▲ (1) 20
EXCHANGE.
25. The average monthly rates for sterling and Shanghai taels were as follows:
January 1/4.991 74.725 February March 1/5.176 74.887 April 1/4.036 73.895 May 1/2.756 74.191 June 1/2.834 74.935 July 1/3.058 75.833 August 1/3.173 76.50 September 1/3.826 75.467 October 1/3.995 75.441 November 1/3.959 75.75 December 1/4.183 75.783 1/3.370 76.161The opening rate of the year on January 4th was 1/5.d., the closing rate on December 31st was 1/3. The lowest rate quoted during the year was 1/2 d. on 14th April and the highest rate 1/5d. on the 22nd February.
GENERAL.
26. The estimates for the year were based on $1=1s3d and the budget was estimated to balance with a small surplus of $9,849. The sum of $1,000,000 being part payment to the Admiralty for the surrender of the Naval Arsenal Yard and Kellet Island was to be met from accumulated balances. The final figures for the year however including the above payment showed an excess of Revenue over Expenditure of $1,499,433. Exchange helped in this. The monthly rates for sterling are shown in the preceding paragraph from which it will be seen that on no occasion did the dollar fall below 1/2¾d. while the average rate throughout the year was 1/3¾d. Large savings were made under Personal Emoluments compared with the amounts inserted in the estimates. Provision was made for $13,809,382 for this service but only $11,328,506.81 was expended. Vacancies in office and changes in personnel accounted for some of this underexpenditure but by far the greater part can be ascribed to the rise in the sterling value of the dollar. Under "Other Charges" large savings were also effected, the total provision being $4,800,817 whereas only $4,321,212.56 was expended. The amount spent under Public Works Extraordinary fell short of the original estimate by $205,685 notwithstanding the fact that an extra sum of $346,950 was placed at the disposal of the Director of Public Works by a resolution of Council dated 30th June 1932. On the other hand the excess under "Public Works Recurrent" over the original estimate was $378,820 an extra sum of $389,500 having by the same resolution been voted for general maintenance items.