DRAFT DESPATCH
53652/47
HONG KONG
Sir,
NO.
GOVERNOR
For concurrence.
23
I have the honour to refer to
your despatch No.114 of the 9th. May, 1947,
transmitting copies of the Colony's
Estimates for the financial year 1947/48
as approved by the Legislative Council, and
to express regret at the delay in replying
Subject to the following points
thereto.
I now convey my approval of those
Estimates and inform you that the power of
disallowance will not be exercised in
respect of Ordinance No.18 of 1947
enclosed in your despatch No.74 of the
4th April, 1947.
2. It is observed that a small
surplus was estimated for mainly owing to
the provision of $16,000,000 in respect of
the estimated proceeds of the Earnings and
Profits Tax. It is observed, however,
from paragraph 24 of your despatch No.292
of the 12th December, 1947, that the
revenue from this head is now estimated to
be about $30,000,000 and total revenue
about $150,000,000. In consequence, in
spite of additional expenditure arising
out of the recommendations of the Salaries
Commission, a surplus of $30,000,000 is
anticipated. At the same time large
items of expenditure, estimated to amount
to $100 millions by 31st March, 1948,
remain charged to Suspense pending the
raising of a loan, or to the receipt of
further assistance from His Majesty's
Government
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