ll
12
you.
See 53957/38.
See (1) on 53652/1/39.
Jel 324 comp.
2·10-39
"Requests approval to somit to Leg. to. certain
financial proposal, as
set
The essential features of the 1940-41
budget, which is an interim budget covering a 15-
month period owing to the decision to alter the
Hong Kong financial year, are as follows:-
Revenue:
approximately $50,000,000
Expenditure:
(a) Annually recurrent
$44,500,000
(b) Special (including
increase in Police, Medical and Sanitary Services + $1.6 mil- lion for A.R.P.)
(c) P.W.E.
$ 2,200,000
$3,500,000
approximately $50,200,000
In order to avoid the necessity of cutting
down the public works programine and social services
generally - a policy with which we would agree in
view of our circular telegram No. 54 of September
15th and to meet the probable increase of
expenditure which will be necessitated by war
services and which may possibly be coupled with a
diminution of existing sources of revenue, the
Governor has put forward certain proposals which
may be summarized as follows:-
A. Defence expenditure to constitute a
separate defence budget deriving its revenue from
an income tax (at a suggested standard rate of
10 per cent. with surcharge of 5 per cent. on
excess of income above £1,000 and of 10 per cent.
above about £2,000) which would be effective from
April
No comments yet.
Private notes are available after approval.