A (2) 8
now far exceeds the outstanding capital ($574,500.50) shown in the Assets. A statement is enclosed (L.) showing the position of the account at 31st December 1933.
GOVERNMENT HOUSE AND CITY DEVELOPMENT FUND.
$1,227,666.28.
36. This item represents revenue received from the sale of certain lands, less $29,833.72 already expended on preliminary works, which will be used to finance a general scheme of City Development, etc.
37. The proposal to treat this scheme as a separate unit apart from the general revenue and expenditure of the Colony was submitted to the Secretary of State who approved this departure from normal accounting procedure provided that it was further regularised by local enactment. An Ordinance putting this into effect is now under consideration.
MISALLOCATIONS.
38. With one trivial exception of negligible amount all errors of misallocation were reported and adjusted before the accounts for the year were closed.
ARREARS OF REVENUE.
39. The position as regards arrears of Revenue is, as usual, satisfactory. Of the $716,384 outstanding on 31st December 1933, $666,972 had been collected by the end of April, $22,680 was written off, and action is being taken on the remaining $26,732.
CHINA COMPANY FEES.
40. The annual local inspection of the Registrar of Companies at Shanghai was made during the year and the accounts were audited to 30th September 1933.
41. As a result of this inspection a small amendment to the Companies Ordinance 1932, was enacted (Ordinance No. 29 of 1933) providing for a simplification in the method of payment of these fees.
The observations raised during the examination of the accounts were satisfactorily settled.
42. The revenue from this source during the year was $141,342.00, a decrease of $23,657 from last year.
PUBLIC WORKS LOAN.
43. In June, 1933, an Ordinance was passed (No. 15 of 1933) authorising redemption of the Public Works 1927 6% Loan and alternatively allowing bondholders to exchange their