81819
Not
CONFIDENTIAL.
aws. tel. No. 145 couf.
com.
4 Dec. 31.
(3)
GOVERNMENT HOUSE,
HONG KONG, 7th August, 1931.
My Lord,
I have the honour to acknowledge the receipt of Your Lordship's confidential despatch of the 26th of May, 1931, on the subject of anticipated loan requirements.
2. I am glad to say that the financial position has improved considerably, and may be described as not unsatisfactory, though the position has been attained to some extent by deferment of certain desirable works. The rapid fall in the sterling value of the dollar early in the year, while causing a large increase in the dollar equivalent of the Colony's sterling commitments, coincided with an improvement in the general situation, and I am glad to be able to report that the conservative estimate contained in the enclosure to my despatch of the 13th of March can now be reconsidered in the light of the experience of the first half of 1931.
3. The actual deficit in the 1930 Budget proved to be no more than $301,173, so that the balance of assets over liabilities on the 1st of January, 1931,
was
THE RIGHT HONOURABLE
LORD PASSFIELD,
&c.
&c. ›
&C.;
746
46