C.O.
To:-
Draft
TELEGRAM/SAVINGRAYX
>
GOVERNOR, HONG KONG.
File No.
53652/48
Coded
Sent.
Mr. Palmer 15/3/48
Repeated to :—
Mr.
Mr.
Mr.
2200 hours.
15/3/194.48
Cit.
To be transmitted :—
Mr.
Priority :-
No.
307
Permt. U.S. of S.
Parly. U.S. of S.
In Clear
Code
Cypher
NIL-
Reply urgently required.
Bestricted:
Funportant
Confidential.
S. of S.
Immediate.
-Top-Secret.
RECEIVED
5 MAR 1948
Int
Distribution :--
Copy to _DR. Serpell on
Your telegram No. 234. 1948/49
Estimates.
1.
I note revenue estimated
$150 millions on conservative basis and
expenditure $148,750,000 thus showing a
small surplus. After deducting from
Revenue $10 millions arrears relating to
the current year, however, there is a
deficit on the year's working of
$8,750,000.
I feel that this position
calls for a review of the Colony's
policy in regard to revenue in view of the
present boom conditions (and their
I fish wise you world my out that causes At such a time the aim should
and that-
Suma be to budget for large surpluses,
thus:
(a) Reducing the pressure on loan
funds
(b) Creating substantial reserves
against possible leaner years
p??
(c)
Checking inflation
any
(d)
Further action :-
Recurve for ceps KNO• if
Reducing demands on H. M. G. at a
time when its resources,
particularly