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A remarkable increase, and when universal meterage now being
inaugurated is fully installed, there will be further expan-
sion. In addition Government have the assessed taxes to
fall back on. The present rate is 17% and an increase to
18%, 19% or 20% could not be considered excessive.
One more point. The public should be advised at
once that it is Government's intention to repay the Public
Works Loan on 1st November, 1932, and that Bondholders will
be given the opportunity of conversion.
(sd.) Edwin Taylor.
Colonial Treasurer.
The Treasury,
Hong Kong, 26th February, 1932.
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