4-
39
securities.
8. Finally, I may later wish to submit to you
proposals for borrowing for an extensive re-housing and
slum clearance scheme and if a loan for that purpose were desired it would, of course, be necessary first to clear
up the position of the 1934 loan. The re-housing proposals are, however, at present only in the stage of investigation and I do not expect to be in a position to submit any definite scheme to you for some considerable time. With your agreement therefore, and subject to any
comments you may make on the possibility of a rise in the rate of interest, I think that the whole question of fresh borrowing may be deferred until the outlook as regards the re-housing scheme as well as the whole future outlook of the Colony in relation to the present Sino-Japanese dispute is clearer.
I have the honour to be,
Sir,
Your most obedient, humble servant,
as. hother
Governor.