CO129-510-1 Correspondence concerning securities held against note issues by various banking corporations 28-2-1928 - 16-10-1928 — Page 23

NÓI 41

Sir,

HONGKONG.

52821

8

RECEN

16 APR 192 JOL, OFFICE

23

GOVERNMENT HOUSE.

14th March, 1928.

szlanı

Celay

to Trearuan,

Aust Ed

810/26

With reference to my despatch No.447 of 9th December, 1925, concerning the note issue of the Hong Kong and Shanghai Banking Corporation, I have the honour to inform you that part of the security for the issue deposited with the Straits Settlements Government, consists of $1,850,000

Straits Settlements 5% War Loan 1918/1928.

2.

This loan is due for redemption on 20th July next, and will be repaid as to about 25% in cash and about 75% in Municipal Loan bearing interest at 5% per annum.

The Bank request that in the event of their deciding to accept part repayment of the holding of 5% loan in the new Municipal Loan, that the latter loan may be

accepted as security for the note issue.

3.

I shall be glad to learn whether you approve, under Section 13 (2) of the Hong Kong and Shanghai Bank Ordinance, 1866, of the security which is offered, and if so, whether you appoint the trustees named in the enclosure of Mr. Churchill's despatch No.32 of 24th January, 1922, to

receive and hold such security.

Gr2220/2200

I have the honour to be,

Sir,

Your most obedient humble servant,

Imento

Governor, &c.

THE RIGHT HONOURABLE

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

&c.,

&c.,

&c.