CO129-597-2 Estimates 1949 1-3-1948 - 14-7-1949 — Page 259

259

5.

I foresee little possibility of situation arising whereby Colony would be formed to seek Grant-in-Aid to meet recurrent expenditure, This would be definitely unpopular, as it would be regarded as sacrificing Colony's independence to somo degree, and I am sure that I can count on unoffi018) support for any measures necessary to maintain balanosa budget. I should much prefer to defer any proposal for raising fresh revenue until I see result achieved by proposed review of departmental expenditure,

Be

Actual revenue for 1947/48 is now estimated at Hong Kong 150,146,224 against a revised expenditure figure of Hong Kong 120,071,359, thus giving an actual surplus of Trong Kong 30,000.004

76

It is not yet possible to give any definite figure regarding S.T. and I. profits as this has not been taken into account în revenue estimates for 1948/49.

Cepy sent to:~

Treasury

Mr. D.R. Sexpell, O.B.E.

→ But in later figures in (9)

· actual surplus

oppos

35,000.

040