79. Mr. Slaterasked the Secretary of State for the Colonies what application has been received from the British Guiana Government for a reserve sum to be drawn from if approved schemes can be undertaken; and what was his answer to such application.
§ Mr. Lennox-BoydDuring the recent talks with the delegation from British Guiana I was asked whether, in addition 171W to the loan of £5½ million, a reserve of £2½ million could be set aside, which the British Guiana Government could borrow if the rate of development expenditure could be raised above its present level. In reply, I said that the rate of expenditure could doubtless be raised, but that, under the present financial circumstances, Her Majesty's Government could not undertake to provide more than £5½ million.