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No. 110.
39
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1 MAR 1939
GOVERNMENT HOUSE,
HONG KONG.
16th February, 1939.
Sir,
8
I have the honour to acknowledge the receipt
of your despatch No.23 of 17th January confirming your
approval of the estimates of the Colony for 1939. In
paragraph 7 of my despatch No.844 of 21st November, 1938,
48
I stated my intention to review the financial position
early in the year and I now submit for your consideration
certain proposals arising out of that review.
2. The financial year 1938 ended substantially
more favourably than was anticipated when the 1939 estimates
were passed. Revenue amounted to $36,735,855, compared
with an original estimate of $30,254,920 and a revised
estimate of $35,660,000. Expenditure (excluding the special items mentioned below) amounted to $34,972,282, compared
with the original estimate of $33,379,549 and the revised
estimate of $35,155,355. In addition there was charged to
expenditure, under the new accounting system, a total of
$1,203,616 representing building loans and unallocated
stores outstanding at 31st December, 1938. Furthermore
an exceptional payment of $1,000,000 has been made, as
already reported, on account of 1938 military contribution,
payment of which had been provided for in the 1939 estimates.
A deficit of $440,043 is thus shown for 1938, reducing the
surplus, or general revenue balance, to $13,562,235.
Copy of git end to CA. 11.
THE RIGHT HONOURABLE
MALCOLM MACDONALD, M.P.,
&C.,
&C..
&c.
3.