No. 164.
Sir,
Government House,
Hong Kong.
4th November 1946
38
41
از
43
With reference to my despatch No. 48 of the
24th July and the Colonial Secretary's Third Personal
Note No. 2496/45 of the 22nd August, I have the
honour to transmit, for approval, the Estimates of
Revenue and Expenditure for the financial year ending
31st March, 1947.
2. When the draft Estimates were considered in
Select Committee certain additions and amendments were
recommended and these were subsequently approved by the
Legislature. A statement showing these variations is
enclosed.
3. The Estimates, as finally approved by the
Legislature, provide for a total expenditure of 167,854,576
against a kevenue of $51,308,300. The estimated deficit
therefore amounts to $116,546,276 but as a result of
certain measures taken or contemplated since the Estimates
were framed it is hoped that the Revenue figure will be
considerably increased.
4.
Measures which have so far been recommended by
the Taxation Committee include a 10% tax on the increment
in the value of property. Legislation to give effect
to this proposal has already been enacted but it is
impossible to say at this stage what the resulting
Revenue is likely to be.
The Right Honourable
Arthur Creech Jones, P.C., M.P.
As a result of the influx of
RECEIVED 25 NOV 1946
O. O. REGY