CO129-539-12 Loans for public works- military finances 26-2-1932 - 7-3-1933 — Page 3

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the suggested Ordinance authorising the

Government to borrow up to % 25,000,000 during

the next 10 years in varying sums as and when

required. It appears at present that there

will be no need for some time to raise more

than the 5,000,000 required for the

repayment of the Public Works Loan, 1927, and

I think we can approve the proposals put

forward for overdrawing the Government account

with the Hong Kong and Shanghai Banking

Corporation until such time as the overdraft

reaches three or four million dollars,

when a further 5,000,000 of the loan which

is to be authorised could be raised.

? Telegraph approval of the proposals

put forward including the proposed conversion

in November, 1932 of the Public Works Loan

of 1927.

22.4.02

I agree. The proposal to have a dollar

loan, raised

as & when required and

repayable by bond drawings,

to be

a great improvement on the frofonal for a sterling loan v simbing Zund originally favoured in (1) on

J.A. Calder

82818/1

26.4.32