CO129-606-2 Treasury control over Hong Kong finances 22-1-1948 - 9-12-1948 — Page 25

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Honourable Members will recollect that on the 2nd June

last a resolution was passed by this Council asking me to make

representations to the Secretary of State with a view to the immediate termination of Treasury Control over the finance of

the Colony. A despatch has now been received from the Secretary

of State indicating that Treasury Control has ceased from the 1st

April, 1948.

Arrangements for control of Hong Kong finances as from

that date are as follows:-

(a)

Approval of the Secretary of State is required for

i. The Annual Estimates;

ii.

Supplementary expenditure not provided in the

Estimates involving capital items exceeding

1 million dollars and recurrent expenditure

exceeding a quarter of a million per annum;

iii. Expenditure involving important points of

principle as, for example, changes in salary

structure;

iv.

Terms of issue of Government Loans.

authority

(b) The Secretary of State's authority will no longer

be needed for the writing-off of losses or of assets;

for such writing-off will rest with this Council. Similarly

the approval of the Secretary of State is no longer required

for abandonment of claims, but Finance Committee must be

consulted where substantial amounts or questions of

principle

arise.

(c)

The/