CO129-536-1 Estimates- 1932 3-9-1931 - 16-6-1933 — Page 129

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7.

The Estimates of Expenditure were framed on

the basis of a 1/- dollar.

Since then the value of

the dollar has risen by nearly 25%. Even if its

value should recede to 1/1d. it will make a considerable

I

difference to the financial position of the Colony. therefore propose to reconsider in March or April of next year, in the light of the position then obtaining, certain urgent items such as an additional block to the Kowloon Hospital, which have hitherto had to be deferred owing to lack of funds. I shall also review

the vote Public Works Recurrent which has been kept at a low figure in recent years. I am of opinion that

our surplus balances at present are fully adequate and if further surplus is likely to accrue I consider it most necessary to devote it to essential works which are already overdue and the further deferment of which

may have serious results.

8.

It will be noticed that, while the Budget has

been balanced apart from the provision in respect of the Naval Arsenal, such provision, which will be met from surplus balances, is covered by the Ordinance.

I have the honour to be,

Sir,

Your most obedient, humble servant,

Governor, &c.