CO129-590-28 Hong Kong finances- advances to meet deficits 20-12-1941 - 3-1-1944 — Page 28

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As regards 1944/45 we may then attempt an estimate of the annual rate of expenditure (on the basis of the rate of expenditure at the beginning of that year), but it will be impossible to guarantee that the expenditure actually brought to account will in fact represent a year's expenditure. In fact it is almost certain to differ greatly from the estimate for that, if no other, reason.

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Yours sincerely,

(Signed) J. J. PASKIN