CO129-609-4 Future policy- draft proclamation for moratorium on unsettled debts 24-8-1945 - 22-2-1947 — Page 2

Proclamation No. 6 on

69. Ff.

Proclamation

M

Hong Kong (B.M.A.) Gazette No.). of 12.10.45 1. Praft Moratorium" "Proclamation 2

(M. Haglering's draft) sex, a

54145/8/05

2

Drago Mesa lesen

Proclamation by

Col.

Strickland

24.845

2

1.

2.

3.

4.

Mr. Hazlerigg's draft at (1) can be put by as it has been superceded by Colonel Strickland's draft at (2).

Mr. Paskin

·

Am. J. Rego (for arr. Ruston) 2-1/8/45.

I have the following comments on Colonel Strickland's Minute dated 24th August forwarding a draft of the Hong Kong Moratorium Proclamation.

Paragraph 2. The draft of the Malayan proclamation is awaiting final approval by General Hone.

Paragraph 3(a). The question of whether or not interest should run during the moratorium is one of

The majority policy on which I hold no strong view.

of the authorities who considered the Malayan Proclamation thought that it should not.

Colonel Strickland Paragraph 3(b) and paragraph 6. considers that the following phrase occurring in the Malayan Moratorium Proclamation is meaningless:-

"5(1). During the period of the moratorium

all debts affected thereby are suspended and extended for the said period.

10

With respect, I think that the meaning of the provision (which was taken verbatim from the A.M.G.O.T. Moratorium Proclamation for Sicily or Italy) is quite plain.

A debt, broadly speaking, is an obligation to

A debt which falls pay a liquidated sum of money. due during the period of the moratorium is a "debt affected thereby". The provision says, then:-

(a) that all such obligations are suspended

for the period of the moratorium;

and

(b) that all such obligations are extended for

the period of the moratorium.

I cannot see that there is any obscurity, but the following examples will illustrate the working of the provisions:-

Let it be assumed that A. owes B. $200 and that the period of the moratorium is 1st September

Then:- to 31st December 4 months.

(a) if the debt falls due on 1st September

the obligation will be suspended and extended by 4 months (i.e. the period of the moratorium) and the debt will become due on 1st January;

(b) if the debt was due on 30th September, it

/will