(14)
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(b) Whether it would be possible to arrange for bearer bonds
to be issued only to residents of Hong Kong and
interest and redemption momes to be payable only to such residents or to persons who were resident in Hong Kong at the time they purchased the bonds.
8
We will not attempt to comment on these suggestions in advance of Hong Kong's own reply, but I should mention that we were proposing to suggest a telegram very much on the lines of the one which has been sent but asking in addition the following questions:-
(1) Why it is so difficult to market registered issues in
Hong Kong?; and,
(2) Whether they would explain their attitude towards an
application for official dollars in respect of the interest or redemption money on Hong Kong securities held by a resident of U.S.A.7
Finally, I wonder whether the suggestion of registered bonds which appears in paragraph 3 of No.1245 will be fully understood. Registered bonds are in fact a half-way house in that the bonds themselves are registered and a oheok is therefore kept on capital but the interest is payable by means of coupons to bearer. I imagine, however, that, in fact, this is unlikely to be much, if any, more attractive to the Hong Kong investor than registered stock which I presume was originally intended since, in both cases, the particulars of ownership have to be entered in a register.
I am sending a copy of this letter to Kelvin Stark.
Yours sincerely,
f
W.A.J.Marshall, Esq.
F. J. PORTSMORE
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DEFENCE & GEL DAY
1 8 DLL 1948 REGISTRY
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