W. 49614/485 3/46 50m. S. & S. Ltd.
C. O.
Mr.
Mr.
Mr..
Mr..
53652/48
Sir S. Caine. f
U.S. of S.
Parly. U.S. of S.
Secretary of State
200
badest oscut 12-30 his
sex
7/7
17
7/7 ilme
RECEI
CODE
DRAFT. TELEGRAM
GOVERNOR,
HONG KONG
FURTHER ACTION.
One to the Pirblade,
Recic.
No. 751
(9)
(13)
At
Your despatch No.100 of the 7th
May and your savingram No.412.
1948-1949 Estimates have
been discussed with Follows and I now
approve generally. I have, however,
following comments in anticipation of
fuller discussion in despatch which will
follow.
Revenue has been estimated on
conservative basis and allows for
recession of trade as compared with 1947-48.
I appreciate, therefore, that if levels of
trade and general prosperity are maintained,
estimates of revenue should be exceeded and
a further revenue surplus earned. I should
be glad to know whether it is yet possible
to judge from revenue receipts in the first
quarter how far revenue is actually being
maintained as compared with last year.
however,
Estimates as presented, provide
for no significant addition to the Colony's
surplus funds. Even allowing for some recession of trade, I should have hoped
that it would have been possible to make
some such addition as provision against
heavy demands which the Colony will
undoubtedly have to meet for capital and
rehabilitation