11 22
PASSED
62
TW
7.3.40.
(SPECIAL SERVICE
HONG KONG'S BILL TO MEET WAR COSTS
GIFT OF SHIPS TO ROYAL NAVY
MONOKONG, THURSDAY.
THE PASSAGE THROUGH THE LELATIVE COUNCIL OF THE HONGKONG WAR REVENUE BILL - EXPECTED TO ISE 10,000,000 HONGKONG DOLLARS (ABOUT £600,000) ANNUALLY BECA ASSURED TO DAY WHEN THE
UNOFFICIAL MEMBERS GAVE IT THELT UNANIMOUS SUPPORT.
THE BILL, WHICH HAS NOW RSJAIVED ITS FIRST READING PROVIDES FOR A WARTIME TAX ON SALARIES, PROPERTY AND COMPANY PROF ITS.
THE PROCEEDS OF THIS TAX WILL BE DIVIDED BETWEEN MEETING THE ABNORMAL EXPENDITURE FORCED UPON HONG KONG BY THE WAR AND A
SUBSTANTIAL GIFT TO THE IMPERIAL GOVERNMENT FOR THE PROSECUTION OF
THE WAR AGAINST GERMANY.
IT IS EXPECTED THAT THE GIFT WILL TAKE THE FORM OF LOCALLY-
BUILT SHIPS FOR THE ROYAL NAVY.
THE BILL IS TO REMAIN OPERATIVE UNTIL PEACE IS DECLARED
REUTERS SPECIAL
GI2
:
HONG KONG TO GIVE SHIPS TO THE NAVY
HONG KONG, March 7
The passage through the Legislative Council of the Hong Kong War Revenue Bill-expected to raise about £600,000 annually--became · assured to-day when the unofficial members gave it their unanimous support.
The Bill provides for a war-time tax on salaries, property and company profits.
The proceeds of this tax will be divided between meeting the abnormal expenditure duc to the war and a substantial gift to the Imperial Government for the prosecution of the war. It
is expected that the gift will take the form of locally-built ships for the Royal Navy.-Press Association.