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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. If 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.
K