148
Saving.
53652/48.
From the Secretary of State for the Colonies.
HONG KONG.
To the Officer Administering the Government of...
Dat
q December, 1948.
34
No...
1236
Saving.
Your Confidential savingram No.699.
Financial position and policy.
1. I am very grateful for your report. The delay in replying is regretted. Subject to clarification of certain points referred to below, I consider that the information you have given is in a form which enables me to see clearly the general financial position of the Colony.
2. Paragraphs 1 and 2. I note that the total of all revenue for the first 6 months of the financial year is approximately $6 million more than half the estimated revenue for the year, yet the total of revenue for the first six months under the principal Heads
quoted is more than $1 million less than half the estimated revenue for the year against the same Heads. This presumably means that a number of comparatively unimportant Heads have yielded more than was estimated.
3. Paragraph 8. I note that considerable savings are expected under many Heads of expenditure but that these will be offset by additional expenditure not provided in the Estimates.
4. Paragraph 9. I agree with your intention to discharge as many of Hong Kong's outstanding liabilities as possible during the current year without thereby incurring a deficit.
5.
No comments yet.
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