27. The receipts from "Opium Sales" fell considerably short of the estimate, the deficit amounting to $685,774. This source of revenue continues to decline and although the estimate for 1933 has been reduced by $500,000 compared with 1932 it is quite probable that there will be a further shortfall in 1933 of $500,000.
28. The receipts from Estate duties were much higher than usual, many more items having been dealt with, and in addition three large estates brought in $496,142.
29. Remittances from abroad practically ceased at the end of 1931. Bankers' fixed deposit rates throughout the year were about 2% for renewals of year money. No interest was paid except in special cases on new short money. There is still a very large amount of surplus funds in the Colony available for investment.
30. Trade was stagnant, but statistics of the Imports and Exports Trade do not reveal such an unsatisfactory position as might have been imagined taking into consideration the large contraction in international trade. Hong Kong merchants were overstocked with piece goods bought when the dollar was low and now find themselves unable to dispose of these resulting in a number of bankruptcies.
31. National Cash Registers were installed in the Treasury in May and hand-written receipts discontinued except for deposits. It had for some years been found impossible to write out receipts for rates at the time of payment and in order not to keep the public waiting these receipts were drawn out beforehand for each rate due and signed by a responsible officer subsequently when the money was tendered. Admittedly this was a bad system but it was the only practical way of dealing with the problem and even so, at rush periods, the public were kept waiting and many declined to wait and went away without their receipts. The number of receipts has, however, increased recently to such an extent that unless a larger staff and more accommodation were provided, even the old system would have broken down. Two registers were purchased and as many as 2,200 receipts have been issued in one day. This is exceptional but with the increase in the number of water meters due to universal meterage, to which must be added normal development, the time will come when the issue of such a large number of receipts will be of frequent occurrence and the purchase of a third machine essential.
The Treasury,
Hong Kong, 25th April, 1933.
EDWIN TAYLOR,
Treasurer.