Tenders for small mounts would be
considered and general public invited
to apply direct or through their
Bankers.
Co-operation of chief Bankr
might be arranged sons to assist in
giving publicity. Small investors
shouldbe encouraged and reasonable
notice given to allow of applications
from Canton, Shanghai, etc. It is
presumed that issue would be in
Bearer Bonds of 1,000 and higher
denominations.
Borrowing by tender
instead of making an issue at a definite
price is possibly a new feature in the
Sast but provides means of ascertaining
best terms actually obtainable on a
competitive basis while drawings at par
may prove attractive especially to Chinese.
Regarding amount of new loan this should
be sufficient to liquidate present 3)
Stock and provide funds for prosent loan
works.
17
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