CO129-561-10 Estimates 1938 2-9-1937 - 23-9-1938 — Page 341

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JRAVIEZ SİL: Jasibajo taom THY

MA. CONFIDENTIAL

AIR MAIL.

to 8.a.(2)

flag

2.

53652

GOVERNMENT HOUSE,

HONG KONG.

2nd September, 1937.

Sir,

I have the honour to convey to you the

following preliminary survey of the general financial

outlook and of the basis upon which the Estimates

for 1938, which are now almost ready for presentation to

the Legislative Council, have been framed.

When the 1937 Estimates were prepared the

revised estimates of expenditure for 1936 showed an

expected deficit of $1,004,000, reducing the surplus of

assets from $12,388,000, at which it stood at the 31st

December, 1935, to an anticipated figure of

$11,384,000 at the end of 1936. The approved Estimates

for 1937 showed a deficit of $3,499,000, involving

the prospect of a further reduction of the surplus

balance to $7,885,000 at the end of 1937.

3.

It was, however, hoped that the actual

position would be more favourable and this hope has been

realized. The year 1936 ended with a surplus instead

of a deficit and the excess of assets at the 31st

December, 1936 was $12,917,000. It is also now

expected that the deficit in 1937 will be very much

smaller than that budgeted for, and there is indeed

some prospect of another surplus. The present revised estimates of Revenue and Expenditure for the current

THE RIGHT HONOURABLE

&C.,

W.G.A.ORMSBY-GORE, P.C., M.P.,

&C., &C.