A 2
and tobacco duties also showed substantial increases while many minor items such as entertainment tax and the royalties payable on gross receipts by omnibus and ferry companies reflected the increase in population. Details of the variations in individual items of revenue are shown in the attached report by the Accountant-General.
4. As regards expenditure, details of which are also given in the Accountant-General's report, the total was very close to the original estimate. Larger savings would have been realised but for the unexpected expense occasioned by the disastrous typhoon of September 2nd and additional expenses caused by the Cholera epidemic which visited the Colony in the late summer and by various supplementary expenditure in connection with refugees and other items arising out of the Sino-Japanese hostilities. The sum of $1,510,298 expended on Public Works Extraordinary during the year was somewhat less than the amount budgeted for and was in fact the lowest for some years. This was due to the fact that the Estimates were prepared at a time when it was still necessary to observe the strictest economy, while extra work occasioned by the repair of typhoon damage necessitated the postponement of various works. On the other hand, in addition to the sums spent out of revenue on Public Works Extraordinary, a total of $1,113,999 was spent from loan funds.
5. As already noted, the surplus of assets over liabilities at the end of the year was $14,002,278. The greater part of this, i.e., $10,320,268, was advanced to loan funds pending reimbursement from the issue of the remainder of the 3% Dollar Loan; but total cash resources, ignoring deposits earmarked for special funds, amounted to $5,034,113.
LOANS.
6. As regards loans, the position remains that of the $25,000,000 authorized by the Dollar Loan Ordinance, 1934, $14,000,000 has been issued. The balance of $11,000,000 is available for issue when the funds are required, expenditure being advanced from general surplus balances in the meanwhile as already noted. This system is being continued for the present as the liquid resources available appear sufficient to meet the immediate needs, but the necessity of issuing the remainder of the loan as soon as circumstances require is kept in mind.
CURRENCY.
7. The currency situation remained stable during the year. The Exchange rate continued to be controlled by the operations of the Exchange Fund set up under the Currency Ordinance, 1935, and fluctuations in the rate during the year were small. The Treasury average rates for each month are as follows:-
January February
March
....
..1/2 7/8
..1/2 7/8
.1/2 7/8
A 2
and tobacco duties also showed substantial increases while many minor items such as entertainment tax and the royalties payable on gross receipts by omnibus and ferry companies reflected the increase in population. Details of the variations in individual iterns of revenue are shown in the attached report by the Accountant-General.
4. As regards expenditure, details of which are also given in the Accountant-General's report, the total was very close to the original estimate. Larger savings would have been realised but for the unexpected expense occasioned by the disastrous typhoon of September 2nd and additional expenses caused by the Cholera epidemic which visited the Colony in
the Colony in the late summer and by various supplementary expenditure in connection with refugees and other items arising out of the Sino-Japanese hostilities. The sum of $1,510,298 expended on Public Works Extraordinary during the year was somewhat less than the amount budgetted for and was in fact the lowest for some years. This was due to the fact that the Estimates were prepared at a time when it was still necessary to observe the strictest economy, while extra work occasioned by the repair of typhoon damage necessitated the postponement of various works. On the other hand in addition to the sums spent out of revenue on Public Works Extraordinary a total of $1,113,999 was spent from loan funds.
5. As already noted the surplus of assets over liabilities at the end of the year was $14,002,278. The greater part of this, i.e. $10,320,268, was advanced to loan funds pending reimburse- ment from the issue of the remainder of the 3% Dollar Loan; but total cash resources ignoring deposits earmarked for special funds amounted to $5,034,113.
LOANS.
6. As regards loans the position remains that of the $25,000,000 authorized by the Dollar Loan Ordinance, 1934, $14,000,000 has been issued. The balance of $11,000,000 is available for issue when the funds are required, expenditure being advanced from general surplus balances in the meanwhile as already noted. This system is being continued for the present as the liquid resources available appear sufficient to meet the immediate needs but the necessity of issuing the remainder of the loan as soon as circumstances require is kept in mind.
CURRENCY.
7. The currency situation remained stable during the year. The Exchange rate continued to be controlled by the operations of the Exchange Fund set up under the Currency Ordinance, 1935, and fluctuations in the rate during the year were small. The Treasury average rates for each month are as follows:-
January February
March
....
..1/2 7/8
..1/2 7/8
.1/2 7/8
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