– A 4
It may be observed that there has been no necessity for drawing upon the Surplus Balances on this account as contemplated in the Estimates.
The total Expenditure to end of December last was $626,934: and the proceeds of the Special Light Dues since their inception amounted to $278,950: which sum is less than the proper proportion payable by $34,517.
Some credit to construction however will later be obtained when the dredger is sold.
TOTAL RECEIPTS AND PAYMENTS.
The Total Receipts and Payments accounted for by the Treasury during the year came to $11,667,082 and $11,500,396 respectively; the figures in excess of those for Revenue and Expenditure relating to transactions under the heads of Deposits, Advances, Railway Construction, &c.
GENERAL REMARKS.
The average rate of exchange for the year was 1s. 9d.
The stock of Subsidiary Coins on the 30th December was $320,873, valued in the Treasury Books at $298,424, of which about $108,000 (nominal) were copper cents the rest being silver, mainly ten-cent pieces. Discount written off the stock was taken at 10 per cent. in case of copper and about 5 per cent. in case of silver Subsidiary Coins.
An Ordinance was passed, No. 65 of 1911, enabling the Mercantile Bank of India to issue Bank Notes on certain conditions, chief of which is the deposit of security to the value of the issue, but no notes have yet appeared.
The circulation of notes of the Hongkong and Shanghai, and Chartered Banks was $27,732,229 in the last month of the year.
During 1911 the Stamp Law was revised by the passing of Ordinances Nos. 34 and 35 which were subsequently slightly amended by Ordinances Nos. 55 and 56 respectively and changes were made in the rules for stamping Bills of Exchange whereby postage stamps are not now valid for such purpose.
A. M. THOMSON,
Treasurer.
TREASURY,
20th March, 1912.
– A 4
It may be observed that there has been no necessity for drawing upon the Surplus Balances on this account as contemplated in the Estimates.
The total Expenditure to end of December last was $626,934 : and the proceeds of the Special Light Dues since their inception amounted to $278,950: which sum is less than the proper proportion payable by $34,517.
Some credit to construction however will later be obtained when the dredger is sold.
TOTAL RECEIPTS AND PAYMENTS.
The Total Receipts and Payments accounted for by the Trea- sury during the year came to $11,667,082 and $11,500,396 respec- tively; the figures in excess of those for Revenue and Expenditure relating to transactions under the heads of Deposits, Advances, Railway Construction, &c.
GENERAL REMARKS.
The average rate of exchange for the year was 1s. 9 d.
The stock of Subsidiary Coins on the 30th December was $320,873,-valued in the Treasury Books at $298,424,-of which about $108,000 (nominal) were copper cents the rest being silver, mainly ten-cent pieces. Discount written off the stock was taken at 10 per cent. in case of copper and about 5 per cent. in case of silver Subsidiary Coins.
An Ordinance was passed, No. 65 of 1911, enabling the Mercantile Bank of India to issue Bank Notes on certain conditions, chief of which is the deposit of security to the value of the issue, but no notes have yet appeared.
The circulation of notes of the Hongkong and Shanghai, and Chartered Banks was $27,732,229 in the last month of the year.
During 1911 the Stamp Law was revised by the passing of Ordinances Nos. 34 and 35 which were subsequently slightly amended by Ordinances Nos. 55 and 56 respectively and changes were made in the rules for stamping Bills of Exchange whereby postage stamps are not now valid for such purpose.
A. M. THOMSON,
Treasurer.
TREASURY,
20th March, 1912.
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