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Minute by Sir J. Campbell.
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32
The scheme is one technically within the scope of
the Act. The objections I see are:-
(i) that it is, to the extent of roughly half,
a replacement scheme, and not a scheme of development.
(This assumes that wharves only are constructed).
(ii) that the proportion of the expenditure to be
incurred in the United Kingdom will--probably--be small.
That is not a vital consideration; but it will
naturally influence the Colonial Development Advisory
Committee to some extent.
(iii)
inasmuch as the reasonable anticipation
is that there will be ample revenue to pay
the loan charges, and as the construction period
will be short--say two years--the maximum
assistance which the Colonial Development Advisory
Committee are likely to give would, I think, be
somewhere in the nature of a free grant of the interest,
on half the loan, for a period of two years--with
possibly some slight margin to allow for contingencies,
etc. This works out to-say-£ 4300. The total grant
is not likely to exceed-say-£ 4500 or £ 5000.
2. That assistance is, however, worth having.
3.
I suggest that we should ask the advice of the
Crown Agents, and meantime that we should consult Sir
Basil Blackett, semi-officially.
It would be
inadvisable to hold out any hopes of aid until
we had ascertained that the application had a
reasonable chance of succeeding.
rather on the border-line.
The 11th: June 1930.
In my own view, it is
(Signed) J. CAMPBELL.
11. 6. 30.