CO129-568-4 Estimates 1939 8-10-1938 - 6-7-1939 — Page 38

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No. 110.

39

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1 MAR 1939

GOVERNMENT HOUSE,

HONG KONG.

16th February, 1939.

Sir,

8

I have the honour to acknowledge the receipt

of your despatch No.23 of 17th January confirming your

approval of the estimates of the Colony for 1939. In

paragraph 7 of my despatch No.844 of 21st November, 1938,

48

I stated my intention to review the financial position

early in the year and I now submit for your consideration

certain proposals arising out of that review.

2. The financial year 1938 ended substantially

more favourably than was anticipated when the 1939 estimates

were passed. Revenue amounted to $36,735,855, compared

with an original estimate of $30,254,920 and a revised

estimate of $35,660,000. Expenditure (excluding the special items mentioned below) amounted to $34,972,282, compared

with the original estimate of $33,379,549 and the revised

estimate of $35,155,355. In addition there was charged to

expenditure, under the new accounting system, a total of

$1,203,616 representing building loans and unallocated

stores outstanding at 31st December, 1938. Furthermore

an exceptional payment of $1,000,000 has been made, as

already reported, on account of 1938 military contribution,

payment of which had been provided for in the 1939 estimates.

A deficit of $440,043 is thus shown for 1938, reducing the

surplus, or general revenue balance, to $13,562,235.

Copy of git end to CA. 11.

THE RIGHT HONOURABLE

MALCOLM MACDONALD, M.P.,

&C.,

&C..

&c.

3.