No. 1/4
Secretariat Ref. No. 1/2031/46.
Suit (17)
GOVERNMENT HOUSE,
HONG KONG.
69
5
(3)
Sir,
53652/47
9th May, 1947.
With reference to my telegram No. 533 of the
26th March, 1947, I have the honour to transmit, for
Enclosure No.1 your consideration, copies of the Estimates of Revenue
and Expenditure for the financial year 1947/48 as
approved by Legislative Council. Copies of an explanatory
Enclosure No.2 memorandum on the Estimates are also enclosed but this is
Enclosure No.3
now not quite accurate in one or two respects as a result
of changes which were made during the examination of the
Estimates by Select Committee. These changes are set
out in detail in the enclosed copy of the Committee's
report.
2.
In framing the budget for 1947/48 the main aim
has been to achieve a balance between revenue and
recurrent expenditure. This has been successfully
accomplished. Recurrent expenditure is estimated at
$109,834,355 against a revenue figure of $109,839,750
thus providing for a small surplus of $5,395. It is
proposed that the special rehabilitation expenditure
to be undertaken during the present financial year should
be met from the loan which is about to be issued. This
expenditure is estimated at $60,399,400. These figures,
with the exception of that relating to revenue, differ (3) slightly from those contained in my telegram No. 533
because of adjustments recommended when the Estimates
were considered in Select Committee. As a consequence
the original surplus of $351,317 has been reduced to the
present figure of $5,395.
THE RIGHT HONOURABLE
A. CREECH JONES, P.C., M.P.
RECEIVED
20 MAY 1947
C. O. REGY