particularly with reference to the suggestions for raising additional revenue put forward in paragraph 2 of telegram No. 600. The raising of such revenue is, of course;
also most important from the point of view of the Colony's prospects of raising a loan. If it were possible to say with reasonable certainty that there would be a balanced budget in 1947/48 that would probably improve the prospects.
4. As to the second point, I note from peragraph 15 of your despatub No. 48 that you are advised that it would not be possible to float a local loan at a rate of interest lower than 34% and that it seems improbable that more tnan $25,000,000 would be subscribed. Should be glad to learn
what would be the other terms of such a loɛn, namely price of issue and period. In any case I should be glad to have your acceptance of the principle proposed in (2) of paragraph 2 of this telegram. It is considered here that 34% for a long tera local loan of say 80 - 25 years would not be unduly high in present circumstances of Yong Kong,
55. Grateful for your reply to this telegrem 26 soon as possible. Meantime further consideration is being givan here to the items of special expenditure included in the ostimetos amounting to some 477,000,000 which, if approved, will fall to be financed under the arrangementa dicevaped
You will no doubt be considering what other projects, if any, should be provided for and submit Getɛils.
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