CO129-623-4 Supplementary Expenditure- includes an annual report for the year ending March 1950 1-12-1950 - 30-11-1951 — Page 24

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2431

SAVINGRAM

To the Secretary of State for the Colonies.

From the Governor, Hong Kong.

t

15 October, 1951

Date

No.

1149

1951/52 Estimates. Miscellaneous Services Refunds of Revenue.

-

12

54324/47

Finance Committee has approved a supplementary provision of $273,000 for Head 20 Subhead 18 in the 1951/52 estimates and I seek your covering approval in accordance with the terms of your despatch No.302 of 25th September, 1948.

2.

In 1947 the Government (with your concurrence in your telegram 1570 of 5th October, 1947) obtained possession of 25 flats in a certain building as the result of acquiring a substantial interest in a commercial company floated to finance construction. The Government guaranteed a bank loan for construction on the security of a mortgage. When the building was completed, the Government was released from its guarantee and yielded its interest in the property. company paid stamp duty of $273,000 on the resulting reassignments under protest and lodged an appeal.

3.

The

On the advice of the Attorney General that the appeal could not be defended successfully the stamp duty was refunded.

20 1951