CO129-504-12 Loan to cover work on Shing Mun Valley Scheme etc.- draft ordinance 28-4-1927 - 4-12-1927 — Page 19

enel

Gov. Corf -

- 2 JUN 1927

прод

Dear Ellis,

4

19

4, MILLBANK,

WESTMINSTER,

LONDON, S. W. 1.

2nd June, 1927.

With reference to our conversation of yesterday

relating to the proposal to issue a loan for Hongkong amounting

to about £500,000, I enclose two copies of the draft mode 1

specific loan Ordinance which Hongkong should pass under the

provisions of the General Loan and Inscribed Stock Ordinance

No. 7 of 1913 as amended by Ordinance No. 16 of 1921.

Provided the terms of the draft ordinance are closely followed

and the number of the Ordinance is telegraphed as soon as it is

passed, we could proceed to make the issue without waiting for

the arrival of the Ordinance itself. The Colony should

however, forward copies by the first mail as they will be

required for various purposes directly after the issue. If

there is a local income tax the Governor should make the

necessary proclamation under the provisions of the Income Tax

Ordinance that interest on loans payable to persons not resident in the

W. D. Ellis Esq., C.M.G.

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