CO129-552-1 Supplementary expenditure 24-12-1934 - 18-1-1936 — Page 104

Ansa

No. 264.

Sir,

De

30/5

28

123

GOVERNMENT HOUSE,

HONG KONG.

24th April, 1935.

I have the honour in accordance with Colonial

Regulation No.281 to request your approval of the expenditure of a sum of $413,119. in respect of depreciation in dollars

of the sterling funds of this Government during the year 1934,

consequent upon the rise in the exchange value of the Hong Kong

dollar.

2.

The rise in the value of silver which began last

year reversed the tendency of the years 1932 and 1933, in each

of which considerable sums were written on to revenue as a

result of the exchange factor. I enclose a copy of a minute

by the Colonial Treasurer which fully explains the necessity for this expenditure.

3.

The expenditure received the unanimous approval of the Finance Committee of the Legislative Council as item No.7 of the Report of 4th April, 1935, and the Report was adopted by the Council on 11th April, 1935.

I have the honour to be,

Sir,

Your most obedient, humble servant,

wine

Governor, &c.,

THE RIGHT HONOURABLE

SIR P. CUNLIFFE-LISTER, G.B.E., M.C., M.P.

&C.

&c.,

&C.