(5) Typhoon Damage
(6) Resumptions
(7) Other new or additional expenditure
A 2 91,430 48,853 1,880,508 $6,584,007It will be seen that a large proportion of these votes resulted, directly or indirectly, from the emergency situation brought about by the Sino-Japanese hostilities (e.g., relief of refugees and epidemics of disease which led to a large increase under Head 5, Charitable Services), and by the war with Germany (e.g., expenditure on the Volunteer Defence Corps, the Naval Volunteer Force and Air Raid Precautions under Head 6, Defence, and Special War Expenditure under Head 18, Miscellaneous Services, which covered the cost of the internment of enemy aliens and of the new departments and the expansion of existing departments brought about by the war). Much of the supplementary expenditure under (7) though it cannot be definitely attributed to the emergency was indirectly affected by it, for instance by the general rise in prices, and the supplementary votes included little in the way of new services of permanent benefit to the Colony. The main Heads under which savings were shown were Pensions, the Kowloon-Canton Railway (due to curtailed services) and Military Contribution.
4. As already noted the surplus of assets over liabilities at the end of the year was $17,091,170. The greater part of this, i.e., $13,446,262, was advanced to loan funds pending reimbursement from the issue of loans (i.e., $11,140,000 against the 3¼% Dollar Loan, 1934, and $2,306,262 against a proposed new loan). The actual cash resources, after deducting uninvested balances of special funds, amounted to $5,405,489. Against this, however, must be set net liabilities under Deposits amounting to $1,950,308.
2. LOANS.
5. As regards loans the position remains that of the $25,000,000 authorized by the Dollar Loan Ordinance of 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. This system was continued during the year as the liquid resources available appeared sufficient to meet immediate needs but the necessity of issuing the remainder of the loan as soon as circumstances require is kept in mind.
3. CURRENCY.
6. 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 were small. The Treasury average rates for each month were as follows:-
January February March April May June 1/2¾d 1/2⅛d 1/2⅛d 1/2¼d 1/2¼d 1/2¾d(5) Typhoon Damage
(6) Resumptions
(7) Other new or additional expenditure
A 2
91,430
48,853
1,880,508
$6,584,007
It will be seen that a large proportion of these votes resulted, directly or indirectly, from the emergency situation brought about by the Sine Japanese hostilities (e.g., relief of refugees and epidemics of disease which led to a large increase under Head 5, Charitable Services), and by the war with Germany (e.g., expenditure on the Volunteer Defence Corps, the Naval Volunteer Force and Air Raid Precautions under Head 6, Defence, and Special War Expenditure under Head 18, Miscellaneous Services, which covered the cost of the internment of enemy aliens and of the new departments and the expansion of existing departments brought about by the war), Much of the supplementary expenditure under (7) though it cannot be definitely attributed to the emergency was indirectly affected by it, for instance by the general rise in prices, and the supplementary votes included little in the way of new services of permanent benefit to the Colony. The main Heads under which savings were shown were Pensions, the Kowloon-Canton Railway (due to curtailed services) and Military Contribution.
4. As already noted the surplus of assets over liabilities at the end of the year was $17, 091,170. The greater part of this, i.e.. $13,446,262, was advanced to loan funds pending reimbursement from the issue of loans (i.e., $11,140,000 against the 34% Dollar. Loan, 1934, and $2,306,262 against a proposed new loan), The actual cash resources, after deducting uniny ded" balances of special funds, amounted to $5.405,489. Against this, however must be set net liabilities under Deposits amounting to $1,950,308.
2. LOANS.
5. As regards loans the position remains that of the $25,000,000 authorized by the Dollar Loan Ordinance of 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. This system was con- tinued during the year as the liquid resources available appeared sufficient to meet immediate needs but the necessity of issuing the remainder of the loan as soon as circumstances require is kept in mind.
3. CURRENCY.
6. 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 were small. The Treasury average rates for each month were as follows:-
January
February
March
April
May
June
1/2/3/
1/218
1/218
1/21/
1/21/11
1/23/
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