-2-
223
such a qualification is intended then, as
we have mentioned to you in conversation,
the Crown Agents would in effect not have
any security on which to make advances, pending
the raising of a loan in Lendon This point
therefore is one on which we should be grateful for further Treasury advice.
com the wis
Since you w rote, however, we have
Sin Mana Young
received the Hong Kong Government le despatch
Covering over
wise be
on the Estimates, a copy of which has been
sent to you.
In that despatch te Governor
indic ated inter alia that he considers a loan
could not be raised locally before next year
and that it is unlikely that a loan could be
raised at less than 3% for an unspecified
);
?
V. in whi
Sucking
fance of which would be guaranteed by wg.
cony died. 54126146
might
and that there would probably be little
public subscription apart from subscriptions
which would we raised by banks and the maximum amounts would be of
the order of $25,000,000. He therefore asks
that the loan should be raised in London.
It now seems that the issues which
have to be decided can be summed up as follows:
The what is the maximum amount which we
1.
should contemplate permitting Hong Kong
patse-by patse by loan In our telegram No. 600 to
telegramt
Ke 194617
λ
in ann
uspect-
146/4 Special
expendiline
+
(1)
Hong Kong we contemplated that special expenditure
amounting to $77,000,000 should be financed by
-chall
loan. We have to agree definitely with the
Government of Hong Kong as to the exact figure
but we may take this figure as representing the
amount to be covered by loan in respect of
1946-47. It is of course possible that in
wie
1947-48 further special expenditure would be
we also have to met recessary which could similarly be floated by
Himilarly
/Loan