at 13 on 53652/37.
Dictated
By
n: Rogers.
3.9.38.
Sir & Campbel
б
m
May
these proposals?
we have
your brow
* Plowell
6
This is ali, necessarily, rather vague and uncertain
at present. I know nothing as to the necessity or
desirability of the various works proposed; but,
prima facie, there is nothing to which objection
should be taken.
Ún the financial side, the necessary vagueness
renders any close examination impracticable at this
stage. I would certainly agree with the Govr: that
there should be no definite statement that the
programme can be met without additional taxation.
in the welter of confusion now existing in the
Far East, my strong inclination would be in favour
of a reserve higher than lymillion dollars. The
tentative scheme assumes that 10 million will be
enough. Over a period of five years, almost anything
may happen. The revenue runs about ze million dollars
or so, excluding the revenue of the self-balancing
depts:, but taking in their net surplus. un the other
hand, the H K revenues have been--I write from
memory--remarkably stable, even during the period
of the recent great depression.
Still, the present circumstances are without
4