55
5.
I foresee little possibility of situation arising whereby Colony would be forced to seek Grant-in-Aid to meet recurrent expenditure, This would be definitely unpopular, as it would be regarded as eacrificing Colony's independence to some degree, and I am sure that I can count on unofficial support for any measures necessary to maintain balanoeć budget. I should much prefer to defer any proposal for raising fresh revenue until I see result achieved by proposed review of departmental expenditure,
66
Actual revenue for 1947/48 is now estimated at Hong Kong 150,146,224, against a revised expenditure figure of Hong Kong 120,071,359, thus giving an actual surplus of Hong Kong 30,000.000.
70
It is not yet possible to give any definite figure regarding S. T. and I. profits as this has not been taken into account in revenue estimates for 1948/49,
Copy sent to:~
Treasury
Mr. D.R. Serpell, O.B.En