3
position. The main bridges on the Canton-Kowloom
railway have been blown up, and even should the
position in South China return to "normal" it will
in any case be some time before the Colony's main
line of communication with Canton can be repaired.
The net surplus of assets will, it is
estimated, be reduced by the end of this year to
$13,526,923, of which $12,357,783 will then have
been advanced against loan account. The margin left
appears to be extremely narrow, and though Hong Kong
can recoup itself at any time by a further issue of
the 1934 loan, it would presumably be difficult to
raise a further issue of that loan in the present
circumstances.
The position is clearly very difficult to
estimate. Detailed examination of the Estimates
should presumably wait until they have been passed
by the Legislative Council, by which time it must be
hoped that the general position will be a little
clearer.
? Wait accordingly.
P. Rager
8.11.38.
2.
> attach
S.r
letth
sadecount
an extract from
written by M Caine
to this dechalet.
local portion
The
refugell
• hachtites
as resouths
こ
Colony's border has worsened in
the last few days,
ou
may
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