3
the suggested Ordinance authorising the
Government to borrow up to % 25,000,000 during
the next 10 years in varying sums as and when
required. It appears at present that there
will be no need for some time to raise more
than the 5,000,000 required for the
repayment of the Public Works Loan, 1927, and
I think we can approve the proposals put
forward for overdrawing the Government account
with the Hong Kong and Shanghai Banking
Corporation until such time as the overdraft
reaches three or four million dollars,
when a further 5,000,000 of the loan which
is to be authorised could be raised.
? Telegraph approval of the proposals
put forward including the proposed conversion
in November, 1932 of the Public Works Loan
of 1927.
22.4.02
I agree. The proposal to have a dollar
loan, raised
as & when required and
repayable by bond drawings,
to be
a great improvement on the frofonal for a sterling loan v simbing Zund originally favoured in (1) on
J.A. Calder
82818/1
26.4.32