CO129-597-1 Estimates 1948 15-11-1946 - 12-6-1948 — Page 51

53652/47

Wt. 29446/552 9/46 50m. S. &.S. Ltd.

C. O.

Mr..... Palmer 23.7.47.

Mr. Gut 20/7 p.

Permt. U.S. of S.

Mr.

Mr.

DRAFT.

LETTER.

Parly. U.S. of S.

Secretary of State.

For MR. Palais arquatur

30July, 1947.

Dear Serpell,

D.R. SERPELL, ESQ., 0.B.E.,

a

TREASURY.

coples of which I

sent to you

Ordinance No 10 of 1947

154384/5/417

Bavings in

Jany of

FURTHER ACTION.

lupiis sent to вирей

Acti Main Hamis

зуб

6]

2.

We have now examined the

for

Hong Kong Estimates 1947/8, about which

I wrote to you on 27th May,

peter wider a Bord the following Revenue copy of for Marke Young's covenind No

114 of 9 May The estimated revenue is double that

This is due to the fact that,

mainly

of 1946-47. there is a full year's

as i 195617 provision instead of only 11 months and

(revenue for this period was in any went

there wee en underestimated) in 1946-47;

to

curtain

and there has been certain increases

in taxation

rates of taxes following on the

recommendations of a Taxation Committee

Sir Marke Young in September, 1946. appointed by the Governor.

The chief layst

mûcnase

addition is due to the introduction of

Income Tax which is estimated to produce

$16 millions and without which the

budget would not have been balanced. Suru

view however

Looduskrat the

Estimates only include "recurrent

expenditure", we propose to point out to

the Governor that the present "balancing"

of the budget is very precarious and

accordingly the need for raising

additional revenue is an obvious one,

and we assume that Hong Kong will keep

under constant examination all possible

measures designed to achieve this end,

including