CO129-606-1 Treasury control over Hong Kong finances 28-9-1944 - 23-12-1947 — Page 19

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after only a short period following the liberation we should be reluctant to have to impose on her vis full Miscellaneous 460B control, and we hope you

ill be able to agree to a somewhat simpler form of control on the Singapore lines. In 1947/48 Hong ang estimated revenue and "recurrent" expenditure is (H..) 95 millions which equals about 6 millions and in additiori special expenditure to be met from loans is estimated at 750 millions (3 millions). Singapore cetinated revenue in 1947 is 350 millions = 6 millions and the total expenditure $65 millions = £7 millions and the deficit of 1 million will be met from a loan ruised locully. The financial position of the two Colonies is thus smer hat similar.

4. I should be glad therefore it you would £rce that for 1947/8 Treasury control should take the following form:-

(a) krior Tressury approval of the Estimates. (b) rior Treasury approval of

(i) any additional non-recurrent expenditure

amounting to 3500,000 (£1,250, or more (ii)¿dditional recurrent expenditure amounting

to $250,000 (£15,625) per annum or more. (c) Treasury sreement as to the terms of

issue of any loans.

(d) in aduition we should seek prior approval for

any expenditure involving an important point of principle such as any general revision of salary scales, etc.

(e) e would also keep you informed of the general

trend of the Colony's financial position.

15.