CO129-543-12 Loans for public work 29-3-1933 - 20-12-1933 — Page 28

CONFIDENTIAL

The Governor,

Hong Kong.

TELEGRAM

26

Confidential.

Treasurer

Proposals for raising new loan and for repaying 3 Stock 1918/43 have been under discussion

by Crown Agents and Treasurer. Lean issued here no w would be 31 at just under par and present time may be regarded as favourable for raising loans.

thinks equally good terms can be obtained in Hong Kong and recommends local issue through the medium of the

Hong Kong Bank. Crown Agents think that this might

be done by inviting tenders for a 3 issue redeemable

by annual drawings at par. with a currency of 20 years

3 at 96 is equivalent to 3

likewise

at par and with a currency

Tenders for small

of 30 years 3 at 94 is/equivalent. amounts would be considered and general public invited

to apply direct or through their Bankers. Co-operation

of chief Banks might be arranged so as to assist in

giving publicity. Small investors should be 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 East but

oh provides means of ascertaining best terms actually

while

obtainable on a competitive basis and drawings at par may prove attractive especially to Chinese,

Regarding

amount/