1532 Wt18027/5526 100m 7/50 F A Gp58
Mr. Mrs. Petherick 27/8
Mr..
Hall on
leave
Mr. Andersm 28/8.
Mr...
Mr.
Sidebotham
2000
53652/51
Permt U.S. of S.
Parly. U.S. S.
Minister of State
Secretary of State
CONFIDENTIAL
Your Reference........
42
DRAFT DESPATCH
HONG KONG
NO. 234
GOVERNOR
(9)
And them for my composatel telegram mogos of the (10) 11th August afforming these cotimates incurring the changes of retablishment
Kerem shown.
Sir,
3 1 AUG 1951
I have etc. to refer to your confidential despatch
No. 48 of the 17th May transmitting copies of the
estimates of revenue and expenditure for the financial
year 1951/52. I am grateful for your comments and for
the careful, detailed assessment of the Colony's
financial position as set out in your despatch.
2. I appreciate the difficulties, referred to in your
paragraph 10, which were met with in drafting the
necessary legislation for the compulsory registration
of businesses and I am glad to note that they have now
note
been fully resolved. I see from paragraph 9 of your
(11)
saving No. 952 Confidential, of the 17th August, 1951,
that the Commerce and Industry Department will administer
FURTHER ACTION
Recirc. to Mrs. Petherick for action on (11) and
on has.
the new legislation, which is now being drafted.
3.
It is, I think, clear that the amount of the
Colony's free reserves are still too low, in view of
the need to build them up to finance future development
and to meet unforeseen expenditure. I was therefore,
somewhat concerned to see that two Unofficial Members
had urged in debate that not only should the business
registration tax be deferred but that the standard rate
of tax should be reduced to its former level of 10%.
I shall be addressing you separately about the question
of personal income tax rates, as I am concerned about
the relatively low rates, especially those on incomes
over £2,000 per annum.
4. I note with satisfaction, from paragraphs 6 and 21.
21!
/of