CO129-623-9 Estimates of Expenditure- includes a report for the year ending March 1952 1-2-1951 - 30-11-1951 — Page 6

6

because this business regio

had been proposed

to the exha

an

tration tax

an alternative

od in the t

6

5. I now

tume to

opposite. Although noted at Y

جو و

paragraph II (1)

no doubt the achievements

pana. I are very дать

praiseworthy the fact still reman's

Hong Kong has a lot

that

development work off ingently needed

cook to do for White unable to raise money by

She is

ban. On several occasions

Horny Kary

has professed herself entirely unable

raise the necessary

tora

money r

has come to H.M. G asking for

assistance. We have recently

no loan on

can be

said that the London market

contemplared and

raise

is still unable to the

money

only

rejun

it seems to

pest

me

if H.K.

needed

that the

that she consistently

to increase taxation to

anything like

reasonable level

in her circumstances. This

I suggest in time be due

on the part of

the long fanly

unofficial

term

may

to a failure

The H.K. Good to put

development needs

and squarely before the

ial members

6. As I

see

f

Leg. Co.

H.K's financial situation

الله

it is as follows. Most (if not all) J

the 1950/51 surpluss estimated in opposite at about $70 million is being swallowed up by changing Rehabilitation Loan cxpenditure

and

((possibly) by

zganist

reverine