AnnualReport-1931 — Page 67

Administrative Reports 行政報告書 All AI Reviewed

▲ (1) 21

The opening rate of the year on January 2nd was 1s./0d., the closing rate on December 31st was 1/5¼d. The lowest rate quoted during the year was 10¼d. on 14th February and the highest rate 1/5⅛d. on the 8th December.

GENERAL.

27. The estimates for the year were based on $1.1s./4d. and a deficit of approximately $2,300,000 was budgeted for. To reduce this deficit it was decided that the basis of conversion of sterling salaries into dollars should be altered, half being converted at the Treasury rate of exchange and half at 1s./6d. to the dollar. The adoption of this plan was estimated to effect a saving of $388,000 in the expenditure reducing the deficit to $1,912,000. The opening rate of exchange for 1931 was however 1s./0d. to the dollar and it was estimated that the fall in the dollar from 1s./4d. to 1/- would increase expenditure during 1931 by $1,838,000 allowance having already been made for the payment of salaries in the manner indicated. Steps had therefore to be taken both to reduce expenditure and to increase revenue. The Estimates were accordingly pruned to the extent of $950,000 and extra revenue was obtained by the following increases.

Opium prices raised as from 13/2/31 estimated to produce $166,000

Liquor duties from 19/2/31 estimated to produce $350,000

Tobacco duties from 19/2/31 estimated to produce $928,000

Postal Rates from 1/4/31 estimated to produce $150,000

The effect of these proposals was estimated to bring the deficit back to the original figure of $1,912,000 (allowing for 20% Military Contribution on the extra revenue).

28. The dollar actually dropped on the 14th February 1931 to 10¼d. the lowest point reached. Meanwhile the question of increasing licences, fees and other receipts was explored. The result of this may be seen by referring to the table given earlier in this report. The revenue was well maintained and at the end of the half year $2,068,007 more than one half of the original estimate of $27,488,759 for the whole year had been obtained.

29. In normal times the revenue of Hong Kong comes in steadily throughout the year. There is no period shewing a heavy excess over any other period. The following figures show the collections during each Quarter of 1931.

1st Quarter $7,942,445 2nd Quarter $7,869,941 3rd Quarter $8,089,384 4th Quarter $9,244,952

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▲ (1) 21 The opening rate of the year on January 2nd was 1s./0d., the closing rate on December 31st was 1/5¼d. The lowest rate quoted during the year was 10¼d. on 14th February and the highest rate 1/5⅛d. on the 8th December. GENERAL. 27. The estimates for the year were based on $1.1s./4d. and a deficit of approximately $2,300,000 was budgeted for. To reduce this deficit it was decided that the basis of conversion of sterling salaries into dollars should be altered, half being converted at the Treasury rate of exchange and half at 1s./6d. to the dollar. The adoption of this plan was estimated to effect a saving of $388,000 in the expenditure reducing the deficit to $1,912,000. The opening rate of exchange for 1931 was however 1s./0d. to the dollar and it was estimated that the fall in the dollar from 1s./4d. to 1/- would increase expenditure during 1931 by $1,838,000 allowance having already been made for the payment of salaries in the manner indicated. Steps had therefore to be taken both to reduce expenditure and to increase revenue. The Estimates were accordingly pruned to the extent of $950,000 and extra revenue was obtained by the following increases. Opium prices raised as from 13/2/31 estimated to produce $166,000 Liquor duties from 19/2/31 estimated to produce $350,000 Tobacco duties from 19/2/31 estimated to produce $928,000 Postal Rates from 1/4/31 estimated to produce $150,000 The effect of these proposals was estimated to bring the deficit back to the original figure of $1,912,000 (allowing for 20% Military Contribution on the extra revenue). 28. The dollar actually dropped on the 14th February 1931 to 10¼d. the lowest point reached. Meanwhile the question of increasing licences, fees and other receipts was explored. The result of this may be seen by referring to the table given earlier in this report. The revenue was well maintained and at the end of the half year $2,068,007 more than one half of the original estimate of $27,488,759 for the whole year had been obtained. 29. In normal times the revenue of Hong Kong comes in steadily throughout the year. There is no period shewing a heavy excess over any other period. The following figures show the collections during each Quarter of 1931. 1st Quarter $7,942,445 2nd Quarter $7,869,941 3rd Quarter $8,089,384 4th Quarter $9,244,952

