CO129-546-1 Loans for public works 6-1-1934 - 14-8-1934 — Page 78

53593/40

کبھی

Mr.Gent.

22/3.

Sir J. Campbell.

23/3.

Mr. Vernon. 23.

Mr. Cowell. 23.

Sir J.Shuckburgh.

23/3/34.

33706/34.

Secretary of State. P.C.L. 26/3.

for conson.

Ansa R

PARAPHRASE TELEGRAM from the Secretary of State for the

Colonies to the Governor of Hong Kong.

(Sent 8 p.m., 26th March, 1934.)

Confidential No. 35.

Reference your confidential telegram No.44. I

am advised that a Sterling loan of 25 years currency could in present conditions, be raised in London at 3% interest

In view of this indication of and price of issue 97. considerable change since January in market conditions here you may wish to consider possibility of obtaining better

terms locally.

However if you do not wish to do so I am

prepared to epprove loan on the terms indicated in your telegram. The following suggestions should however be considered by you: (1) that the Hong Kong and Shanghai Bank should be given an opportunity for making an offor before the offers of the other Banks are accepted in view of the close connection between Government and thie Bank and since whom it was first consulted the financial position differed

(2) that under materially from that which now prevails;

your proposals an insufficient proportion of the proposed

I shall await definito zoquest issue is left to the public.

from you regarding redomption of present Sterling Zoan.

If you wich six months notice of rodemption to be giren on the 15th April such request should reach me by the 7th

April.

вору во в. А.

вору

Wild

Copy paraphrase to

C.A. L.F. with a

copy of 9.

10

8