A/1796
Dear Palmer,
4, MILLBANK,
WESTMINSTER,
110
50
LONDON, S. W. 1.
(ABBEY 7730)
12th May, 1947
0.0.papers 54126/4/47
Treasury
"
S.52892/04
Thank you for the copy of your (48) letter of the 9th May to Serpell about
the Hong Kong loan.
› Te quite agree that, if the additional borrowing is approved, pro- vision for the full amount should be made in the original loan ordinance. A bad impression might be caused if a further loan ordinance had to be intro- duced after a short interval, to provide for expenditure of the same nature; it would look as if the position had not been properly appreciated in the first instance.
On the other hand, the amount should not be larger than is likely to be required, since there may well be local doubts as to whether Hong Kong can provide for the service of the loan.
H.PALMER, Esq.,0.B.E.
JG/EB
/In
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