53
+ Acoper 2 (81)
or
31 Gor 492
Air Mail
53652/36
+
تعلنه
should
be regis fate 1937 Ests file later.
сус
53652/35 Sexestes
Memo. on Financial Position: End. I no(5) 53562/35- para 16
or
R Ibid.
pana
33.
x
for 1934
19/8/36
Descusses the budgetary position
of the estimated deficit,
y in
view
confermave externance
proposes extension of Salary levy
Y
fexery of
conversion rate of sterling salaves at
than $16= £1.
not more than
Meless unchecter by telegraph
to the contrary the Col - See: well mention These proposals
on introduction
The Suffly Bell
Although this is really an Estimates
despatch I have had it registered on this file
since the immediate decision to be taken is
whether the Hong Kong Government should be
authorised to announce the re-imposition of a
modified salary levy as part of the 1937 budget.
The reasons which governed the sanction-
ing of this year's levy are to be found in the
minutes under No.7 on the 1936 Estimates file;
and may be summarised as follows:-
(1) When the original 1936 draft Estimates
were put up, it was estimated that surplus balances amounting to $12,248,755 on the 1st
January, 1935, would have fallen to
X
$12,095,789 by the end of the year, and to
89,169,486 by the end of 1936, assuming a
sterling dollar exchange of 1/8.
(2) The effects of a long-continued trade
depression were supplemented in November last
by the silver crisis in China and the
consequent