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say five years when financial conditions may be more easy. A possible compromise would be to adopt a suggestion made by Fowell at a general discussion on loan policy in Rowe Dutton's room on 29th November, namely that the Government should set aside each year the same sum as would be required for a 1 per cent. sinking fund but should use the money not to put into a sinking fund but to make purchases of the loan in the market if this is necessary to support it.
If you see no objection we would propose to suggest that to the Governor as an alternative possibility.
4.
We should be grateful for early Treasury views on the above points.
Yours sincerely,
4. PALMER
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