33
the interests of the remaining sections, many
of which are better able to bear taxation.
As regards the urgent financial
need which called for some special measures
in relief of the budget the Governor's despatch
to my mind makes it clear that the difficulties
were and are very real and that it is not
possible to share the view of the petitioners
that surplus funds could have been used to
meet the difficulty without any special
measures.
As regards additional taxation on the
general public, we are assured by the
Governor in paragraph 9 that the suggestions
in the memorial with other possible lines of
action are receiving every consideration, but
the Governor very pertinently points out that
the maintenance of the fixed "conventional"
dollar rate for payments of import duties in
Hong Kong ($1 = 1/8d.) materially increases
that form of taxation when the current exchange
fallsto
rate $1 = ls. 3d.;and in fact he observes
that the sum of the increased collection of
revenue on this account is estimated to be
rather more than the saving which will accrue
from the salary levy. (Para. 8)
The petitioners' reference to the
substantial levy on salaries in 1931 is
rather lacking in candour. On many occasions
in the past special arrangements have had to
be made in Hong Kong to meet the periodical
difficulties arising from the fluctuations in
the sterling exchange value of the dollar and
particularly in the last seven or eight years
were
Cancelled on 11
when dutres
Abril,
merovid
see 15203/32,
3
Economic
*