CO129-324 - Governor Nathan - 1904 [10-12] — Page 441

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed

440

not been included in Miscellaneous Receipts it being the practice to include such profit only in a final statement for the year. Taking these two items into account the revenue actually received to 30th September falls little short of the corrected estimate.

The apparent deficiency in the revenue under the item "Water Account" is due to the fact that under that heading is included an item of $183,500 transferred from Assessed Taxes which transfer is no longer made under the new Water Ordinance.

These figures are satisfactory, but it is to be much regretted that owing, as the Crown Agents have explained, to repairs carried out in the Royal Mint it has not been possible to supply all Subsidiary Coin indented for and for the production of which bar silver has been purchased. The result is that the Government Account at the Bank is largely overdrawn.

It will be within your memory that orders were placed for $3,500,000 of Subsidiary Silver Coin and $100,000 of Copper Cent pieces for the current year, but up to the 30th September only $1,650,000 of Silver Coin and $50,000 of Copper Coin have been received in the Colony.

The net profit on Subsidiary Silver Coin up to date is calculated to be $57,213 and it is estimated that, had the September shipments arrived, the Bank balance on 30th of that month would have shown a debit of $205,000 instead of $1,050,000 (in round figures) and that the debit would have been converted into a credit balance at the end of October had the shipment of coin due in that month arrived.

The

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440 not been included in Miscellaneous Receipts it being the practice to include such profit only in a final statement for the year. Taking these two items into account the revenue actually received to 30th September falls little short of the corrected estimate. The apparent deficiency in the revenue under the item "Water Account" is due to the fact that under that heading is included an item of $183,500 transferred from Assessed Taxes which transfer is no longer made under the new Water Ordinance. 4. These figures are satisfactory, but it is to be much regretted that owing, as the Crown Agents have explained, to repairs carried out in the Royal Mint it has not been possible to supply all Subsidiary Coin indented for and for the production of which bar silver has been purchased. The result is that the Government Account at the Bank is largely overdrawn. It will be within your memory that orders were placed for $3,500,000 of Subsidiary Silver Coin and $100,000 of Copper Cent pieces for the current year, but up to the 30th September only $1,650,000 of Silver Coin and $50,000 of Copper Coin have been received in the Colony. The net profit on Subsidiary Silver Coin up to date is calculated to be $57,213 and it is estimated that, had the September shipments arrived, the Bank balance on 30th of that month would have shown a debit of $205,000 instead of $1,050,000 (in round figures) and that the debit would have been converted into a credit balance at the end of October had the shipment of coin due in that month arrived. The

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440 not been included in Miscellaneous Receipts it being the practice to include such profit only in a final statement for the year. Taking these two items into account the revenue actually received to 30th. September falls little short of the corrected estimate. The apparent deficiency in the revenue under the item "Water Account" is due to the fact that under that heading is included an item of $183, 500 transferred from Assessed Taxes which transfer is no longer made under the new Water Ordinance. 4. These figures are satisfactory, but it is to be much regretted that owing, as the Crown Agents have ex- plained, to repairs carried out in the Royal Mint it has not been possible to supply all Subsidiary Coin indented for and for the production of which bar silver has been purchased. The result is that the Government Account at the Bank is large- ly overdrawn. It will be within your memory that orders were placed for $3,500,000 of Subsidiary Silver Coin and $100,000 of Copper Cent pieces for the current year, but up to the 30th. September only $1,650,000 of Silver Coin and $50,000 of Copper Coin have been received in the Colony. The net profit on Subsidiary Silver Coin up to date is calculated to he $57,213 and it is estimated that, had the September shipments arrived, the Bank balance on 30th. of that month would have shewn a debit of $205,000 instead of $1,050,000 (in round figures) and that the debit would have been converted into a credit balance at the end of October had the shipment of coin due in that month arrived. The

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440

not been included in Miscellaneous Receipts it being the

practice to include such profit only in a final statement

for the year. Taking these two items into account the revenue

actually received to 30th. September falls little short of

the corrected estimate.

The apparent deficiency in the revenue

under the item "Water Account" is due to the fact that under

that heading is included an item of $183, 500 transferred from

Assessed Taxes which transfer is no longer made under the new

Water Ordinance.

These figures are satisfactory, but it is

to be much regretted that owing, as the Crown Agents have ex-

plained, to repairs carried out in the Royal Mint it has not

been possible to supply all Subsidiary Coin indented for and

for the production of which bar silver has been purchased.

The result is that the Government Account at the Bank is large-

ly overdrawn.

It will be within your memory that orders

were placed for $3,500,000 of Subsidiary Silver Coin and

$100,000 of Copper Cent pieces for the current year, but up

to the 30th. September only $1,650,000 of Silver Coin and $50,000 of Copper Coin have been received in the Colony.

The net profit on Subsidiary Silver Coin

up to date is calculated to he $57,213 and it is estimated that, had the September shipments arrived, the Bank balance on 30th. of that month would have shewn a debit of $205,000 instead of $1,050,000 (in round figures) and that the debit

would have been converted into a credit balance at the end of

October had the shipment of coin due in that month arrived.

The

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