53652/49.
The Church House,
Great Smith Street,
S.W.1.
20 March, 1950.
325
27
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Dear Russell-Edmunds,
I enclose a copy of a savingram from Hong Kong giving the latest estimate of the Colony's financial position. It i most encouraging that Hong Kong now estimates the 1949/50 revenue at $249 millions (which presumably includes His Majesty's Government's grant of £1 million = $16 millions) as compared with g180 millions in the approved estimates. Expenditure is expected to exceed the approved estimate by £6 million, or gll million of an additional $5 million is oredited to the Sinking And of the Rehabilitation Loan. accumulated surplus to 31st March, 1950, will now be about $130 millions.
The
2. An expected increase of about 40% in a Colony's revenue over the approved estimate is of course due to the somewhat feverish conditions existing in Hong Kong at the present time and cannot be regarded as bad estimating by the Financial Secretary since it is impossible before the commencement of the financial year to tell whether the exceptional prosperity is likely to continue throughout the year, as conditions are governed by sircumstances entirely outside the control of the. Colony.
*
3. It is also satisfactory that Hong Kong has been able in four years to build up a surplus of some $130 million, towards which His Majesty's Government has contributed $28 millions.
COLONEL W. R. RUSSELL EDMUNDS,
TREASURY.
/The
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