CO129-549-1 Remittance of funds between Hong Kong and London 12-2-1934 - 14-2-1935 — Page 74

F.A.C.C./1014

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Raising funds.

In reading a Colonial Government Economy Report

I noticed that the Colonial Government remit large sums home, turning their $ into Sterling to do so. I suggested to Col. Lang T.C.0. that he approach the Treasurer here to see whether we could not get some of these instead of buying from banks, (thus helping the Colonial Government and our- selves) at cheaper terms than we get from banks. Col. Lang asked me to leave the matter till his successor arrived in a few weeks time.

Immediately on Col. Wimberley's arrival I asked him to interview the Treasurer. He did so this morning. Unfortunately the Colonial Government have already made an agreement with the Bank to remit at 1/3 a for some months ahead (a bad bargain!) so nothing can be done at present.

The Treasurer is very sympathetic but says there is an old file on which a similar proposal was made years ago but

turned down. He promised Col. Wimberley to send the file to

us to see.

After seeing this file C.P. and I will consider

again a re-opening of the question.

F.A.C.C./1014.

Command Paymaster,

China Command.

(Sgd.) F.E.GOWAN. 6/1/32.

With reference to our verbal discussion last January when I called attention to the fact that the Colonial Government remitted funds to England periodically and suggested that, by arrangement with the Treasurer, it might be possible to obtain some of our requirements in dollars from the Colony on cheaper terms than from the Banks subject to Treasury approval

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Ha

Will you kindly let me know the present position of the matter, I gathered that nothing could be done until recently as the Colonial Government was committed to one of the Banks for some months ahead?

(Sgd.) F.E.GOWAN

Financial Adviser,

Command Headquarters,

Hong Kong, 19 September, 1932.

China Command.