p.
-2-
Colony is exempt from local income tax.
(See Colonial Office
despatch of 17th April 1923, paragraph 6
If you could send the draft Ordinance out to the
Colony by today's mail, and telegraph the particulars required
for the schedule as soon as you had the information, it might
be possible, by immediate enactment of the Ordinance, to have
the loan issued in July. Or, a.ternatively, as soon as we know
that the Ordinance has been passed, we shall be in a position
to make advances to Hongkong on its security, leaving the issue
of the loan over till October.
Yours sincerely,
CA.
Page 20Page 21