Extract from a letter from Mr. Caine to Mr. Clauson
dated 21st September, 1938.
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These two months have been my busy season
1939 Estimates, which happen to be rather full of
complexities, because the air is full of schemes and our
They are now, I am glad
future full of uncertainties.
to say in final proof and I have only an introductory
speech left to prepare. Our expenditure is going to show
an all-time high, and, in spite of the swollen revenue
we shall show a deficit of $2,000,000 or so, after coming
out about all square this year.
At present the air is
full of rumours once more of an invasion of Kwang tung
which may knock a lot of things cock-eyed, including the
Railway Estimates. It may also land us in heavy expenses
for refugees. We are already putting up camps at a cost
of half a million to cope with destitutes now on our hanās.
At the same time, I remain optimistic of the
ultimate future here.
Economically I believe we are going
to develop; not only is our entrepot position unlikely to
be challenged for many years, but everybody now believes
(what I told them 12 months ago) that many minor industries
will stick here. H. E. is a confirmed optimist.
Financially, we are very strong indeed principally because
of the enormous reserve of untapped taxable capacity
public here has no idea what taxation means yet.
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the
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