5
agrees that it will not be possible to cut
down services further. He is, however,
concerned over the possible effect of the
Sino-Japanese conflict on Hong Kong revenue
and suggests that its effects be watched
飒
closely, GIRLMENT BRA SA TER
A
He agrees that the financing of
the new water works shall be undertaken from
loan funds financed at present from surplus
balances, but say that the Crown Agents are
being consulted as to the most suitable time
to raise a loan.
Copy despatch and telegram to
Crown Agents asking for their advice on
paragraph 6 of the despatch.
This despatch might also be shown
to Sir G. Northcote before he leaves for
Hong Kong.
? So proued.
7. Rages
17/1x/37.