CO129-606-2 Treasury control over Hong Kong finances 22-1-1948 - 9-12-1948 — Page 14

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23. J. P. Bancroft (m)

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24. J. P. Bancroft (Jay)

Mr. Palmer.

1.F.236/07

15-9-48.

(23 aned).

Lagreed

We spoke and discuss

that I showed with you and

Mr. Bourdillon this file and 53652/48 (1948/49 Estimates) at the earliest time suitable to you, br.

Please see (24). Mr. Bancroft's youthful impertinence in the first paragraph detracts a little from the chummy atmosphere which the last paragraph is, I suppose, intended to engender.

I have spoken to Mr. Bancroft. I have agreed to the amendment suggested under paragraph 3(a). And I have agreed to substitute the phrase "you will, I am sure, appreciate that I shall need to be" for "you will, I am sure, agree that I should be" under paragraph 4. I have shown these agreed amendments in pencil on the draft behind (24).

I did not agree to the omission under paragraph 3(b) of our proposals for dealing with the writing-off of losses etc. After some discussion Mr. Bancroft said the Treasury would not press their point here if they could be told that the Colonial Office was quite happy about any repercussions there might be from Malaya and Singapore and if it were appreciated by us that Treasury agreement to the African financial devolution proposals being followed on this point in no way prejudiced consideration of whether or not the African proposals would be suitable as a whole for Hong Kong when the time came to review the arrangements now agreed upon. Mr. Bancroft wants assurances on these two

points