(ii) The insertion of "particularly if it can be applied to funds, e.g., Refugee Capital, which have hitherto escaped" after "increase of taxation" in the third sentence.
(iii) Omit the last sentence..
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Finally, we should suggest the insertion of "as soon as possible" after "glad to learn" in paragraph 6.
I trust you will be able to accept these amendments which seem to us to be in line with Colonial Office policy on taxation as out- lined in the draft despatch to colonies, about which Caine wrote to the Treasury on 22nd December, 1947. Perhaps in these circumstances you would let us know your reactions to our suggestions which have been approved by higher authority here.
Yours sincerely,
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