17
he Cavell
ko. I do think than on any
qeneral principles. "Tefraduation
expanditum which will produc
income sufficient to cover Iran changes
is obvianly the most irreproachable of all loan expendition. But works
with
langer life than the currency
of the loan appear to me to le a
good second.
い
have not comidand the question whether
the maing of money want year by
معانا
Tummy with, overcrafts,
imme is a
།
a loan
practicable proponition. You
will no
doubt sound (A about this.)
or to issue dreaminy Bills)
T?.V. Vernon
26.11.3
long aong is exceptional in having
maintained its solvency almost unimpaired in the prevailing depression, and I agree that in the circumstances aproval may
Le given to the overnor s proposals.
e should be asked to report at the
earliest date pos-ible whether it will
be necessary to raise any part of the
contemplated loan next year, in order that
the necessary measures may be discus ed
with the
reasury and the ...
#lowell
47.11-31