-3-
We suggest
224
that the Ordic
loan and it may be desirable to
السمسم
funça authorise consider algeconstruction and re-
You doublters
nalise as will as we
Líne
pound of very)-
The third issue is.
habilitation loan of the order of
$100,000,000.
The first question to
be decided is whether a figure of this
order or some lesser figure can be
contemplated
2. We imagine that the Treasury
will require that, if it is possible to
raise $25,000,000 locally the amount
should be raised even at a rate of 32% In other connections the Treasury have
indicated that they consider 31% is
not too high a rate for local colonial
borrowing. The fact that the principal
subscribers are likely to be banks H.K.|
which would otherwise invest in
but feel that- in sterling securities is a beint which spite of this, Woral bollowing is
we understand does not cause the preferable even uts a
Substantially
Treasury any qualms from the point of! myhu zale
view of the effect on the colonial
From The to sterling balance position. Kaving
regard to the need for anti-inflation
mean word
policy we are prepared to urge upon
the Governor the raising of $25,000,000
at 32%;
3.
Whether
think a definite assurance can
be given that Hong Kong would be
allowed to raise the approved balance
whenever the Crown Agents find it
necessary in order to retire any
advances made from the Joint Colonial
Fund. This point is dealt with above
add
and it is only necessary to
that if
such an assurance cannot be given then
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