A (1) 24-
Some of this under-expenditure is accounted for by vacancies in office and changes in personnel but by far the greater part is due to the rise in the sterling value of the dollar.
23. Under "Other Charges" savings were also effected, the total provision being $4,871,357 against $4,294,183 expended. For the first time for many years Public Works Extraordinary exceeded the original estimate. By a resolution of Council dated the 26th July, 1934 an extra sum of $752,000 was placed at the disposal of the Director of Public Works to be spent on a variety of services. In addition to this many small and several large supplementary votes were approved, e.g. $187,850 for the purchase of The Albany (I. L. Nos. 807 & 808) Resumption of I. L. No. 754 for the establishment of a public health centre in the Western District at a cost of $89,700. In spite of these increases, however, the head Public Works Extraordinary exceeded the original estimate by only $192,216.
24. Opium Sales again fell very much below the estimate, the deficit amounting to $644,932. The following are the receipts from this source for the last 5 years:-
1930 $2,835,287 1931 3,019,724 1932 2,314,226 1933 1,152,852 1934 655,06825. The receipts from Estate Duties were high due to two large estates bringing in $212,793.
26. The range in exchange from the lowest of 1/4 in May to 1/8 in December would be considered very wide if recorded under normal trade conditions but compared with differences shown in recent years it is not remarkable. Until the wheels of commerce move more freely throughout the world, and political and economic stability is assured, wide fluctuations in our exchange will occasion no surprise. As a matter of interest it may be observed that the approximate average rate for April 1935 the date of publication of this Report is 2/14 and may be compared with the average of 1/5 for the corresponding month of 1934.
27. There are two marked features in the course of exchange during 1934. The first is the steady rise from May till the end of the year, due almost entirely to the silver-buying policy of the Government of the United States. This upward movement has been considerably accelerated during the first quarter of the current year. Its effect has certainly not realised the anticipations of those who were inclined to attribute the depression in its early stages to the then depreciated dollar. It is clear that although the wide fluctuations latterly experienced have had a disturbing effect on trade the level of exchange has until recently been a minor factor in the general depression.
A (1) 24-
Some of this under-expenditure is accounted by vacancies in office and changes in personnel but by far the greater part is due to the rise in the sterling value of the dollar.
23. Under "Other Charges" savings were also effected, the total provision being $4,871,357 against $4,294,183 expended. For the first time for many years Public Works Extraordinary exceeded the original estimate. By a resolution of Council dated the 26th July, 1934 an extra sum of $752,000 was placed at the disposal of the Director of Public Works to be spent on a variety of services. In addition to this many small and several large supplementary votes were approved, e.g. $187,850 for the purchase of The Albany (I. L. Nos. 807 & 808) Resumption of I. L. No. 754 for the establishment of a public health centre in the Western District at a cost of $89,700. In spite of these increases, however, the
the head Public Works Extraordinary exceeded the original estimate by only $192,216.
24. Opium Sales again fell very much below the estimate, the deficit amounting to $644,932. The following are the receipts from this source for the last 5 years:-
1930
1931
1932
1933
1934
$2,835,287
3,019,724
2,314,226
1,152,852
655,068
25. The receipts from Estate Duties were high due to two large estates bringing in $212,793.
26. The range in exchange frorn the lowest of 1/4 in May to 1/8 in December would be considered very wide if recorded under normal trade conditions but compared with differences shown in recent years it is not remarkable. Until the wheels of commerce move more freely throughout the world, and political and economic stability is assured, wide fluctuations in our exchange will occasion no surprise. As a matter of interest it may be observed that the approximate average rate for April 1935 the date of publication of this Report is 2/14 and may be compared with the average of 1/5 for the corresponding month of 1934.
27. There are two marked features in the course of exchange during 1984. The first is the steady rise from May till the end of the year, due almost entirely to the silver-buying policy of the Government of the United States. This upward move. ment has been considerably accelerated during the first quarter of the current year. Its effect has certainly not realised the anticipations of those who were inclined to attribute the depression in its early stages to the then depreciated dollar. It is clear that although the wide fluctuations latterly experienced have had a disturbing effect on trade the level of exchange has until recently been a minor factor in the general depression.
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