J
I see that a copy of No.1. has gone to the Treasury. I do not think, therefore, that any further communication with Treasury is necessary at the present stage.
M
.T.B
2nd June, 1948.
Sir S. Caine
8
I am inclined to share Mr. Bourdillon's views on the question of State lotteries.
Premium bonds seem to me to be
what less objectionable, but whether they would be attractive in Hong Kong I do not know. I
should certainly like to have an opportunity of talking to Mr. Follows about this, and to put the whole position to him as part of our general talks about the finances of
Hong Kong before we send any final reply to No. 1.
? Telegraph as in draft opposite and recirculate
to Mr. Wallace as proposed.
IBS
3.6.1948
I have passed the draft telegram. I agree that alternative means of raising finance should be discussed with Mr. Follows. As to State lotteries, however, I think the position is that for all practical purposes Hong Kong have got one already, that is they have a betting tax which derives a high| proportion of its revenue from a percentage levy on sweepstakes organised by the Hong Kong Jockey Club on the principal races run in the Colony. probably taps most of the money which might go into a full-fledged State lottery, and in my view is as far as Hong Kong need go in that direction. Premium bonds, on the other hand, have not been tried hitherto in Hong Kong, but my own gues would be, and my recollection is that it was the view of Mr.MacDougall, that the Chinese public would be quite attracted by the slight gambling element in such a form of loan. The principle has been blessed in one or two other Colonies and I see no reason why we should not follow it in Hong Kong.
ہے
2/ Gong Kong Tel 624
3. 6. 48.
4
6.48
:
Mr. Wallace F.A.d((2)
B.v. in 12/6 for discussion with
Mr. Follows
9
2%
B/J.
as above.
17/6.
Mr. Freems,
M.
Sas Holders haw
Discussed on 23/6
Mn. Boncept (Try), Mr. Brudillon, Dr. Sidebsthan, Mr. Colman, M. Radford angself.
Agued that mention should be made
2
these iclemation
scheme in m
despatch
from the main file (54403/48) regarding
New Temitones
development proposals
fthe fact that discussion on place with t. Follows
financing then then
were ting investigated Communication
incorporated
tehing ?
that method
C.O.MW. asistence
o that a
further
The has been
will follow
in
the draft despoliti
This file
54403/48 and I now retimi
o Dr. Smidyllon who has kindly greed of
with the Magle
discuss the ponibility of interesting the Colonial Swvelopment Corporation.
Ineen
24/6
Mr Mayle.
Please see
No 1, with which
you are
already familiar. In
your
minute of
19.4.. you
Said C.D.C. would be interested but
doubted whether the
you
you
did
go into details. I should have thought, prima facie, that this had at least some of the ingredients & a C.D.C. scheme Perhaps you
would look into the matter. in
new
your
capacity and let me have
early views
views?
M.T.B. 23/6
Coven
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25%Page 11
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