5
cannot be initiated until the position
45
secure.
مهمند
Treast and have a
copy
of the crião.
G.4. རྣ་མེས་ག
20%
ция
Ses J. Complete.
HRlowell
20
not
I shard be glad your views. This is art
Inconnected with 15117/26/1939 Economie facut
Which
has some forward
tomm today. bm.
20.3.39
I see no objection to the discussion of this proposal, as proposed in the despatch; and agree
to the action it is suggested should be taken. %. This is, broadly, a self-denying ordinance.
H K is entitled to the dispoable surplus of their Exchange Fund, and to their net annual income from their currency, worked out in accordance with the prescribed methods. They now indicate that they may excise this from their normal revenue sources, and devote it to the purpose stated.
I see no possible objection to that:-it implies that
if and he, they are prepared to make other arrangements for
the service of their current expenditure.
There will doubtless be considerable difficulties,
if a scheme on these lines is ever adopted; and one major difficulty may be the raising of loans, based on the income derived from the Exchange Fund,