CO129-504-12 Loan to cover work on Shing Mun Valley Scheme etc.- draft ordinance 28-4-1927 - 4-12-1927 — Page 20

p.

-2-

Colony is exempt from local income tax.

(See Colonial Office

despatch of 17th April 1923, paragraph 6

If you could send the draft Ordinance out to the

Colony by today's mail, and telegraph the particulars required

for the schedule as soon as you had the information, it might

be possible, by immediate enactment of the Ordinance, to have

the loan issued in July. Or, a.ternatively, as soon as we know

that the Ordinance has been passed, we shall be in a position

to make advances to Hongkong on its security, leaving the issue

of the loan over till October.

Yours sincerely,

CA.

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