£4126/4/45
Code
OUTWARD
192
TELEGRAM
TO HONG KONG (Sir M. Young)
FROM S. OF S.. COLONIES.
Sent 2nd September 1946. 19, 15 hrs.
IMMEDIATE
No. 815 Confidential.
Begins.
Please pass to Evans Thomas from Tresaury.
10 Hong Kong Government exploring possibilities of local borrowing to finance special expenditure on rehabilitation and reconstruction. Total Hong Kong dollera 77 million needed in ourrent financial year and unknown amount in 1947/48. To meet this Governor expects
25 million might be raised locally, but mainly from banks and insurance companies.
2. H.M. Government hope this figure may be increased and we suggest while you are in Hong Kong you might discu88 with G. vernor:-
(1) possibility of attracting holders of Hong Kong notes in South China to substitute for them the new Hong Kong Government loan,
(ii) possibility of putting some pressure to induce wealthy Chinese in Hong Kong referred to in recent Times leading article (13.8.46) to invest in the loan if a. seems probable it would be difficult to get at them
Copy sent to:-
Treasury
Foreign Offics (F.E. Divn.)
/adequately
Miss M.E. Ashe.
Migs Jeffries.
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