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24/1/32
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H 24/1/32
I should prefer to see it charged to surplus
balances as the money should be available
when the $5,000,000 are refunded.
It will also be noted that in addition
to their admitted loan commitments, the Governor
assumes in paragraph 5 of No. 7 that if the
harbour dredging, which will almost certainly
have to be done, turns out to be costly, it
will be proper to charge it to loan. I should
be inclined to say at once that dredging is not
a proper object for loan expenditure and that
it will have to be met from Revenue or surplus
balances.
Generally speaking their loan
commitments are getting rather formidable (see
Nos. 1 and 3 on 82618). If, owing to any
changes in local conditions, it were not
possible to raise a local loan in November this
year, the position would became difficult.
Hong Kong has nothing in the nature of a Reserve
Fund (the military contribution system is to
some extent responsible for this). The
Treasurer's proposal to raise the local loan
by a bond issue to be redeemed by yearly
drawings seems a good one.
? Telograph approval of the
Estimates and then reply by despatch commenting as
suggested in the foregoing minutes.
Campbell should be asked if he has any
Sir John
observations to add on the loan proposal and the
general financial position.
J. A. Calder
7.1·32
Jes 71,122
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