Ansa
No. 264.
Sir,
De
30/5
28
123
GOVERNMENT HOUSE,
HONG KONG.
24th April, 1935.
I have the honour in accordance with Colonial
Regulation No.281 to request your approval of the expenditure of a sum of $413,119. in respect of depreciation in dollars
of the sterling funds of this Government during the year 1934,
consequent upon the rise in the exchange value of the Hong Kong
dollar.
2.
The rise in the value of silver which began last
year reversed the tendency of the years 1932 and 1933, in each
of which considerable sums were written on to revenue as a
result of the exchange factor. I enclose a copy of a minute
by the Colonial Treasurer which fully explains the necessity for this expenditure.
3.
The expenditure received the unanimous approval of the Finance Committee of the Legislative Council as item No.7 of the Report of 4th April, 1935, and the Report was adopted by the Council on 11th April, 1935.
I have the honour to be,
Sir,
Your most obedient, humble servant,
wine
Governor, &c.,
THE RIGHT HONOURABLE
SIR P. CUNLIFFE-LISTER, G.B.E., M.C., M.P.
&C.
&c.,
&C.