CO129-536-1 Estimates- 1932 3-9-1931 - 16-6-1933 — Page 179

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for Kowloon, the present building being utterly inadequate for its purpose.

The present estimates appear in dollars as the 1:rgest estimates with which the Colony has ever been faced but it must not be forgotten that all sterling figures are converted at twenty dollars to the pound sterling.

This inflates the dollar figures to an extent out of all proportion to any recent years and comparisons with carlier years would only be profitable if the sterling and dollar expenditure of

each year could be shown separately. I have not been able to

find any previous budget framed on a shilling dollar and we have looked back as far as 1860.

We began this year with a surplus of assets over liabilities of $9,361,679. We expect to finish the year with a surplus of $9,413,547. From this we propose to withdraw $1,000,000 for one special work and estimate to finish the year 1932 with a revenue surplus of $9,849 and surplus assets

of $8,423,396.

Fluctuations in exchange can easily alter the whole picture but if the fluctuations are upward: it should be possible to paint the picture in rosier colours than those I am adopting today.

I come now to the Estimates of Expenditure. I shall only deal with the more outstanding items, trusting that the footnotes explain with sufficient cloarness the minor de creases and increases.

HEAD 2. CA DET SERVICE.