OUTWARD TELEGRAM
55. 96
54126, 4/47
Cy
(0, T. P.)
No. 953 Secret.
30an.
Anod. (56).
TO HONG FONĄ (0.A.2.)
FROM S. C? 8.. COLONIES.
Sent 14th Jano, 1947. 12.00 hrs.
Your telegram No. 839 presumably crossed my
telegram No. 831.
Before considering fhether your suggestion that 350 million should be borrowed fron excbaugs fund I should be grateful for your comments of proposal in my telegram Ho. 831 that provision in Bill should be limited to 7100 million but that anouncement should be wads at time of Bill's introduction that powers might cave to be sought at a later date for raising forths? emɔunt,
2.
There are na you are doubtless aware objections in piuciple to investing exchange fynd secuzitias in local
nens and there are particuler reasons de present time including inflationary effect of such borrowing from exchange fund) which would neke it in my viss greatly preferable to avoid having to copsidor euch expedient. hope therefore that you will feel that procedura proposed. In my telogzam No. 871 will meei si tuation but I cili azait Four Parthar comments.
Copies sent to:-
Grozu Agente
Tesoure
ME. A.K. Hicks.
Crown Agents for the colonies.
#*. D.B. Serpall. 0.8.3.
I
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