32. The year from a Treasurer's point of view has been most difficult and arduous. A shilling dollar in January and every prospect of a very large deficit by December called for the greatest care in expenditure. The subsequent increases in taxation especially in the many minor licences and fees as enumerated earlier in this report were not done without a great deal of care and consideration,
THE TREASURY,
Hong Kong, 5th May, 1932.
EDWIN TAYLOR,
Treasurer.