Sessional_Paper_1886-1887 — Page 403

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The Government of Hongkong reserves to itself the right to pay off the Principal, or a part thereof, any time after the expiration of five years from the date of the Debentures, upon giving, by advertisement in "The Times" six months' notice, dating from a day when a dividend is due, of its intention to do so; from and after the day so appointed for repayment of any 'Debenture all claim to interest on the Principal secured thereby shall cease. The Debentures if so redeemed will be taken in rotation, commencing with No. 1, or the lowest number outstanding.

The proceeds of the Loan will be expended in the completion of the fortifications required for the defence of Hongkong as a Coaling Station, of the Water Works, and other Public Works upon the construction of which during the last four years the accumulated surplus balances of previous years have been expended.

Tenders will be received at the Offices of the Crown Agents for the Colonies in Downing Street until One p.m. on Friday, the 1st April, and will be opened in the presence of such applicants as may attend.

The Debentures will be allotted to the highest bidders, provided the rates offered are not below £98 in money for every £100 in Debentures, and in the event of the receipt of tenders for a larger amount of Debentures than that proposed to be issued at or above the minimum price, the Tenders at the lowest price accepted will be subjected to a pro ratâ diminution.

If no allotment be inade, the amount forwarded with the Tender will be returned in full, and if a portion only of the amount applied for be allotted, the surplus will be appropriated towards the payment on Allotment.

Tenders at a fraction of a shilling other than sixpence, will not be preferentially accepted.

The purchase money will be required as follows :

£5

per cent. on application, and so much on the 7th April, 1887, as will

leave £75 per cent. payable as under :

£35 per cent. on the 5th May, 1887, and

£40 per cent. on the 6th June, 1887.

The first payment must accompany the Tender, and the subsequent payments. are to be made at the Bank of England not later than the dates above named.

Payments may be made in full on the 7th April, or on any subsequent date prior to the 6th June, 1887, under discount at the rate of 3 per cent. per annum.

After payment by the Allottees of the instalment due on Allotment, they will receive at the Chief Cashier's Office, Bank of England, in exchange for the Banker's receipts, Scrip Certificates representing the Debentures to which they will become entitled, which will be ready for delivery on and after the 6th June, 1887.

Forms of Tender, and a Statistical Statement relative to the Revenue and Expenditure and Shipping of the Colony from 1877 to 1886 inclusive, may be obtained by applying at the Offices of the Crown Agents for the Colonies, Downing Street, S.W., and No. 1, Tokenhouse Buildings, E.C.; at those of Messrs. MULLENS, MARSHALL, and Co., 4, Lombard Street, E.C.; and those of Messrs. J. and A. SCRIMGEOUR, 18, Old Broad Street, E.C.; and a copy of the Ordinance may be seen on application at the Offices of the Crown Agents in Downing Street.

OFFICES OF THE CROWN AGENTS FOR THE COLONIES,

DOWNING STREET, LONDON,

26th March, 1887.