1 Gov Conf
memorandume prepared by
Treasurer, and requesti
teley cath
on
10.3
the Colonial
lus
deus um
2
the proposed conversion
in November 1932
of the present
の
Puthur Works Loan of 1924.
1.A. Col Ser. 3.PN
15/2
Nem
amienny, of paragrafons in ensi tö (1)
DESTROYED UNDER STATUS
The Treasurer's Memo on Loan Finance
was written on February the 26th, and sets out
his estimate of the loan position, assuming the
continuation of an exchange rate of ls.5d. to
ls.6d. to the dollar.
Since then the exchange
rate has dropped to about 1s.3d., but the
additional expenditure which this will involve
will be set off to a considerable extent by an
increase in the duties payable in sterling.
Unless there is a further fall in the exchange,
the main contentions put forward in the Memorandum
are not likely to be upset, though the surplus
estimated for 1932 may not be realised.
In the Treasurer's opinion, if nothing
abnormal occurs, the Colony can easily advance
a further $ 1,500,000, which is all that will be
required for loan works in 1932.
We have already approved in principle
the plan to raise a loan by a bond issue to be
redeemed by drawings (paragraph 6 of No. 15 on
82850/31), and I think we can now approve the
proposals put forward for the conversion of the
Public Works Loan, 1927. I see no objection to
the