*
At the same time I would emphasise our doubts about the efficiency of Hong Kong's present financial machinery, which we hope will be strengthened.
SAs regards the limits of write-off we accept the proposals made in paragraph 5 of your letter.
I should refer here perhaps to one other point. At present items of special expenditure are shown in a schedule and not as part of the Estimates. I do not think that this is a wise procedure and I suggest that you should instruct the Governor of Hong Kong to include special expenditure, whether it is met from the loan or not, in the Estimates. I should make it clear that our
agreement to your proposals is dependent on a satisfactory assurance on this point. Special expenditure should of course be met from revenue as far as possible. Iestivalio file
Yours sincerely,
Du supere
•
No comments yet.
Private notes are available after approval.