CO129-617-6 Development- recommendations of Hong Kong Colonial Development and Welfare Committee 18-7-1947 - 23-12-1947 — Page 11

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I have nothing to add to the minutes of Mr. Harding and Sir Frank Stockdale beyond underlining the necessity of a reasonable profit being made wherever possible from these publicly financed

projects. This brings me to the general question of the financial position in Hong Kong and I cannot accept the non-possomas attitude in paragraph 3 of the despatch. There is a great deal of wealth and business profits in Hong Kong at present and I see no reason whey the fipedal situation should not ve reviewed and revenue increased. Some revenue is derived at present from monopolistic public utilities. I believe that recently there has been a great spate of bonus shares and a considerable watering of capital. There seems to me considerable scope for increased

revenue.

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1.1.48.

innatite application

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1948 file

in continuation