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the next instalment of the Loan up to a nominal value not exceeding $20,000,000 when such issue. becomes necessary. I have every hope that a further issue of this limited amount could be placed locally. There is no. immediate urgency, but I should like to feel that I have your authority to take the appropriate measures directly such a step becomes necessary and an opportune moment occurs. I should prefer to raise a further $20,000,000 on the same terms as the earlier issue before experimenting with premium bonds which of course would also have to be in bearer form.
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