[3824B Wt. 47664/398 20m. 1:45 C.N.Ld. 748
54126/4/47
boded silent 15:30hus 65 17-9-47
sest 61
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Mr...Mayle
Mr.
Mr.
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Son S. Camine of Ital
Mr.
Mr. Leca Til Lei 16/9
Permi. U.S. of Š. Lube to
이
Parly. U.S. of S.
Secretary of State.
No.149.2
68
DRAFT. CODE TELEGRAM
الله
Треси. Спосо
GOVERNOR,
HONG KONG.
atu
RECEIVED 26SEP 1947
1.
Your telegram No.1152.
Loan.
I am prepared to agree that
Government should borrow up to 150 million
in all, but for reason given below provision
will have to be made in loan legislation for
full $150 million and not (repeat not) for
8100 million as proposed in paragraph 4 of
your telegram No.889.
2.
In Tel. C.D.
FURTHER ACTION.
Cony to all
(Tumy)
Suggest that prospects of success
would be increased if loan were floated in three
parts, viz:-
(a) Tap issue up to a maximum of (say)
$50 millions in first case at 3% p.a. with
Sinking Fund of 1% p.a.
(b) A premium bond issue of say $50 millions
bearing interest at 1% p.a. A small number
of the bonds to be redeemed each year at
prices above the issue price, the premium
being met from the saving of 22% interest.
A copy of Palestine Ordinance, No. 27 of 1944,
authorising the issue of premium bonds is
being forwarded by savingram for your
information.
the balanc
(c) £50 milions to be held in reserve for
further issue as either (a) or (b) became
fully subscribed.
L-
3. You
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