Draft
TELEGRAM/SAVINGRAM:
File No.
210
53562/48.....
To:-
34%%
Repeated to :—
GOVERNOR,
HONG KONG.
(Not & 90
Sent.
Mr. Palmer
Mr.
Mr. Shuhall in
Mr. Paskui 11)
Mr.
Permt. U.S. of S.
Parly. U.S. of S.
S. of S.
1
Distribution :-
Further action
COPY TO:
285 mints
To be transmitted :-
The telefaur
In Clear
Code
W
Cypher
ز؟
and C below To the transferred 15 permanent file.
when available Remander of full
to be returned
to A Palmer sson
I.F. Bancroft, Esq.,
Treasury.
Cl
!...
Priority:
NN.
Reply urgently required.
Important.
Immediate.
Most Immediate.
No.
hours.
.194.
Restricted. Confidential
Secret.
Top Secret.
1. Your despatch No.100 of 7th May, 1948.
In view of representations in your Savingram
No.412 I give general approval to the 1948/49
Estimates which have been discussed with
Follows. You should, however, be aware of
my concern regarding certain aspects of the
Estimates with which I shall deal in my
reply to your despatch.
In the meantime
I have the following preliminary comments.
2. It is appreciated that revenue has been
estimated on conservative basis. Nevertheless
I feel that it is disturbing in view of Hong
Kong's many liabilities and need for
rebuilding its reserves that 1948/49 revenue
should be planned on a basis estimated to
produce only $151 millions (para. 7 of your
despatch) which figure includes $10 millions
arrears of earnings and profits tax compared
tax,
with $153 millions actually received in
1947/48 (para. 4 of your despatch). At the
same time expenditure is estimated at $150
millions compared with $118 millions actual
expenditure in 1947/48 (para. 4 of your
despatch) an increase of $32 millions.
if/
Thus
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