CO129-541-2 Estimates 1931 14-10-1932 - 19-7-1934 — Page 13

13

x in de

in Core

The present Supplementary Estimate

amounts to $631,658, and is for expenditure

under the same three Heads as last year,

Public Works, Public Works Recurrent, and

Public Works Extraordinary.

$

The 1933 Estimates were based on

= ls. 2d. The present rate is between

ls. 4 d. and 1s. 5d., and the rate since the

beginning of the year has been consistently

well above ls. 2d.

It must not be overlooked that the

payment of no less a sum than $500,000 has yet

to be made to the Admiralty as a last instalment

for the evacuation of the Naval Armament Depot

- see fourth paragraph of my minute of 15.12.32

x

on 92691/32. Payment was to have been made on

1.1.33, but is suspended, and may not now be

made until the Admiralty is in a position to

hand over, which may not be until 1936 (see para-

graph 4 of (20) on 92608/32). This matter is, however, still under consideration on 13810/33.

It will be remembered also that the Hong Kong

Government agreed to forego some prospective

revenue this year and in the future from the

light dues by making them payable on a sliding

scale dependent on the dollar exchange (see

correspondence on 92701/32).

prospective

It is not possible

to say what this loss of revenue will amount to.

The amount depends upon the height of the

exchange above $ = ls. Od.

The financial position of the Colony

remains satisfactory, as the figures quoted in

the despatch indicate. It must not, however,

be