437
A (1) 20
EXCHANGE.
23. The average monthly rates for sterling and Shanghai dollars were as follows:
January
1/3.255 106.190
February
1/3.219 106.179
March
1/3.624 105.540
April
1/3.699 106.897
May
1/4.306 109.181
June
1/4.609
109.703
July
1/4.695
110.407
August
1/4.495
110.778
September
1/4.735
110.445
October
1/4.818
110.500
November
1/4.858 110.375
December
1/4.927 110.355
The opening rate of the year on January 3rd was 1/3d., the closing rate on December 31st was 158. The lowest rate quoted during the year was 1,27 on 13th February and the highest rate 1/5% on the 29th December.
GENERAL.
24. The estimates for the year were based on $1= 18.2d and a deficit of $1,196,672 was estimated for. The final figures for the year however showed an excess of Revenue over Expen- diture of $976,563, notwithstanding the fact that Revenue shewed a decrease of $1,903,297 below the estimate. The excess on the year's working was therefore wholly due to under expenditure. Several causes contributed to this. The monthly rates for sterling are shewn in the preceding paragraph from which it will be seen that on no occasion did the dollar fall below 1s. 24d. while the average rate throughout the year was 18. 43⁄4ed. Large savings were made under Personal Emolu- ments compared with the amounts inserted in the Estimates. Provision was made for $13,041,075 but only $11,551,284 was expended. Vacancies in
office and changes in personnel accounted for some of this underexpenditure but the greater part may be ascribed to the rise in the sterling value of the dollar. Under "Other Charges" savings were also effected the total provision being $5,129,828 against $4,252,065 expended. The amount spent under Public Works Extraordinary fell short of the original estimate by $375,474 notwithstanding the fact that an extra sum of $509,918 was placed at the disposal of the Director of Public Works by resolution of Council dated 31st August 1933.