Baseline (Original)

▲ (1) 21 The opening rate of the year on January 2nd was 1s./0d., the closing rate on December 31st was 1/516 The lowest rate quoted during the year was 102d. on 14th February and the highest rate 1/513 on the 8th December. GENERAL. Το 27. The estimates for the year were based on $1.1s./4d. and a deficit of approximately $2,300,000 was budgeted for. reduce this deficit it was decided that the basis of conversion of sterling salaries into dollars should be altered, half being con- verted at the Treasury rate of exchange and half at is./6d. to the dollar. The adoption of this plan was estimated to effect a saving of $388,000 in the expenditure reducing the deficit to $1,912,000. The opening rate of exchange for 1931 was however 1s./0d. to the dollar and it was estimated that the fall in the dollar from 1s. /4d. to 1/- would increase expenditure during 1931 by $1,838,000 allowance having already been made for the payment of salaries in the manner indicated. Steps had there- fore to be taken both to reduce expenditure and to increase revenue. The Estimates were accordingly pruned to the extent of $950,000 and extra revenue was obtained by the following increases. Opium prices raised as from 13/2/31 estimated to produce Liquor duties from 19/2/31 estimated to produce Tobacco duties from 19/2/31 estimated to produce Postal Rates from 1/4/31 estimated to produce... $166,000 350,000 928,000 150,000 The effect of these proposals was estimated to bring the deficit back to the original figure of $1,912,000 (allowing for 20% Military Contribution on the extra revenue). 28. The dollar actually dropped on the 14th February 1931 to 10 d. the lowest point reached. Meanwhile the question of increasing licences, fees and other receipts was explored. The result of this may be seen by referring to the table given earlier in this report. The revenue was well maintained and at the end of the half year $2,068,007 more than one half of the original estimate of $27,488,759 for the whole year had been obtained, 29. In normal times the revenue of Hong Kong comes in steadily throughout the year. There is no period shewing a heavy excess over any other period. The following figures show the collections during each Quarter of 1931. 1st Quarter 2nd 3rd 4th $7,942,445 $7,869,941 $8,089,384 $9,244,952

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▲ (1) 21

The opening rate of the year on January 2nd was 1s./0d., the closing rate on December 31st was 1/516 The lowest rate quoted during the year was 102d. on 14th February and the highest rate 1/513 on the 8th December.

GENERAL.

Το

27. The estimates for the year were based on $1.1s./4d. and a deficit of approximately $2,300,000 was budgeted for. reduce this deficit it was decided that the basis of conversion of sterling salaries into dollars should be altered, half being con- verted at the Treasury rate of exchange and half at is./6d. to the dollar. The adoption of this plan was estimated to effect a saving of $388,000 in the expenditure reducing the deficit to $1,912,000. The opening rate of exchange for 1931 was however 1s./0d. to the dollar and it was estimated that the fall in the dollar from 1s. /4d. to 1/- would increase expenditure during 1931 by $1,838,000 allowance having already been made for the payment of salaries in the manner indicated. Steps had there- fore to be taken both to reduce expenditure and to increase revenue. The Estimates were accordingly pruned to the extent of $950,000 and extra revenue was obtained by the following increases.

Opium prices raised as from 13/2/31 estimated

to produce

Liquor duties from 19/2/31 estimated to produce Tobacco duties from 19/2/31 estimated to produce Postal Rates from 1/4/31 estimated to produce...

$166,000

350,000

928,000

150,000

The effect of these proposals was estimated to bring the deficit back to the original figure of $1,912,000 (allowing for 20% Military Contribution on the extra revenue).

28. The dollar actually dropped on the 14th February 1931 to 10 d. the lowest point reached. Meanwhile the question of increasing licences, fees and other receipts was explored. The result of this may be seen by referring to the table given earlier in this report. The revenue was well maintained and at the end of the half year $2,068,007 more than one half of the original estimate of $27,488,759 for the whole year had been obtained,

1st Quarter 2nd

3rd

4th

$7,942,445

$7,869,941

$8,089,384

$9,244,952

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