5
α th
away of comes whether
the anus
of a loan,
when they want
fant
MA
pracherable.
کے
24/1/3
dividedly
of Lunis Lee.
تھے
Government seems to be getting on quite
سعة
happily, financing/out of surplus balances.
The only disadvantage of thisis that it
reduces the liquidity of the nominal surplus,
which is getting more and more locked upin
advances to Loan Account.
They can, however,
always fall back on the issue of a loan
if their surplus balances are needed for other
purposes, and i eventually the loan is found to be
unnecessary, so much the better. It appears
that the Treasat present contemplates the
issue of a consolidated loan in November, 1932,
be
when it will/possible to repay the 1927 loan.
•
•
He hopes that a new loan can be issued at a
much lower rate of interest, and part of the
old proceeds used for the repayment of the loan.
He is at present thinking of a local loan at
4 or 41
In view of conditions here, this
seems rather optimistic, but in view of
financial difficulties in Europe and America,
it is conceivable that there may be money in
Hong Kong which people would prefer to invest
locally.
There seems to me to be evidence
here that the present Treasurer is a
considerable improvement on his predecessor.
The general position is very clearly set out
and as the loan discussions show, the Treasurer
is clearly looking ahead.
Ordinance.
? Await arrival of the Appropriation
E. and
7·16-31
M
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