an admirable and most useful outlet for such
surpluses; particularly since, on the showing so far,
revenue for 1939 is
equivalent to about 109 per cent.
Cory (2) reza. 15117/18/39
(Eem. Suret)
جم
d
of the same period for 1938. So far only the
principle is involved, since the Governor has not
consulted the Executive Council; but we can ?
approve the principle and authorise discussions as in
paragraph 9 of the despatch.
And register copy
of this despatch on the Hong Kong Exchange Fund file
(15117/18/38 Economic Secret.)
A.N. Salsworthy 17/3
I think that this proposal is
ingenious & sound,
any
proposal
would be which came from the Caine,
whois ofcourse the author ofit, but the position of
Bu Jundio not what it was on the 30th of June. Since then there has been
a surious depreciation in the value of securities in that it which, if I remember nightly withsout nearly the whole of the second half-years income. This cannot of course go on indiginitely, bubitnightgoon
a bit longer.
I suggest Bat you sh? reply that while we agree in principle with the scheme, which draerves high commendation, the present
sin site is so unsettled, in particular the danger of further depress. -ations in the value of the funds decurities cannot be excluded. In Bese cina
we will not object
A
to be proposed bring ventilated, but that it must rifinitely
regarded
يه
a proposal only which