8
5.
The
qeneral question of finansing Colonial requirements during the war has recently formed the subgist of
from Sol Packin the faces. (With Barlow). Reference
letter
was
made therein to the point of at to raising funds in the Colonies themselves. It will be some time before the Fress
as
any
indication
can five
of the Vieiro. We have suggested assistance
from the Exchequer c.g. from the proveeds of any tbl. loan, thelf finance Colonies' requirements generally apart from puemely war in cases where but for the was lowes would have on the fondor Warket. Thes case illustrat's the danger
purposes especially
been raised
of Colonies having to pay a much
perbably
delay
be obtained in the af.
W
higher rate of witiest their coved
Jagued with to her yesterday in mus of the probate
which will ocaus toll them have this teclass of any in which Colonies contemplate local borrowing & this to, I think, a case which shored so to meas. Hongthing has I think raind
to
1
it's requeremiats under this specific ordinance in Att. so far but I do not think that this fuel stoned preclude the action
obvroudly With. is somewhat shocked at tho bate fireford
can be made available in Londone.
as
Puggested Lasks whecks funds
( While the sato proposed way reflect commetty the fireseal market cadition's
these are enther artificial & I do not think the St. & S. Bank Ohould have all the good thing').
Copy of corres.
shoned footAgnet's who are aware of the frontion regarding the Sineral financial, proposals
Ser Henry hoore should are.
Hot Boyse
까지
1 2hr Gov
Contemplates, "Think, a pathi isine but the Bank N'he in the Losition 1
my duwuting
ሳ
being left in th
the mayor part.
my
This is the tal. foreshadowed at- 'X'
in (21)
54002/39, and in view of
[terms
the
Page
Page
9
terms rcontext of the latter fol. I am rather surprised at the statement at the and
of
this one cash is foreseen".
that "no immediate need of the
of the surplus balances of $13,627,526
estimated to be available at the end of 1939
The sum advanced against the raising of is expected to be $12,271, 1976 (of which
$11,140,
000
13, 949, 309
ર
Loans
will be against the 1934 Loan
2,809,302
and $1907 976 against a future loan
mainly for waterworks
7
Revised
24/11
NISA.
which has not yet been provided for by Legislation). The actual [available] carry-over therefore, [will be only $655,550, of which at least $450,000
is required in the form of cash] is an overdraft
of $321,783. The position in 1940/41 is at present dificult to appreciate, but it was proposed in the draft Ests. to contine advances against a future loan until at t=31/3/41 advances against loans would have totalled #m $14,433-5627
15, 510, 395
If the expenditure on minesweepers and aeroplanes which the Gov. wishes to in- car (see (21) x (22)
which
we are
54002/39), and
referring on General pop
to the Treas. & Service depts, is approved,
The Gait. will need the cash to pay for
Then
as soon as they are ready, it not before, and if it has not by then been collected in the form of income tax or
Some other
emergency
laxation to be sub-
Fate
stituted for it, it will have to come out & As to which we
of surplus balances, or the Exchange fund surplus. It is true that the need for more
[Than
a
shall have to give decision if the balance of the 1934 Loon is not to be raised now.
age 9
age 9
Page
Page
4. abeling
Revised 24/11
UPSI).
Loon
so clearly equine Agislation.
www
3/11/37
borrow. of it was here in som obtin form than by a public live Ith experies wo friesmantle. he insignifi
ins
"not quite
ms
See below
my
10
than the available liquid surplus [of san $200,000] may not be strictly speaking "immed- iate", but in view of the generally uncertain economic political position of Stk. it may arise much sooner than expected.
There is nothing in the 1934 Loon Ordice. to
say
where it shall be roused, but the currency is tk, dollars, the interest is
HK, payable the bonds redeemable in VII, and nowhere else. The number of issues is not limited, only their total nominal amount, and it would not be essential to issue the whole of the balance now
The whole of
in
The
the
hear
it
were not required
proceeded we
and there were a reasonable prospect of rausing more on better terms later, talking into account the additional issue- experces involved in taking two bites at the cherry.
The amount required for the mine- Sweepers would be $3,500,000: how much for 10 training aeroplanes the expenses of training pilots I do not know.
I think that in writing to the treas. asting them to agree to the raising of the Loon in this country,
08
W Boyce proposest, we should point out that the immediate need for raising This loan is the intention to incur heavy expire. in Itk. upon defence measures which might otherwise have had to be metly HM.G. also send them a cope of The 6934 Loan Ordice, since I cannot find from 33706/34 that we did so at the time.
? Copy of the letter to go
proposed: ran
to CA. as
interim reply to the Grov on saving ram, that the NisAndrews matter is under refice. to Treas.
22/11
ge 10
ge 10Page 11
No comments yet.
Private notes are available after approval.