39
A (1) 20
EXCHANGE.
25. The average monthly rates for sterling and Shanghai faels were as follows:
January
February
March
April May June
July August
September
October
1/4.991
74.725
1/5.176 74.887
1/4.036 73.895
1/2.756 74.191
1/2.834 74.935
1/3.058
75.833
1/3.173 76.50
1/3.826 75.467
1/3.995 75.441
1/3.959 75.75
1/4.183 75.788
November
December
1/3.370 76.161
The opening rate of the year on January 4th was 1/55/16d., the closing rate on December 31st was 1/3. The lowest rate quoted during the year was 1/2 d. on 14th April and the highest rate 1/5d. on the 22nd February.
GENERAL.
26. The estimates for the year were based on $1=1s/- and the budget was estimated to balance with a small surplus of $9,849. The sum of $1,000,000 being part payment to the Ad- iniralty for the surrender of the Naval Arsenal Yard and Kellet Island was to be met from accumulated balances. The final figures for the year however including the above payment showed an excess of Revenue over Expenditure of $1,499,433. Exchange helped in this. The monthly rates for sterling are shewn in the preceding paragraph from which it will be seen that on no occasion did the dollar fall below 1/23d. while the average rate through- out the year was 1/33. Large savings were made under Personal Emoluments compared with the amounts inserted in the esti- mates. Provision was made for $13,809,382 for this service but only $11,328,506.81 was expended. Vacancies in office and changes in personnel accounted for some of this underexpenditure but by far the greater part can be ascribed to the rise in the sterling value of the dollar. Under "Other Charges" large sav- ings were also effected, the total provision being $4.800,817 whereas only $4,321,212.56 was expended. The amount spent under Public Works Extaordinary fell short of the original estimate by $205,685 notwithstanding the fact that an extra sum of $346,950 was placed at the disposal of the Director of Public Works by a resolution of Council dated 30th June 1982. On the other hand the excess under "Public Works Recurrent" over the original estimate was $378,820 an extra sum of $389,500 having by the same resolution been voted for general main- tenance items
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