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Sales - $200,000 and Widows and Orphans
Pensions contributions - $104,000. (If that
large increase in pensions contributions is
correct, it must be due to increased salaries
and the Exchange.) That leaves $436,027
to be made up in small amounts.
Unless
there is a marked revival in trade, and no
reduction in the sale of Opium,
to bring in $2,700,000,
which
is estimated
I think they may
easily be $1,000,000 or more short of-their
1931 Revenue Estimates.
Turning to the Expenditure side, their
estimated deficit for 1931 of $2,299,096 would
have to be increased by $216,221 unless we
approve the proposal in (7) to charge that
sum which represents ordinary Public Works
If the Department salaries, to Loan funds.
staff in question are wholly employed on
Loan Works, that is legitimate, but the real
question is whether Hong Kong can afford to
go on increasing its loan commitments.
It
seems reasonably clear that the Retrenchment
Committee which has been appointed by the
Governor will have a difficult job, and we shall have to scrutinise the Government's loans proposals
with some care.
It must be remembered that
Hong Kong, unlike the Straits Settlement, has
no Opium Revenue Reserve Fund.
The Estimates are badly prepared. In
addition
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