CO129-561-10 Estimates 1938 2-9-1937 - 23-9-1938 — Page 28

11/4/0

let the Colomal Fort of not-

attart importance to such a

28

diner suchen

M

(im para 8) a

in

interest

sreicht sught cheadvantage

hempanely. There

is not

much

of

A

margin

in

forfunt aice

even

with

Letter

The Gresent

Swing them

fimanual results dich

war

boom'

Mant

5.4

I agree that the C Ags: should be consulted.

As it is a question of a local loan, their advice

will provably be very tentative, and almost

necessarily rather indefinite. As to interest

rates here--which would broadly govern interest

rates in H K--they are again not likely to commit

themselves, in present extraordinarily unsettled

conditions.

un the broad question submitted, I would accept the

Govi's view. H.K. has obvious advantages, while

the position in China remains generally as it

now is; and the "boom" may last--probabi, will

last--so long as these conditions obtain.