CO129-546-1 Loans for public works 6-1-1934 - 14-8-1934 — Page 75

F

33706134

REC DYGISTRATIO. 12

19.34

PARAPHRASE TELEGRAM from the Governor of Hong Kong to the 78

C

Secretary of State for the Colonted.

Dated 5th April

Z

Received Colonial Office 6.4b a.m. 5th April, 1934.

-

10.

071/86525

no

вору

in No 13

to Wild (2)

Coper

to CA

Urgent

No.56

Your confidential telegram No.35. Loan proposals. Chartered Bank of India and Peninsular and Oriental Bank

loan

have agreed that price of 3 per cent should be raised to 99 on the same terms as before except that $5,000,000 will be left for public subscription.

Treasurer considers and

I agree that better terms cannot be obtained locally.

It is very difficult to gauge the amount which the public will take up but Banks are of opinion that $5,000,000 is

£5 much as can safely be left. They however still guarantee full $14,000,000.

2.

Chief Manager of Hong Kong and Shanghai Bank has again been approached but he still maintains that 4 per cent

ic. lowest rate at which local loan can be obtained.

?

3. Notice of redemption of present sterling

loan can

be given on April 15th after which date I will proceed with

necessary legislation.

been given.

Please inform me when notice has