Surplus of Assets over Liabilities.
31.12.30
$
7,361,679
31
11,347,629
32
12,847,062
33 Estimated
13,309,801 +
11,598,731
}
4
13862/33
34 Estimated
+ See foot note on previous page
13810/33 fact,
X
Х
Of which $1,250,000 will, however, have been paid into a special fund if the Governor's proposal under consideration on other papers is approved, the fund being debited with $100,000 anticipated expenditure)
The final payment of $500,000 to the
Admiralty for the Naval Arsenal Yard has not been
provided for. It will probably have to be made in
fact, early in 1935, as the Admiralty have requested
that payment may be made before the end of the British
financial year 1934/5, and this request has been
passed to the Governor for favourable consideration.
I think that the proposal to draw on surplus
balances to the extent of some $1,600,000 is justified
and should be approved. It is not at present in any
case desirable that an appreciably larger reserve
should be accumulated than that suggested last year,
as too great an accumulation of surplus balances would
almost certainly result in unofficial demands for
expenditure on too lavish a scale. The Hong Kong
Unofficials are always ready to advocate expenditure
on new works, though they criticise routine
in connection weli
expenditure which may often be necessary/er their
upkeep.
the desp
Last year commenting on the Estimates,
We mentioned the possibility of reducing taxation.
It is clear, however, that the Hong Kong Government is
not in a position to consider tax reduction at present.
As