CO129-561-10 Estimates 1938 2-9-1937 - 23-9-1938 — Page 34

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prepared to agree witn your view that

the question of borrowing may be

aeferred for the present.

3.

At the same time, even on the

improved figures for the surplus of

assels in the Treasury shown in your

uespatch under reference, it does not

appear that there is any considerable

margin for contingencies, and you will

no doubt keep the position

under review.

I nave, etc.

(Signed) W. ORMEDY GORE.