CO129-324 - Governor Nathan - 1904 [10-12] — Page 568

:

No. 430.

Hongkong.

C

2920

في نافية

Government House, 00

Hongkong, 30th. December, 1904.

Sir, Foo

37989 Heferring to the 5th. paragraph of your des-

Ou

patch No.338 dated the 25th. November 1904 on the subject of the

estimates of revenue and expenditure of this Colony for the year. 1905, in which paragraph you commented on the estimates having

been frared on a basis of 1/8 to the dollar, I have the honour

to point out that to secure compliance with Section 8 of the

Financial Instructions as to the date for the submission of the

estimates, it is necessary that their preparation should be put

in hand not later than the commencement of June in each year,

and that the rate of exchange which affects a large proportion

of the items in each vote has then to be communicated.to Heads

of Departments.

-2.

In these circumstances the Acting Treasurer was

consulted with regard to the rate for the estimates for 1905. att

the end of kay last and reported that the average of the pre-

vious four months had been 1/9% but that exchange had been going

down slightly but steadily. On this report Mn. A. M. Thomson,

Acting Colonial Secretary, talked the matter over with the Chief

Manager of the Hongkong and Shanghai Bank who considered that

1/8, the average of the years 1902 and 1903 would be the best

figure to take. Mr. Thomson then pointed out to the Officer

Administering the Government that a difference of 14..in the

THE RIGHT HONOURABLE

&c..

ALFRED LYTTELTON, K.C.,M.P.

&c.. xc..

rate