7. The following table shows the Revenue and Expenditure during the last five years:-
1920 1921 1922 1923 1924 Revenue $ 14,689,672 $ 17,728,132 $ 22,291,065 $ 24,783,763 $ 24,209,640 Expenditure $ 14,489,594 $ 15,739,652 $ 18,563,003 $ 21,571,905 $ 26,726,428 Surplus $ 200,078 $ 1,988,480 $ 3,728,062 $ 3,211,858 Deficit $ 2,516,788PUBLIC DEBT.
8. The Inscribed Stock Loans of 1893 and 1906 amounted to £1,485,733 and the Sinking Fund stood at £467,442 being £34,850 more than the amount at credit of that fund at the end of 1923.
The local Loan (under Ordinance No. 12 of 1916) stood at $3,000,000 with a Sinking Fund of $1,444,169 and £103,453 sterling.
GENERAL REMARKS.
9. The total receipts and payments in the Treasury books during the year were $75,864,123 and $77,238,584 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:-
... ... *** 50 cents ... 20 22 10 5 "" Copper ... 3,000 8,315 ... 734,349 219,719 24,708 990,091Orders were placed with the Royal Mint for a further supply of 5,000,000 Copper one cent coins which were taken on stock during the year.
The nominal amount of coins in circulation was $17,864,370 and the market value stood at practically par.
11. The local circulation of notes and Specie in Reserve of the three Banks having authorized issues were as follows on 31st December:-
Notes in Circulation Specie in Reserve Hongkong & Shanghai Banking Corporation $49,603,461 $29,900,000 Chartered Bank of India, Australia & China $11,611,486 $5,000,000 Mercantile Bank of India, Limited $1,296,455 $550,000 $62,511,402 $35,450,000