7. The following table shows the Revenue and Expenditure during the last five years:--
1918 1919 1920 1921 1922 Revenue 18,665,248 17,728,132 22,291,065 17,915,925 Expenditure 16,524,975 14,689,672 14,489,594 15,739,652 18,563,003 Surplus 2,413,076 3,038,460 7,801,471 2,176,273 Deficit 1,390,950PUBLIC DEBT.
8. The Inscribed Stock Loans of 1893 and 1906 amount to £1,485,733 and the Sinking Fund now stands at £399,591 being £31,188 more than the amount at credit of that fund at the end of 1921.
The local Loan (under Ordinance No. 12 of 1916) stands at $3,000,000 with a Sinking Fund of $905,699 and £98,657 sterling.
GENERAL REMARKS.
9. The total receipts and payments in the Treasury books during the year were $54,480,470 and $53,854,355 respectively. The figures not accounted for under revenue and expenditure relate to transactions under various heads such as Deposits, Advances, Subsidiary Coin, Unallocated Stores, etc.
10. Subsidiary coins in stock on the 31st December were as follows:-
20 cents $80,000 10 cents $469,192 5 cents $257,569 1 cent Copper $8,509 Total $815,270The nominal amount of coins in circulation is $18,789,370, and the market value is now practically par.
11. The local circulation in December of notes of the three Banks having authorized issues was as follows :—
Hongkong & Shanghai Banking Corporation $34,974,774 Chartered Bank of India, Australia & China $11,239,602 Mercantile Bank of India, Limited $1,864,413 Total $47,578,789The specie in Reserve came to $32,300,000.
12. The rate of exchange for the Estimates was taken at 2/6 whereas the average rate for purposes of conversion in the Treasury books was 2/6¼.
17th May, 1923.
C. Mel, MESSER,
Treasurer.