Code DRAFT/TELEGRAM
GOVERNOR
HONG KONG
Walmer
MAgr
RE
23 MAY 1947
ARGY.
nce
54126/4/47.
No. 831
Your telegram No.622.
Loan.
104(~~
1. Unless you feel confident that $150 million
could be raised without difficulty as and when
required it seems better to restrict provision
to $100 million especially if response to
first issue of $50 million is uncertain (see
paragraph 1 of your telegram No.1357). In
it is view of difficulty in obtaining supplies itt
not repeat not j
posible
that in fact 100 million may be exhausted
$100
by 31st March, 19
2.
Provision for too large an amount might
give rise at this date to local doubts whether
Hong Kong will be able to service the loan.
3.
Advances from Joint Colonial Fund can of
course only be made on security of unused
borrowing powers provided by Loan Ordinance
40
hilst therefore the decision is primarily
for you in light of local factors, it pears
Só no that it would be preferabis at this stage in
Cotmild be made provision for only 100 million
my view
(repeat $100 million) but that when Bill is
SHOULD
introduced, a suitable explanation Fould be
given explaining th: t that amount was estimated
to be sufficient to meet immediately foreseen
liabilitics, but that powers might have to be
sought at a later date for raising a further amount when the fullcxtent of the Colony's 11- bilities could be more accurately estimated.
Sear
teopy
15
A H. Meks. 6 Agens
C.A.
MR. Se pill Treasury DR
O.RE 0 Halat and
Ad
تي
Godeal & Sent.
1000
23.5.47.
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