CO129-597-2 Estimates 1949 1-3-1948 - 14-7-1949 — Page 208

W. 49614/485 3/46 50m. S. & S. Ltd.

C. O.

Mr.

Mr.

Mr..

Mr..

53652/48

Sir S. Caine. f

U.S. of S.

Parly. U.S. of S.

Secretary of State

200

badest oscut 12-30 his

sex

7/7

17

7/7 ilme

RECEI

CODE

DRAFT. TELEGRAM

GOVERNOR,

HONG KONG

FURTHER ACTION.

One to the Pirblade,

Recic.

No. 751

(9)

(13)

At

Your despatch No.100 of the 7th

May and your savingram No.412.

1948-1949 Estimates have

been discussed with Follows and I now

approve generally. I have, however,

following comments in anticipation of

fuller discussion in despatch which will

follow.

Revenue has been estimated on

conservative basis and allows for

recession of trade as compared with 1947-48.

I appreciate, therefore, that if levels of

trade and general prosperity are maintained,

estimates of revenue should be exceeded and

a further revenue surplus earned. I should

be glad to know whether it is yet possible

to judge from revenue receipts in the first

quarter how far revenue is actually being

maintained as compared with last year.

however,

Estimates as presented, provide

for no significant addition to the Colony's

surplus funds. Even allowing for some recession of trade, I should have hoped

that it would have been possible to make

some such addition as provision against

heavy demands which the Colony will

undoubtedly have to meet for capital and

rehabilitation