CO129-489 - Governor Sir Stubbs & Sir Clementi - 1925 [8-12] — Page 386

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ise money by a loan until it has been made clear to the

blic that the efforts of the bolshovists to ruin Hongkong

avo ondod in failuro. We can then with enhanced crodit

sk for a loan which should be obtainable on favourablo trus when the strength of our position has thus boon

evil.

The decision will not rost with mo but, if it

il, I should be inclinod to advocato tho raising in tho tour so of noxt yoar of a loan of modorato amount, proforably in the first instanco by Treasury Bills or Dobenturos to

s converted later if nocossary into Inscribed Stock to ovor the cost of some of our more important works of bormanont utility. It would, for instanco, I considor bo a propor financial transaction to raise by loan sufficient suns to cover the money already exponded from Revenue on

ho Shok Lai Pui Waterworks, the Shing Mun Schomo, tho Praya Last Reclamation and tho roclamations on the mainland, broditing this money to Rovonuc and thus making it availablo for further minor works not of sufficient

magnitudo to be classed as loan works.

Those howover aro matters for my succussor whosc actions must nocossarily bo guided by the progress of

ovonts in the next few months.

In roforring those ostinatos to you for your considoration I would ask your support for the policy of economy which thoy ubody, distastoful though it must be to ovoryono, who desires to soo the process of dovolopment which has been so markod in recent years continuo uninterruptod, and I nood hardly say that if you can suggest any further economics in the public expenditure the Government will be glad to give the most careful considerat- ion to your views.