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3. The third issue is whether a definite assurance càn be given that liong Kong would be allowed to raise” the approved balance whenever the Crown Agente find it necessary in order to retire any advances made from the Joint Colonial Pund. This point is dealt with above and it is only necessary to add that if such an
aasurance cannot be given then a means of temporary 9 finance alteruntive to advances from the Joins Colonial Funds would have to be found. In fact it seems to boil down to an alternative of providing the money from United kingdom funds;
4. Finally we have to decide whether it is necessary at this stage to define exactly the items which would be included in the loan schedule, Our preliminary view is that if the loan is to be a general reconstruct- ion and rehabilitation loan then the details of the items to be included can be agreed subsequently between the Hong Kong Government and the Becretary of State (in consultation with the Treasury) and that the loan Ördinance need not have a detailed schedule. An under- standing would have to be reached, however, as to the kind of expenditure which would be financed by loan,
ve are inclined to think that having regard to the size of the prospective loan and to the somewhat complicated issues involved, it would be best to try and settle the above points by a meeting of all concerned.
e would therefore like to suggest an early meeting, say on Thursday or Friday next. e should wish to bring along a representative from the Crown Agents as well as our Finance Department and you will doubtless wish to arrange for representatives of the Home finance
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