5. Expenditure. The expenditure for the year was $191,893 in excess of the amount provided for in the Estimates. Personal Emoluments amounting to $14,047,757 showed a decrease of $472,315 against the Estimates.
Other Charges totalling $7,038,208 represented an excess of $1,249,385 over the sum provided in the Estimates. A notable increase was shown in the Stores Department which expended $383,972 in excess of the provision and Police Department in which the net increase was $137,937.
Defence expenditure showed a considerable increase as follows:-
Volunteer Defence Force $312,111.
Naval Volunteer Force $148,711.
Air Raid Precautions $508,291.
The cost of charitable services also greatly exceeded the estimate as the result of the refugee relief measures and additional grants to the Tung Wah Hospital: the total excess under this Head being $725,278.
Additional expenditure on Public Works Extraordinary amounting to $128,861 was largely accounted for by work in connection with refugee camps and hospital huts erected at North Point, King's Park and Mal'au Chung.
The amount provided for pensions proved to be over-estimated by $258,757 and Military Contribution fell short of the estimate by $76,859.
A comparison of expenditure with the original Estimates and the actual expenditure for the preceding year is set out in Financial Return No. 6.
The allocation of expenditure under various Heads during the past five years is shown in Financial Return No. 7.
6. Expenditure on Loan Works, authorised by Ordinance No. 11 of 1934, during the year 1939 amounted to $213,948 which was met by advances from surplus balances. The full amount of the authorised loan of $25,000,000 has now been expended entirely and the details are set forth in Financial Return No. 8.
Expenditure during the year amounting to $1,228,929 was incurred on certain public works which it is proposed to charge to a new loan. This expenditure was also financed by advances from surplus balances and particulars are given in Financial Return No. 9 which shows the total expended on these works up to 31st December 1939 at $2,306,262.
7. Trade Loan Account. During the year one loan was liquidated by the sale of the mortgaged property and the writing-off of the irrecoverable balance and there is now only one loan outstanding for an amount of $79,771. The position of this account at the end of 1939 is shown in Financial Return No. 10.
8. Public Debt. The annual contribution of $166,911 to the 4% Conversion Loan, Sinking Fund, was invested in sterling securities as usual. A sum of $560,000 was expended on the redemption of 33/4% Dollar Loan Bonds at par in accordance with the terms of the Ordinance governing this issue.
The general financial position during the year rendered it unnecessary to issue any of the remaining $11,000,000 bonds authorised by the Ordinance—works having been financed without difficulty by advances from surplus balances.
A statement of the Colony's Funded Debt outstanding at 31st December, 1939, is given in Financial Return No. 11.
A 6
5. Expenditure. The expenditure for the year was $191,893 in excess of the amount provided for in the Estimates. Personal Emoluments amounting to $14,047,757 showed a decrease of $472,315 against the Estimates.
Other Charges totalling $7,038,208 represented an excess of $1,249,385 over the sum provided in the Estimates. A notable increase was shown in the Stores Department which expended $383,972 in excess of the provision and Police Department in which the net increase was $137,937.
Defence expenditure showed a considerable increase as follows:-
Volunteer Defence Force
Naval Volunteer Force
Air Raid Precautions
$312,111.
148,711.
508,291.
The cost of charitable services also greatly exceeded the estimate as the result of the refugee relief measures and additional grants to the Tung Wah Hospital: the total excess under this Head being $725,278.
Additional expenditure on Public Works Extraordinary amounting to $128,861 was largely accounted for by work in connection with refugee camps and hospital huts erected at North Point, King's Park and Ma l'au Chung,
The amount provided for pensions proved to be over-estimated by $258,757 and Military Contribution fell short of the estimate by $76,859.
A comparison of expenditure with the original Estimates and the actual expenditure for the preceding year is set out in Financial Return No. 6.
The allocation of expenditure under various Heads during the past five years is shown in Financial Return No. 7.
6. Expenditure on Loan Works, authorised by Ordinance No. 11 of 1934, during the year 1939 amounted to $213,948 which was met by advances from surplus balances. The full amount of the authorised loan of $25,000,000 has now been expended entirely and the details are set forth in Financial Return No. 8.
Expenditure during the year amounting to $1,228,929 was incurred on certain public works which it is proposed to charge to a new loan. This expenditure was also financed by advances from surplus balances and particulars are given in Financial Return No. 9 which shows the total expended on these works up to 31st December 1939 at $2,306,262.
7. Trade Loan Account. During the year one loan was liquidated by the sale of the mortgaged property and the writing-off of the irrecoverable balance and there is now only one loan outstanding for an amount of $79,771. The position of this account at the end of 1939 is shown in Financial Return No. 10.
8. Public Debt. The annual contribution of $166,911 to the 4% Conversion Loan, Sinking Fund, was invested in sterling securities as usual. A sum of $560,000 was expended on the redemption of 34% Dollar Loan Bonds at par in accordance with the terms of the Ordinance governing this issue.
The general financial position during the year rendered it unnecessary to issue any of the remaining $11,000,000 bonds authorised by the Ordinance-works having been financed without difficulty by advances from surplus balances.
A statement of the Colony's Funded Debt outstanding at 31st December, 1939, is given in Financial Return No. 11.
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