CO129-591-6 Estimates for 1944 and 1945 3-11-1943 - 3-11-1943 — Page 29

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27

HONG KONG AND MALAYAN GOVERNMENTS

ACCOUNTS OFFICE,

54126/1/44)

HOPE HOUSE.

45. GT. PETER STREET.

LONDON. S.W.1

13th June, 1944

Mr. Palmer.

(in duplicate)

I enclose herewith Hong Kong estimates for the year

Comments are as follows :-

ending 31st March 1945.

(a)

(b)

Expenditure for 1943/44 is estimated in part, because the accounts of overseas payments up to 31st March 1944 have not yet been received. There may be payments in connection with rehabilitation but no estimate of this expenditure has been included.

Revenue

Page 1. Head 53)Transfers from Exchange Fund Income a/c. Income for 1943/44 was £494,180 which was supplemented by £197,820 out of the accumulated balance at the beginning of the year to make total transfers of £692,000 for the year. For 1944/45, on account of redemption of a holding of £4 million Govt. 5% stock it is estimated, income will amount to £350,000 only. The accumulated balance to credit of this fund at 1.4.44 was 31,557 so it appears that at the most not more than say £380,000 can be transferred this year.

(c)