that the possibilities of a local loan should be
exhausted before recourse is had to London) on the
basis mentioned in paragraph 4 of my telegram
No.600, namely that the terms should not be
appreciably less favourable than those obtainable
in London.
4. I should accordingly be glad of any information
and assurances you can give me on the first point,
particularly with reference to the suggestions
for raising additional revenue put forward in
paragraph 2 of my 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 I am sure materially
improve the prospects.
5. As to the second point, I note from paragraph 13
of your despatch No.48 that you are advised that it
would not be possible to float a local loan at a rate
of interest lower than 3 and that it seems improbable
that more than $25,000,000 would be subscribed.
be glad to learn what would be the other terms of
price
such a loan, namely vate of issue and period.
have
Should
In any Accon Tamen
case I should be lad to know that you are to the
principle proposed in paragraph
(24) 07
his lefue form
•
215
It is considered here that 311⁄2°6 for a
long term. local loan 1/ Say 20-23 year Lappedy
ansiently unduly Of high
in merent
of this telegram. I would not be
.6. I shall be fad to receive your reply to this
telegram as soon as possible. Meantime further
consideration is being given here to the items of
special expenditure included in the estimates amounting
to some $77,000,000 which, if approved, will fall to
be financed under the arrangements discussed above.
You will no doubt be considering what other projects,
if any, should be provided for and submit details.
aintance of Kory.Koup.
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