408
vnolo ant 14 tant epedasvba Isnoitibbu sið 28d JI
甓
To boite a SONSİTƏÇXO of ravons stenutiot ad bloode
Isitmatadue a vojne mozkor Tento vas 101 13 y‡İT9q201q
of siɗluaoq nienst Ilija [liv ji Sunever to 9289TDAİ
LOUNSV91 of swutibnoque ad♬ sytado
swtiboeqxə ant gaisinodtus roitulozeЯ [ewioł A
.8
I zesinu,I[iw 8Ɛet to bine silt of qu berivani eď of
ed VIBIJH00 ent of anottovitani oifiyerieiet quoy eVeď
edi ddiw noitoonnço at lianroð sviðslzigai ni beoubortai
vré ogrario of bezoqory dns291q te ton ei JI .c9temite¤
noiðɛrebiznoo jud neol of owtiɓneque edrowistow dud
vtilidanizeɓ ent of nevty od 29oo amid and node [IIw
SVİJATONUMST Isdło vıs yaw zidi ni ynforanti to
•Moẹt habiɔab ed yam dolny alapa equai-*-40 ƏTUJINAGKA-
081000 to Iltw evous baniitso algacyOTĘ SIT .e
vadit tadt noitamiðni ne ddiw (tonuo erit ot-bottimduz od
ti trigport over I ‡nd Levotage woy aj Josjduz e1e
·
I Jadw to noiJemijni somvbn sind soy evig of regorg
„Daim ni sveri
R
,ad of Ironod edð svarí I
Ti2
JRAVIEZ SİL: Jasibajo taom THY
MA. CONFIDENTIAL
AIR MAIL.
to 8.a.(2)
flag
2.
53652
GOVERNMENT HOUSE,
HONG KONG.
2nd September, 1937.
Sir,
I have the honour to convey to you the
following preliminary survey of the general financial
outlook and of the basis upon which the Estimates
for 1938, which are now almost ready for presentation to
the Legislative Council, have been framed.
When the 1937 Estimates were prepared the
revised estimates of expenditure for 1936 showed an
expected deficit of $1,004,000, reducing the surplus of
assets from $12,388,000, at which it stood at the 31st
December, 1935, to an anticipated figure of
$11,384,000 at the end of 1936. The approved Estimates
for 1937 showed a deficit of $3,499,000, involving
the prospect of a further reduction of the surplus
balance to $7,885,000 at the end of 1937.
3.
It was, however, hoped that the actual
position would be more favourable and this hope has been
realized. The year 1936 ended with a surplus instead
of a deficit and the excess of assets at the 31st
December, 1936 was $12,917,000. It is also now
expected that the deficit in 1937 will be very much
smaller than that budgeted for, and there is indeed
some prospect of another surplus. The present revised estimates of Revenue and Expenditure for the current
THE RIGHT HONOURABLE
&C.,
W.G.A.ORMSBY-GORE, P.C., M.P.,
&C., &C.