CO129-546-1 Loans for public works 6-1-1934 - 14-8-1934 — Page 28

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Auditor, Hong Kong to Director of Colonial Audit.

No: 109/99.

Sir,

14th August, 1934.

I have the honour to submit for your

information a question which has arisen with regard

to the accounting for the recently issued Dollar

Loan. I am not satisfied with the position as it

stands and should be glad of your advice and

instructions.

2. Under Ordinance No.11. of 1934 (Vide

Gazette of 15th June, 1934) power was given to

Government to borrow a sum not exceeding $25,000,000

by the issue of bonds of various amounts. On 21st

June, 1934 the list was opened for an Issue of

$14,000,000 of which $9,000,000 had already been

placed leaving $5,000,000 to be offered for

subscription.

Prospectuses and Application Forms were

obtainable from the Hong Kong and Shanghai Bank,

the Chartered Bank of India, etc., and from the

Treasury, Hong Kong.

3. As a member of the public I obtained a

Prospectus and Application Form and it was only

because of this that I became aware that cheques

forwarded with the application letter for 25% of the

total applied for were to "be made payable to Hong

Kong