S
34
CURRENCY NOTE ISSUE.
Profit and Loss Statement for the period 1st May, 1×99, to 31st December, 1901.
189 Salaries
*
1,800,00
35
expenses of the Issue, and this profit was credited to revenue in that year for the purposes of military contribution. Similarly, in 1904, there will probably be some profit, and it will not, therefore, be correct to deduct the whole of the 118,000 dollars specified in the statement enclosed in the letter from this Office of the 4th of November.* Mr. Lyttelton is communicating with the Officer Administering the Government on this subject.
I am, &c.,
No. 33.
C. P. LUCAS.
STRAITS SETTLEMENTS.
THE SECRETARY OF STATE to THE ACTING GOVERNOR.
(No. 27.)
Downing Street, 29 January, 1904. I HAVE the honour to acknowledge the receipt of your despatch, No. 541, of the 22nd ultimo,† regarding the deduction of reimbursements on account of Currency Note Issue from the revenue assessable to military contribution, and to enclose a Popy of a letter which has been addressed to the War Office on the subject.
2. It appears to follow from Section 8 of Ordinance 4 of 1899 that the actual Expenses of the Note Issue reimbursed from the interest on investments should be deducted, but I cannot agree to any further deduction in connection with the Currency charges, the accounts of which should be quite distinct from the Note Issue
accounts.
3.
The amount of 118,000 dollars appearing as a reimbursement in the Estimates for 1904 should accordingly be split up in the final accounts of the year, only so much appearing as a reimbursement as is required for repayment of the expenses of the Note Issue, the rest appearing as profit under the head of Interest.
I have, &c.,
RECEIPTS.
L'AYMENTS.
182
Interest 016
Securities
ND 37
Interest h Siker
Cost of Registering
Notes
413.23
Secur ties
5,264.03
Cost of Notes, Safes,
8.244.40
Ac.
65.804.94
1900,
Interest
Citi 1.
Transport of Coin
2.56
1985
Securities
26013.41
Interest on Silver
Segurities
11,720.47
Contingent Expenses Rent of Vault (8
months) ...
340.71
666.67
37,732.91
69.22.14
P001.
Interest on Goid
1900. Salaries
3.428.39
Securities
36,336.71
Cost of Notes, Safes,
Interest on Silver
&c.
28.010.28
Securities
24,500.61
Trausport of Coin
2,(X)2.70
SIR,
Premium on Sale
Contingent Expenses
419.32
of $62,000 Mexi-
Rent of Vault
1,000.00
can from
the
34.860.69
Vault $310.00
1901. Salaries
3,763.28
Less Brokerage 77.88
232.12
63,129.44
Cost of Notes, Safes.
&c.
25,021.57
Transport of Coin ...
1,827.41
109,106.75
Contingent Expenses Rent of Vault
466.70
1,000.00
Cost of New Shelves
Balance at Debit on 31st De
cember, 1901
in Currency Note Vault
3,488.56
30,549.60
-$139,656.35
35,567.52
$139,656.35
FRED. G. PENNEY,
Treasurer,
Straits Settlements.
The Treasury,
Singapore, 27th February, 1902.
39081
No. 34.
ALFRED LYTTELTON.
1885
SIR,
No. 32.
STRAITS SETTLEMENTS.
COLONIAL OFFICE to WAR OFFICE
[Answered by No. 35.]
Downing Street, 29 January, 1904. WITH reference to the letter from this Office of the 4th of November last,* on the subject of the military contribution payable by the Straits Settlements in 1904, I am directed by Mr. Secretary Lyttelton to state, for the information of Mr. Secretary Arnold Forster, that the deduction from the gross revenue assessable to military contribution of reimbursements of the cost of the Currency Note Issue is due to the fact that under sec. 8 of Ordinance IV. of 1899, of which a copy is enclosed, the Straits Settlements Government are entitled to defray the expenses of the Currency Note Issue from the interest on investments, before carrying the balance to general revenue.
As, however, the expenses of the Issue were at first in excess of the receipts, the expenses were met from an advance voted on the Estimates, the reimbursements being left to the future, and the system of advance and reimbursement has been con- tinued for general convenience from the statement of revenue for 1902, enclosed, † it will be seen that the amount of $139,656:35 was deducted for reimbursements, representing the total of the expenses of the initiation of the Note Issue during the years 1899-1901. This sum was rightly deducted from the revenue of 1902. In the year 1903, however, there was some profit on the Note Issue over and above the
t Statement of Revenue for 1302: Print 26 of 1903.
• No. 29.
SIR,
STRAITS SETTLEMENTS. COLONIAL OFFICE to WAR OFFICE.
[Answered by No. 38.]
Downing Street, 21 March, 1904. WITH reference to the letters from this Department of the 14th June, 1899,§ and the 11th January, 1900,|| forwarding copies of the Straits Settlements Defence Contribution Ordinances, No. 6 and No. 21, of 1899, I am directed by Mr. Secretary Lyttelton to request you to draw the attention of the Army Council to the following point in connection with those Ordinances.
2. In paragraph 6 of the report of the Colonial Military Contributions Com- mittee, Section 13, dated 27th March, 1897, the Committee recommended that in future the gross receipts from the railways should not be included in the gross revenue on which the military contribution is calculated, but that only such portion of the railway receipts should be included in the revenue as would, if the railway were a commercial speculation, and allowing for the interest on capital expenditure, be available for the payment of dividend. But the Ordinance referred to above provides that in computing the net receipts of railways, telephones, and other similar productive undertakings for the purpose of military contribution, there shall be deducted the charges for working expenses and maintenance, and "for interest and sinking fund on any sums borrowed for the construction of any such railways, &c." 3. It follows from the strict reading of the Ordinance that if the Colony constructs railways, &c., from its surplus balances, instead of raising a loan for the purpose, no allowance is made in computing the net revenue from railways and
↑ No. 31.
1 No. 32.
Transmitting copy of enclosure in No. 9. Į L.F. transmitting copy of enclosure in No. 22.
• No. 29.
24659
01
PUBLIC RECORD OFFICE
Reference :-
TLC.O. 882
سلت
9
PUBLIC RECORD OFFICE, LONDON!
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC-
COPYRIGHT PHOTOGRAPH—NOT TO