Wt. 41936/587, 1/47, 50m. S. & S. Ltd.
Wt. 47799/614. 2/47. 30m. S. & S. Ltd.
C. O.
Mr. Galsworthy Mr. Mayle
Mr.
Mr.
Mr.
53652/47
"
10/7/47
Permt. U.S. of S.
Parly. U.S. S.
Secretary of State.
Your Reference......
568
Gopiador
Deap. 12/7.
DRAFT. LETTER.
D.M. MACDOUGALL, ESQ., CMG.;
COLONIAL SECRETARY,
HONG KONG.
FURTHER ACTION.
For Mr. Hayle's signature
12th July, 1947.
When Young came to the Colonial Office
the other day our discussions with him touched,
amongst other things, on Hong Kong's
financial position, and he enquired whether,
as Hong Kong is not actually in receipt of
assistance from H.M. G. at the moment, its
finances are still subject to general
Treasury control.
We assured him that the Treasury will
still feel bound to insist on exervising this
general control since, as his despatch No.114.
(5) of the 9th May shows, the balancing of the
present budget, though a noteworthy achievement,
is still pretty precarious, and there is are
still the various indeterminate liabilities
referred to in our confidential despatch
No.452 of the 14th June, which the Treasury
will have to underwrite if we don't succeed
in persuading them to relieve you of them
altogether. Moreover, it was the case before
the war that a territory which had been in
receipt of Treasury assistance had to show
a clean bill for, usually, three successive
years after last receiving any grant or
loan from H..G., before Treasury control
over
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