53652/47
Wt. 29446/552 9/46 50m. S. &.S. Ltd.
C. O.
Mr..... Palmer 23.7.47.
Mr. Gut 20/7 p.
Permt. U.S. of S.
Mr.
Mr.
DRAFT.
LETTER.
Parly. U.S. of S.
Secretary of State.
For MR. Palais arquatur
30July, 1947.
Dear Serpell,
D.R. SERPELL, ESQ., 0.B.E.,
a
TREASURY.
coples of which I
sent to you
Ordinance No 10 of 1947
154384/5/417
Bavings in
Jany of
FURTHER ACTION.
lupiis sent to вирей
Acti Main Hamis
зуб
6]
2.
We have now examined the
for
Hong Kong Estimates 1947/8, about which
I wrote to you on 27th May,
peter wider a Bord the following Revenue copy of for Marke Young's covenind No
114 of 9 May The estimated revenue is double that
This is due to the fact that,
mainly
of 1946-47. there is a full year's
as i 195617 provision instead of only 11 months and
(revenue for this period was in any went
there wee en underestimated) in 1946-47;
to
curtain
and there has been certain increases
in taxation
rates of taxes following on the
recommendations of a Taxation Committee
Sir Marke Young in September, 1946. appointed by the Governor.
The chief layst
mûcnase
addition is due to the introduction of
Income Tax which is estimated to produce
$16 millions and without which the
budget would not have been balanced. Suru
view however
Looduskrat the
Estimates only include "recurrent
expenditure", we propose to point out to
the Governor that the present "balancing"
of the budget is very precarious and
accordingly the need for raising
additional revenue is an obvious one,
and we assume that Hong Kong will keep
under constant examination all possible
measures designed to achieve this end,
including