CO129-605-4 Government loans 12-7-1946 - 6-1-1948 — Page 144

148

Dover House,

whitehall, S.ä.1. whitehail,

3

15 January, 1947-

54126/4/46

Dear serpell,

Would you please refer to your letter of the 31st December, 1.52892/04, to Palmer about Hong Kong's proposed loan. I spoke to you on the 'phone and mentioned that we were anxious to have your further letter as soon as possible.

Meantime, there is just one point that i would like to make at this stage. We are not at all clear what you have in mind in your 3rd paragra pla. It is quite unusual in Colonial Loan ☺rdinances to mention anything about advances from the Joint Colonial Fund, still less about their repay:ent. Any advanoes obtained by Hong Kong against the prospect of a loan will, of course, appear in the Colony's statement of assets and liabilities, but otherwise it does not seem to us neccssary to define the conditions under which the advanoss are made or repaid in the loan legislation.

Yours sincerely,

D.R. SERPELL, ES.., O.B.E.,

TREASURY.

(A. Emanuel)