milo
$
balances of at least $10,000,000 which it is the
policy to maintain. The basis of the calculation
of the sterling dollar exchange for the purpose of the Estimates has been fixed at = 1/4d as compared
with a rate of $ = 1/3d for the Estimates of the
current year.
The rate on the 7th November was
over $ = 1/7d and if the average for 1935 exceeds
1/4d there will be a saving on the sterling
transactions of Government.
The draft Estimates provide for
Gross Revenue
$30,585,650
Gross Expendi-
ture
92-476 102
stet.
Deficit
1,890,452
The Estimates as passed by the Legislature reflect an increase in expenditure of $80,000 on account of
the Wanchai Market which unofficial members wished
The
to be completed as soon as possible, Estimates
passed
as paedule by the Council therefore reflect the
following figures
Revenue
Ordinary
Land Sales
29,985,650
600,000*
Total
30.585 650
30,585,650
Expenditure
Ordinary 28,976,652
Extraordinary 3,079,450
Naval Arsenal
Yard
500,000
Total
32.556.102
32,556,102
Estimated deficit
1.970.452
It appears from the speeches of the
unofficial