funds if the Hong Kong Government preferred this to making a loan themselves.
It was of course pointed out to the Treasury that the previous scheme had been financed by loan and grant in equal proportions. The Treasury view is, however, that we should not be justified in making a grant to an organisation which might pass out of government control before long.
I have put up a draft for consideration.
(Signed) V. Wilson.
21st May, 1951.
4
Hong Kong Saw:
VS.
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Miss Wilson
497
Sav. 720 rf (5)
26. MAY 1951
22.6.51
You will see from 6 that the Governor wishes to take advantage of the suggestion of a loan of £18,750 from C.D.W. funds. Meanwhile, he proposes to repay the original loan of £9,375 (see 22 on 54403/8/48).
? Is it necessary to prepare a fresh memo for submission to the Treasury, or does the extract at 4A indicate that the Treasury are agreeable to the loan of the full amount without further application being made to them.
(Signed) P. Petherick.
3/7.
This is a curious proposal.
One wonders whether it is realised that arrangements in paragraph 5 would result in loan money amounting to £28,125 counting against Hong Kong's allocation. We cannot "reissue" the loan of £9,375 under D. 1066; we could of course extend the period and make a further loan of £9,375 only, but the Governor is proposing premature repayment of the original loan!
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