531
81
ENT
الرع
A/1796
Dear Mayle,
6 FEB 1942
C.C. REGY.
54136/4
4, MILLBANK,
WESTMINSTER,
LONDON, S. W. 1.
(ABBEY 7730)
4th February, 1948.
(73) on 147 file
Thank you for the copy of Hong Kong despatch No. 1 of 6th January, forwarding the Rehabilitation Loan Ordinance.
The only comment we desire to make concern the drafting of clause 7 and 8. In Clause 7(b) the wovernment has not accepted our advice regarding freedom to purchase the bonds for the sinking fund but has limited the use of the fund to a price not exceeding par.
The amendments made in clause 8(a) and (b) (modelled on Clause 10 of Ordinance 11/1934) appear to us unnecessary if not ambiguous, since powers to determine the time of redemption and rate of interest are in effect included in (d) of the same clause.
These points however, do not seem of sufficient importance to warrant asking Hong Kong to amend the Ordinance, but attention might be drawn to them so as to avoid perpetuation in subsequent Ordinances. If this is done, the opportunity might also be taken to suggest that in future the opening words of section 7 (5) should be altered to the more definite version now in use.
"The wovernor shall in the half-year ending on the dete specified in the prospectus of any loan issued under the terms of this Urdinance as that on which the first contribution to the sinking fund shall be taken and in each subsequent half-year appropriate... .etc."
Yours sincerely,
4. Hrom Wachin
N.L. Mayle, Etc.
6.-EB 1948
1
CO. REC
AH/JG
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