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1. Mr. Radford's minute above contains useful comment on Hong Kong's telegrams at (1) and (2) forecasting the general shape of the budget for 1949/50 which is about to be introduced.
2.
(On a point of detail on paragraph 5 of (1) - telegram No. 253 of 3rd March issued to Hong Kong from 15104/17/1/49 says that the cost of the new coins should not be charged to the Nickel Brass Coin Security Fund, so the surplus of only $500,000 budgeted for 1949/50 stands.)
3. As Mr. Radford points out, our main comment on the proposals must, I think, be on the same lines as last year's see paragraph 1 of (5), Sir S. Caine's telegram at (14) and paragraphs 4 and 6 of our despatch on the 1948/49 Estimates at (24) on the 1948 file. The proposals for increased taxation in 1949/50 are very modest against the background of commercial prosperity which still reigns in Hong Kong, but the Governor tells us in paragraph 7 of (1) that even these are likely to be attacked in Legislative Council. Nevertheless I think we must again urge the desirability of increased taxation, specifically referring to Mr. Radford's
point