12818/17/50
programme
me which
A
year ago
was
then this
8
estimated to cost $ too million; since
coor has been
reances
by
the substitution of extentions to Kai Take accodromé
a
new
one
for at Deep Bay
the building of
very much
will be RE
and it
increased if
the Governor accepts anything like
om suggestions
housuy
development; costs have also increased
I think estimate the
and w
can
development programme
a
at least
$400 million. In these circumstances, and despite the $50 Development Ind which the Governor proposes (all para 7 of (1) opponite) to set up from trading profit of the Supplies & Distribution Dept, I still feel that the only for H.K. to adopt is to increase taxation
now, as we
have
unged,
realistic comse
and to salt doww
the proceeds against the time when, in the later stages of
The various
and where
ingently needed development works, expenditure will be heavy
therefore cupplingly heavy
Faxation
would be needed of Hill. Them
endeavoured to meet the
Current
revenue
7. Whitst
alove, I think
مه
Conts
from
I have painted out
these
are
Kasomo
why
H. K. should take to estimating revenne
on
a
rather less
conservative banis
that wither to I cannot help feeling that taken by and large & bearing mind the American embargo disturbing features the present is
in
o other