obligatory if loan fell below par as this might lead to manipulation of market against the Government. There would be no objection to provision being made for the contributions to the sinking fund being used locally to purchase the loan if this proved desirable, only the balance being remitted to the Crown Agents for investment as has been the practice under Ordinance No. 15 of 1933.
6. Ir suggestion in paragraph 2 is adopted it might be convenient to introduce two loan ordinances making provision for a tap issue and a premium bond issue respectively. In that event each ordinance might provide for the total of $150 million (or $100 million if it is decided to reduce total) with the proviso that the total ' issued under both ordinances shall not exceed $150 million or $100 million, as the case may be, in all.
7. Much regret delay in replying to your telegram.
Copies sent to:-
Treasury
- Mr. D.R. Serpell, O. B. E. - Mr. H.B. Apperley.
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