CO129-574-2 Draft programme of public works 5-8-1938 - 23-9-1938 — Page 5

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parallel; and no one knows what will happen.

There is of course a mesure of elasticity in

A

the programme, inasmuch as its composition

shows that works x.j.z coulā, if necessary, be

deferred later on.

I should be inclined to reply as proposed, but to

add an expression of opinion as regards the

minimum reserve, saying that this point will no

doubt be most carefully considered when the

programme has assumed a more definite shape,

and the probable cost is more accurately known.

We might also, perhaps, refer to the element of

elasticity which the spacing of the programme

would introduce, if difficulties were found in

financing it as it stands.

The 8th: September, 1938.

5/9/35

Allowell &

conson accordingly.

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