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7. Government Revenue Returns also mirrored the satisfactory trading returns; whereas the presentation of the Colony's estimates for 1948/1949 presaged a surplus of $1,123,845., the revised figure to date is $24,000,000., viz. an increase of over 221 million dollars.
g.
Much of the Government's capital expenditure has to be met from current Revenue, presenting a difficulty inasmuch It had been con- as no further taxation was contemplated. sidered that further taxation would have a deleterious effect inasmuch as it would tend to drive trade away from the Colony.
9.
Constitutional side of Municipal Council.
While progress
had been slow, much preparatory work had been completed and draft Bills would shortly be published giving details, the first readings of which would not be taken for at least six weeks after publishing, thus giving ample time for consider- ation by interested parties.
I am, Sir,
Your obedient Servant,
W.P. Montgomery United Kingdom Trade Commissioner.
c.c. Export Credits Guarantee Dept.,
9 Clements Lane,
Lombard Street, London, E.C.4.
I. Mackenzie, Esq.,
1st Secretary (Commercial), British Embassy Offices,
33 The Bund, Shanghai.
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