:
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Military Expenditure exceeded the estimate by $233,412 due to increase in revenue. Education Department decreased $108,888 on account of unpaid Building Grants.
Governor
Cadet Service
The amount of the consolidated loan stands at £1,485,733. Against this there is at credit of the Sinking Fund & sum of £467,442. The Local Loan under Ordinance No. 12 of 1916 amounts to $3,000,000 and there are the sums of $1.444,169 and £103,453 at credit of the Sinking Fund.
A new valuation for Assessment was made for the year com- mencing 1st July, 1924, resulting as follows:-**
EXPENDITURE.
6.
100,831,47 289,630.18
Colonial Secretary's Department and Legis-
lature -
69,991.32
Secretarial for Chinese Affairs
27,512.96
Audit Department
51,592.62
Treasury
76,662.66
Harbour Master's Department
623,395.92
Imports & Exports Department
872,557.69
Royal Observatory
52,638.49
Miscellaneous Services
1,092,558.10
Judicial and Legal Departments -
305,286.92
Police Department
1,877,948.69
Fire Brigade
199,570,25
Prison Department
383,362,70
Medical Department
502,882.89
Sanitary Department
670,945.48
Botanical and Forestry Department
86,516.80
Education Department
945,642,01
Military Expenditure -
4,299,887,34
Public Works Department
1,184,787,90
Do.
Recurrent
1,793,988.69
Do.
Extraordinary
8,112,785,49
Post Office -
Kowloon-Canton Railway
257,573.59
1,329,927.46
Charge on Account of Public Debt
941,923.95
Pensions
503,929.39
Charitable Services
TOTAL
72,137.48
$26,726,428.44
The balance to the debit on the year's working was $2,518,788
and the assets and liabilities account showed on the 31st December
a credit balance of $13,107,549,29,
The following is a statement of the revenue and expenditure of
the Colony for the five years 1920-1924 :-
Revenue.
$
1920
Expenditure. $ 14,689,672 14,489,594
1921
17,728,132 15,739,652
1922
22,291,065 18,563,003
1923
24,783,703 21,571,905
1024
24,209,640 26,726,428
Increases :-
The City of Victoria
$387,772
The Hill District
47,610
Shaukiwan, Saiwanho and Quarry Bay
20,110
Hongkong Villages
74,411
Kowloon Point
110,380
Yaumati
223,615
Mongkoktsui
30,655
Hunghom and Hok Un
40,540
Kowloon Villages
3,344
New Territories
143,814
The rateable value of the whole Colony amounted to
$22,147,951 having increased by $1,088,251.
During the period 1915-1924 the assessment of the whole Colony has risen from $14.287.285 to $22,147,951, an increase in rateable value of $7,880,666.
The circulation on the 31st December of notes of the three Banks having authorised issues was as follows:-
Hongkong & Shanghai Banking Cor-
poration
Chartered Bank of India, Australia, &
China
Mercantile Bank of India, Limited
$ 49,603,481
11,611,486 1,290,455
$ 62,511,402
The currency of the Colony consists, in addition to the notes of these Banks, of British, Hongkong, and Mexican Dollars and of subsidiary coin, which continued at par throughout the year.
The total issue of subsidiary coins, less those demonetized, now amounts to $17,864,370 aominal value, and they were up to the year 1905 readily absorbed at par, large quantities being taken by the neighbouring provinces of China. During 1916 ten cent pieces of the face value of $5,028.000 were shipped to Calcutta for purposes of demonetization. The discount which prevailed be- tween 1905 and 1916 may be attributed to the immense quantity of Bimilar coin which was minted at Canton as well as to the amount of Hongkong coin minted largely in excess of the needs of the
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