## 4.—REVENUE AND EXPENDITURE
Table IV contains a statement of Postal Revenue and Expenditure for the year.
The total revenue from the Postal Service in 1919 amounted to $450,056.75 being $22,923.87 more than that collected in 1918. The net expenditure after deducting the sum of $109,821.37, arrears of Transit Charges recovered from other Administrations, amounted to $104,073.87, being less than that of 1918 by $52,033.82.
The balance of revenue over expenditure amounted to $345,982.88.
Table V shows the postage stamps, etc., of each denomination issued for sale during the years 1918 and 1919.
Table VI shows the revenue and expenditure of the Post Office (exclusive of the Telegraph Sub-Department) for the ten years 1910 to 1919.
Table VII gives the revenue from the sale of postage stamps for the years 1917, 1918 and 1919. The increase of revenue from this source in the year 1919 over that of 1918 amounted to $23,339.49.
## 5.—MONEY ORDERS
The year under review witnessed the phenomenal rise in the price of silver, forcing up exchange from 3s 4d, at the beginning of the year, to 5s 2d per dollar in the middle of December. It was throttling the flow of inward money orders from Gold Countries and caused much consternation amongst the Chinese families who are in receipt of remittances from abroad, and who now obtained only $4 in exchange for the pound Sterling. The wide divergence between the parity value and the current rate of the sovereign in the United States money market caused great anxiety to this Office as the settlement of all balances from gold dollar using countries was fixed at $4.87 per £1, payable by bills on London. Gradually the rate fell to $3.77 per £1 and as the balances were invariably in favour of this Colony, no time was lost in rectifying the system of liquidation of accounts.
Although the Money Order Service with the Philippines was temporarily suspended from 28th October until the 1st January, 1920, satisfactory arrangements with all countries were concluded and the basis of accounting for balances due was fixed in accordance with the unit of the currency exchanged.
Notwithstanding this universal disturbance in the currencies of the world, the volume of business in Hongkong, aided by an increase in the issue of sterling orders on the United Kingdom, has resulted in a net increase of £10,109. 13s. 0d. over the transactions of 1918.
During the year 15 telegraphic orders amounting to £403. 5s. 6d. were received and 39 amounting to £721. 0s. 0d. were despatched as against 21 for £561. 0s. 0d. received and 38 for £669. 11s. 0d. despatched during 1918.
The average cost of a telegraphic deferred rate message was $8 as against $9.60 in the previous year.
R 2
4.-REVENUE AND EXPENDITURE.
Table IV contains a statement of Postal Revenue and Expendi- ture for the year.
The total revenue from the Postal Service in 1919 amounted to $450,056.75 being $22,923.87 more than that collected in 1918. The net expenditure after deducting the sum of $109,821.37, arrears of Transit Charges recovered from other Administrations, amounted to $104,073.87, being less than that of 1918 by $52,033.82.
The balance of revenue over expenditure amounted to $345,982.88.
Table V shows the postage stamps, etc., of each denomination issued for sale during the years 1948 and 1919.
Table VI shows the revenue and expenditure of the Post Office (exclusive of the Telegraph Sub-Departinent) for the ten years 1910 to 1919.
Table VII gives the revenue from the sale of postage stamps for the years 1917, 1918 and 1919. The increase of revenue from this source in the year 1919 over that of 1918 amounted to $23,339.49.
5.--MONEY ORDERS,
The year under review witnessed the phenomenal rise in the price of silver, forcing up exchange from 3s 4d, at the beginning of the year, to 5s/2d per dollar in the middle of December. It was throttling the flow of inward money orders from Gold Countries and caused much consternation amongst the Chinese families who are in receipt of remittances from abroad, and who now obtained only $4 in exchange for the pound Sterling. The wide divergence between the parity value and the current rate of the sovereign in the United States money market caused great anxiety to this Office as the settlement of all balances from gold dollar using countries was fixed at $4.87 per £1, payable by bills on London. Gradually the rate fell to $3.77 per £1 and as the balances were invariably in favour of this Colony, no time was lost in rectifying the system of liquidation of accounts.
Although the Money Order Service with the Philippines was temporarily suspended from 28th October until the 1st January, 1920, satisfactory arrangements with all countries were concluded and the basis of accounting for balances due was fixed in accordance with the unit of the currency exchanged.
Notwithstanding this universal disturbance in the currencies of the world, the volume of business in Hongkong, aided by an increase in the issue of sterling orders on the United Kingdom, has resulted in a net increase of £10,109. 13s. Od. over the transactions of 1918.
During the year 15 telegraphic orders amounting to £403. 5s. 6d. were received and 39 amounting to £721. Os. Od. were despatched as against 21 for £561. 0s. Od. received and 38 for £669. 11s. Od. despatched during 1918.
The average cost of a telegraphic deferred rate message was $8 as against $9.60 in the previous year.
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