A 20-
GENERAL.
22. The estimates for the year were based on $118./4d. and a deficit of $1,970,452 was estimated for. The final figures for the year, however, showed a small surplus of $138,914. Revenue decreased by $2,155,100 and Expenditure decreased by $4,264,466 when compared with the original estimates. The monthly rates for sterling are given in the preceding paragraph and show a wide range. The average rate for the whole year was 1/11.9/16. Large savings were therefore made on Personal Emoluments when compared with the Estimates, provision being made for $12,701,739 but only $10,248,600 was expended. 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 $4,632,853 against $3,730,038 expended. Pensions cost $1,555,605 as against $2,070,000 estimated, a reduction of $514,395.
24. Opium Sales again fell very much below the estimate, the deficit amounting to $297,286. The following are the receipts from this source for the last 5 years:
1931 $3,019,724 1932 $2,314,226 1933 $1,152,852 1934 $655,068 1935 $352,71425. The revenue from Estate Duties at $1,011,609 was slightly more than the estimate of $1,000,000. The receipts from Water Excess Supply and Meter Rents exceeded the estimate of $1,900,000 by $131,978, and in this connection, it is to be noted that during the last quarter of 1935, the price was lowered from 75 cents per 1,000 gallons to 50 cents per 1,000 gallons with a discount of 15% to those persons who pay their accounts within 14 days.
26. Following wide fluctuations in exchange, discrepancy between the exchange value of the silver dollar and its bullion value, and the imposition in 1934 of variable duties by the Chinese Government on the export of silver from China, the Hong Kong Government on 9th November, 1935, prohibited the export of silver, and on the 5th December, 1935, a Currency Ordinance was passed calling in silver coin from circulation and setting up the machinery which now controls the exchange value of the Hong Kong dollar. Briefly, this consists of an Exchange Fund, with power to buy and sell foreign exchange, which has taken over the silver formerly held against their issues by the note-issuing banks, in return for certificates of indebtedness against which the Fund may hold silver or foreign exchange.
-
A 20-
GENERAL.
22.. The estimates for the year were based on $118./4d. and a deficit of $1,970,452 was estimated for. The final figures for the year, however, showed a small surplus of $138,914. Revenue decreased by $2,155,100 and Expenditure decreased by $4,264,466 when compared with the original estimates. The monthly rates for sterling are given in the preceding paragraph and shew a wide range. The average rate for the whole year was 1/11.9/16. Large savings were therefore made on Personal Emoluments when compared with the Estimates, provision being made for $12,701,739 but only $10,248,600 was expended. 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 $4,632,853 against $3,730,038 expended. Pensions cost $1,555,605 as against $2,070,000 estimated, reduction of 514,395.
a
24. Opium Sales again fell very much below the estimate, the deficit amounting to $297,286. The following are the receipts from this source for the last 5 years:
1931
1932
1933
1934
1935
$ 3,019,724
2,314,226
1,152,852
655,068 352,714
25. The revenue from Estate Duties at $1,011,609 was slightly more than the estimate of $1,000,000. The receipts from Water Excess Supply and Meter Rents exceeded the estimate of $1,900,000 by $131,978 and in this connection it is to be noted that during the last quarter of 1935 the price was lowered from 75 cents per 1,000 gallons to 50 cents per 1,000 gallons with a discount of 15% to those persons who pay their accounts within 14 days.
26. Following wide fluctuations in exchange, discrepancy between the exchange value of the silver dollar and its bullion value, and the imposition in 1934 of variable duties by the Chinese Government on the export of silver from China, the Hong Kong Government on 9th November, 1935, prohibited the export of silver, and on the 5th December, 1935, a Currency Ordinance was passed calling in silver coin from circulation, and setting up the machinery which now controls the exchange value of the Hong Kong dollar. Briefly, this consists of an Exchange Fund, with power to buy and sell foreign exchange, which has taken over the silver formerly held against their issues by the note-issuing banks, in return for certificates of indebtedness against which the Fund may hold silver or foreign exchange.
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