure of any reputable business in the Colony and it was generally agreed that telegram had been sent without sufficient consideration and under misunderstanding and misinformation as to the actual facts. Meeting volunteered to send a further tele gram immediately for the purpose of undoing the mischief which the first telegram must undoubtedly cause. Brokers were unanimous that Banks might have made the situation very much easier by a more liberal policy of advances against shares but agreed that Government had at all times been ready to use its influence with the Bankers in special cases of hardship brought to its notice. I reserve comments regarding criticism of Banks. Brokers have been hit very badly indeed by the complete breakdown of the June settlement and practical cessation of share business Birkett has seen and concurs in this telegram. I earnestly hope that these matters may be kept out of the newspapers as publication would encourage Canton to persist in boycott. Despatch follows
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