CO129-539-12 Loans for public works- military finances 26-2-1932 - 7-3-1933 — Page 104

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A remarkable increase, and when universal meterage now being

inaugurated is fully installed, there will be further expan-

sion. In addition Government have the assessed taxes to

fall back on. The present rate is 17% and an increase to

18%, 19% or 20% could not be considered excessive.

One more point. The public should be advised at

once that it is Government's intention to repay the Public

Works Loan on 1st November, 1932, and that Bondholders will

be given the opportunity of conversion.

(sd.) Edwin Taylor.

Colonial Treasurer.

The Treasury,

Hong Kong, 26th February, 1932.

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