CO129-598-3 Tai Lam Chung Reservoir Project 17-3-1949 - 7-10-1949 — Page 13

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getting into a position to "repel boarders". For the present it seems unlikely that full attention can be spared to a long-term scheme of this nature, however important.

3. Mr. Bourdillon will perhaps say whether the last sentence of the draft correctly represents the present position. It is, I think, slightly less discouraging than the earlier warning in (11) on the 1948 file. In view of what we said to Colonial Governments about loans on London in our Circular despatch on 18/1/49 on 19275/71 (to which the Governor refers in his despatch on the 1949/50 Estimates referred to above) we cannot without most careful consideration rule out the possibility of allowing Hong Kong access to the London market. Indeed it would be quite wrong to do this. At the same time it is better, in a matter of this kind at this stage, to be too little forthcoming than too much.

4. The Treasury had copies of the original Hong Kong despatch((1) on the 1948 file), of our interim telegram ((11) on the 1948 file) and of Hong Kong's despatch ((16) on the 1948 file) to which we are now replying. Our draft makes no commitment of U.K. money (far from it). think, subject to Mr. Bourdillon's comments, that it is therefore unnecessary to secure Treasury concurrence. We should however send them a copy after issue.

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