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27/8
Mr. Paskin.
I understand that you are going on leave at the end of this week. I am therefore sending this file to you as quickly as possible, since it seems to me to raise issues of great importance. The immediately preceding minute was written some days ago, but Mr. Wallace actually brought the file over to me this morning together with the other papers which he mentions. We agreed the drafts on the other papers (subject to a few modifications), and I understand that he will now be submitting these to you direct. Since I was anxious to make comments of substance on the present file, we felt that there was no need to keep all the papers together.
2.
I have very little comment on the draft. I have substantially altered paragraph 3, since it is no longer true to say that "no borrowing by Colonial Governments on London has yet been allowed" (we have just secured permission for the raising of a London loan by Trinidad), and since I for one would not absolutely rule out the possibility of a London loan by Hong Pong at a later stage whatever the Treasury may say at the moment provided it is established that other sources of finance have been fully explored and utilised; but apart from this matter of relative detail I think the draft despatch is perfectly suitable, provided that the underlying policy is agreed to be sound. It is with regard to this underlying policy that I cannot help feeling grave doubts. In expressing my views on this matter I realise that I am střaying far beyond the financial
field/