Wt. 23364/665. 8/47. 50,000. S. & S. Ltd.
C. O.
53652/47
Mr.Palmer
Mr. Wallace
Mr. Boss
Mr. Mayle
Mr.
26/2/48
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es a
disfi
Permt. U.S. of S.
Parly. U.S. S.
Secretary of State.
Your Reference......
DRAFT.
DESPATCH
HONG KONG
NO
GOVERNOR
FURTHER ACTION.
leave
Sir,
4]
126/6/47
I have, etc., 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
thereto. Subject to the following points
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.
may
It is observed that a small surplus
has been 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 eatipated
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.
541
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