CO129-492 - Governor Sir Clementi - 1925 [12] - 1926 [1-5] — Page 62

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Ne: CONFIDENTIAL.

NUMBER AND DATE SHOULD

BE QUOTED IN REFERENCE

TO THE LETTEN

C. 4337

23 FEB 1926

58

GOVERNMENT HOUSE,

HONGKONG,

15th January, 1926. 190.

Guns

38228

25-

G1156

gir,

In continuation of my Confidential despatch of 24th December, 1925, on the subject of Trade Loan arrangements, I have the honour to inform you that up to January 13th inclusive, loans have been approved to the amount of $12,907,100, and a total of $6,806,480 has actually been paid out. Some of the applicants to whom loans were offered on security of shares have taken no steps to draw their allotments and in consequence offers amounting to $935,000 have been withdrawn.

2.

On December 29th 1925, I telegraphed asking

that arrangements should be made for a deposit with the Crown Agents of gold bullion as security for excess note issue of the Hongkong and Shanghai Bank, and received your reply of January 2nd 1926, stating that a deposit

On January of £600,000 had been made on December 31st. 14th 1926 I again telegraphed to you asking for the deposit of a further £600,000 with the Crow Agents.

In the early stages of financing the loan the three note issuing Banks agreed to advance money at 0% up to $4,000,000 in the proportion of Hongkong and Shanghai Banking Corporation - $2,800,000, Chartered Bank $1,000,000 and Mercantile Bank $200,000. After this

3.

THE RIGHT HONOURABLE

LIEUTENANT COLONEL L.Ç.M.S. AMERY, M.P.,

&c..

&C..

&c.

Bum

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