A/1796
4, MILLBANK,
2145-
Dear Layle,
WESTMINSTER,
LONDON, S. w. 1.
(ABBEY 7730)
31st January, 1947
As I mentioned to you on the telephone, we suggest the omission of para (e) of the draft telegram to Hong Kong enclosed in your letter
(35) 5412,4/4 of the 29th January to
Perpell.
Presumably the Crown agents wi 11 De appointed trustees of the sinking fund, with the usual power, given by the Ordinance, to invest in such Becurities as may be approved by the Secretary of State and in this case the Buggested provision would be inappro- priate. If the local loan (which we gather would be in the form of bonds and not stock) fell unduly, so that we considered it a favourable investment for sinking fund monies, arrangements could no doubt be made, with the Secretary of State's approval, for the Government or local banks to buy on our belalf
CE Yours sincerely,
1 FEB 1947 s.terals Arins
C. O. REGY
N.L..AYLE, Esq.
AUHER