Sessional_Paper_1893 — Page 380

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Any considerable further issue at the present time would undoubtedly depress the stock to a figure which taken as a basis for estimating the probable result of a similar issue for Hong Kong would give a price at so great a discount as to leave a saving in interest, as compared with a 33 per cent. Stock at par, altogether insuffi- cient to compensate the Colony for the loss in repaying the debt.

3. The conversion of the four per cent. Debenture loan into the new Stock will be taken into consideration as soon as we have secured a Stock Exchange quotation for the Stock.

4. The original enclosures to your two letters of the 9th ultimo are returned herewith.

(Copy)

I have, &c.

(Sd.)

M. F. OMMANNEY.

DOWNING STREET,

5 May, 1893.

GENTLEMEN,

I am directed by the Marquess of Ripon to acknowledge the receipt of your letter of the 26th ultimo and to convey to you an expression of his Lordship's pleasure at the satisfactory price which has been obtained for the recent issue of £200,000 Hong Kong Government 3 per cent. Stock.

The Crown Agents

for the Colonies.

I am &c.

(Sd.)

EDWARD FAIRFIELD.