CO129-576-4 Loans for public works 3-7-1939 - 4-1-1940 — Page 6

3 Lo N.K. 501 (land.)

4 % D.C.A. (fc102) 8/12A

4%%

5/

you.

Tel. 409 Corp.

29.12.39

4.1.40.

020-11-39

Seeks views on possibility of raining a sterling

ser out.

6

Xanch to 27) on 33706/34

X

The 1934 Dollar Loan Ordinance authorised.

the raising of

$25,000,000

for public works, and

in that

year 31⁄2% Dollar Bonds to a nominal

value of $14,000,000 at- 99%

$13,860,000.

were issued

producing

Since then the method of financing

the works

authorised in the Schedule to the Ordinance has been

by

advances from surplus funds,

a method which

has been found both convenient and economical since

Goulonment words paying interest on

the unissued

part of the loan until absolutely necessary.

By

X

This figure is

for advances

against the 1934

the end of this year, however, it is estimated that the

whole

9

the parts 25,000,000 will have been spent, of

which $11,140,000 will have been advanced from

Loan only. There

ourplus funds;

are more

min.

NYSA.

mey

Note also that

معله

x

This sum does

and provided the revised estimates

revenue and expenditure are realised his

year,

on

the 31st Dee. the outplus of assets is expected to

бу

stand

at 13,627,526 -

not allow for

expenses of issue

NYSA

-24/4

Now, in order to li

lignefy

the nominal surplus, it

is desired to issue the balance.

J

the 1934 loon,