CO129-502-4 Acquisition of Kai Tak for an aerodrome- provision of funds 11-1-1927 - 12-5-1927 — Page 12

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balances in meeting the difficulties of the past

few years and has no liquid assets.

In addition to a total indebtedness of £3,300,000

the Colony is already committed to borrowing a

further £500,000 or so for schemes already

completed or in progress - i.e. £350,000 already

sanctioned, plus £100,000 for dredging the first

1,000,000 cubic yards, the removal of which will

admittedly benefit the harbour and some £50,000

for the Diocesan Boys School. Another £100,000

for dredging, which may involve further recurrent

expenditure, would break the camel's back.

Assuming that we can put the cost of dredging

the second 1,000,000 cubic yards on to the Air

Ministry, the question remains whether Hong Kong

can afford to pay £100,000 for the cost of

acquiring the site of the aerodrome in addition to

the other items above. The Governor seems willing

to pay and it may be he wants the Colony to own the

site.

In the present financial condition of the

Colony we do not think borrowing for this purpose

is justified and there is no money available unless

we do borrow Before this question is decided

we think it is desirable to ascertain definitely on

what grounds the Governor wants to pay for the

site.

minute was

day

rested

ہو

Any min

J. Grundte sehne his etplature & ensored in by us before dischefecture. (archt for the tomall point rétiti

my merged minute)

Hatters. Was 24/4