CO129-597-1 Estimates 1948 15-11-1946 - 12-6-1948 — Page 69

No. 1/4

Secretariat Ref. No. 1/2031/46.

Suit (17)

GOVERNMENT HOUSE,

HONG KONG.

69

5

(3)

Sir,

53652/47

9th May, 1947.

With reference to my telegram No. 533 of the

26th March, 1947, I have the honour to transmit, for

Enclosure No.1 your consideration, copies of the Estimates of Revenue

and Expenditure for the financial year 1947/48 as

approved by Legislative Council. Copies of an explanatory

Enclosure No.2 memorandum on the Estimates are also enclosed but this is

Enclosure No.3

now not quite accurate in one or two respects as a result

of changes which were made during the examination of the

Estimates by Select Committee. These changes are set

out in detail in the enclosed copy of the Committee's

report.

2.

In framing the budget for 1947/48 the main aim

has been to achieve a balance between revenue and

recurrent expenditure. This has been successfully

accomplished. Recurrent expenditure is estimated at

$109,834,355 against a revenue figure of $109,839,750

thus providing for a small surplus of $5,395. It is

proposed that the special rehabilitation expenditure

to be undertaken during the present financial year should

be met from the loan which is about to be issued. This

expenditure is estimated at $60,399,400. These figures,

with the exception of that relating to revenue, differ (3) slightly from those contained in my telegram No. 533

because of adjustments recommended when the Estimates

were considered in Select Committee. As a consequence

the original surplus of $351,317 has been reduced to the

present figure of $5,395.

THE RIGHT HONOURABLE

A. CREECH JONES, P.C., M.P.

RECEIVED

20 MAY 1947

C. O. REGY