CO129-550-1 Estimates 1935 14-9-1934 - 15-9-1934 — Page 7

milo

$

balances of at least $10,000,000 which it is the

policy to maintain. The basis of the calculation

of the sterling dollar exchange for the purpose of the Estimates has been fixed at = 1/4d as compared

with a rate of $ = 1/3d for the Estimates of the

current year.

The rate on the 7th November was

over $ = 1/7d and if the average for 1935 exceeds

1/4d there will be a saving on the sterling

transactions of Government.

The draft Estimates provide for

Gross Revenue

$30,585,650

Gross Expendi-

ture

92-476 102

stet.

Deficit

1,890,452

The Estimates as passed by the Legislature reflect an increase in expenditure of $80,000 on account of

the Wanchai Market which unofficial members wished

The

to be completed as soon as possible, Estimates

passed

as paedule by the Council therefore reflect the

following figures

Revenue

Ordinary

Land Sales

29,985,650

600,000*

Total

30.585 650

30,585,650

Expenditure

Ordinary 28,976,652

Extraordinary 3,079,450

Naval Arsenal

Yard

500,000

Total

32.556.102

32,556,102

Estimated deficit

1.970.452

It appears from the speeches of the

unofficial