vt. 49614/485 3/46 50m. S. & S. Ltd.
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54126/1/46
Hong Kong.
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Mr..
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Mr.
Palmer
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Jeve Gode.
DRAFT.
TELEGRAM.
Permt. U.S. of S.
Parly.
U.S. of S.
bodeda sent 13 coho
Athe 29.7.46
GOVERNOR,
HONG KONG,
FURTHER ACTION.
Copy for
ん
RL M. James Framing
محسوط
Holding Cape)
Secretary of State.
Immediate
NO. GOO
307
RECE VED 29 JUL 29 J
16
COR FIOR
My telegram No. 554
Hong Kong Estimates.
Questions now discussed with
MacDougall and Treasury. The estimates
despatch will doubtless give me a
clearer picture of the financial
position but the following comments
should be of assistance to you in
framing your financial policy to the end
that reliance on assistance from H.M.G.
should be of as short duration as possible.
Recurrent expenditure is estimated
2.
at $90,000,000 and revenue at $52,000,000
•having a deficit and possibly this year $38,000,000, but
year $38,000,000)
provided revenue is increased it is
possible that the Colony should, apart
from special expenditure, be approaching
the position of a balanced budget in
1947-8. To this end it is desirable to
increase revenue to as great an extent
for exampl
as possible by such means as) increasing
taxation on tobacco and liquors and non-essential
lumny goods, revaluation of
properly assess
and increasing rates of war taxes
pending introduction of a full Income Tax
Ordinance as soon as staff can be made
available.
Other existing taxes should
be
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