9
I agree. I do not see how, in the position
explained in the despatch and these minutes,
surplus balances will be able to fince the
water-works expenditure, pending the raising of
a loan for that purpose; but that is a question
of fact, on which the UA G is not in the least
likely to be wrong; and we need not therefore
Say anything about it. Doubtless, I have not
correctly appreciated the position.
. Is the new money to be raised locally? The
could
C.ngs: will I expect say that they aon't know
much about local conditions. My own view is that
the cost of money, for long-term loans, will
probably rise gradually, but fairly steadily, in
the UK market. But any thing may happen: at the
best, it can only be a well-informed guess. The
C.ags: are in closer touch with the market than we
are; and are our best advisers in such a matter.
3. I agree that no reply seems to be required.
The 3-3-37.
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9/10/37