12
balances in meeting the difficulties of the past
few years and has no liquid assets.
In addition to a total indebtedness of £3,300,000
the Colony is already committed to borrowing a
further £500,000 or so for schemes already
completed or in progress - i.e. £350,000 already
sanctioned, plus £100,000 for dredging the first
1,000,000 cubic yards, the removal of which will
admittedly benefit the harbour and some £50,000
for the Diocesan Boys School. Another £100,000
for dredging, which may involve further recurrent
expenditure, would break the camel's back.
Assuming that we can put the cost of dredging
the second 1,000,000 cubic yards on to the Air
Ministry, the question remains whether Hong Kong
can afford to pay £100,000 for the cost of
acquiring the site of the aerodrome in addition to
the other items above. The Governor seems willing
to pay and it may be he wants the Colony to own the
site.
In the present financial condition of the
Colony we do not think borrowing for this purpose
is justified and there is no money available unless
we do borrow Before this question is decided
we think it is desirable to ascertain definitely on
what grounds the Governor wants to pay for the
site.
minute was
day
rested
ہو
Any min
J. Grundte sehne his etplature & ensored in by us before dischefecture. (archt for the tomall point rétiti
my merged minute)
Hatters. Was 24/4