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$150,000,000 on the basis of the method suggested in Paragraph 2 of your draft telegram without the assurance of borrowing from the Exchange Fund, (as indeed you hope she may be able to in the second paragraph of your letter).
If the Colony's reply is unfavourable we shall be back to the stage in our consideration of this loan question at which you sent (53)off in agreement with us your telegram No. 831 of 23rd May, where
you advised the Colony to provide in this instance for only $100,000,000.
I may add that there is in principle no Treasury objection to your proposal that part of the issue should be in the form of premium bonds but doubtless the Governor will have something to say about the attractiveness of these in his reply.
We have not yet received a copy of any comments on the draft telegram from Hicks, to whom I am sending a copy of this lottorr
In the light of the above, you will, doubtless wish to redraft your telegram. May we have sight of it before it is finally despatched?
Yours sincerely,
Du Super
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