CO129-590-28 Hong Kong finances- advances to meet deficits 20-12-1941 - 3-1-1944 — Page 31

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Even assuming that the Foreign Office will not a sk

for an advance in respect of the March Quarter 1944

until after 31.3.44, we may thus have to meet claims

to C.N. $50,000,000 during the current financial year.

C.N.80 this would equal about £600,000

At £=

up

or if as we hope we obtain the benefit of the diplomatic

rate of $120 to £ it will equal about £400,000.

In these circumstances we trust you will agree to

the immediate advance from the Vote of Credit to enable

us to meet the Foreign Office claim and will not expect

an "estimate" in respect of the current financial year

ending 31st liarch 1944.

As regards 1944/45 we may then attempt an estimate

of the annual

of expenditure (on the basis of the

vrite

vate

of expenditure at the beginning of that year), but

it will be impossible to guarantee that the expenditure

actually brought to account will in fact represent a

In fact it is almost certain to

year's expenditure and

differ greatly from

the estimate for that, if no other, reason.

Yours sincerely,

(Signe

PASKIN

(us)