PERIODICAL REPORT ON DEVELOPMENTS IN FINANCIAL
AND ECONOMIC SPHERE.
The following is a brief report on developments in the financial and cocnomic sphere since Mr. Butters submitted a detailed report on the 20th September.
The Financial Branch of Civil Affairs was reinforced on the 8th October by the arrival of Mr. C.G.S. Follows C.M.G. as Chief Financial Adviser, but Mr. J. Fleming senior partner of Messrs. Lowe, Bingham & Matthews, Chartered Accountants, whose services have been of great assistance to the Department is shortly leaving for England. The Treasury Staff, though still below establishment, has been strengthened by the appointment of an officer to fill one of the Staff Captain vacancies. This Branch moved on the 6th October
From the Hong Kong & Shanghai Bank Building to the old Yokohama Specie Bank but the move was carried out without interruption of business. The Chief Financial Adviser is, however, located in the Colonial Secretary's Office.
Owing to looting, the bulk of Treasury records, furniture and office appliances have disappeared and the issue of the new currency was carried out under extreme difficulty, without adequate staff, correct books of account, vouchers and forms, etc., and even at the present time it is not yet possible to analyse payments and post to ledgers, although careful records are being kept of all disbursements and receipts in some form or other are being obtained in all cases.
penditure:
Revenue:
1945:-
The following is a statement of expenditure up to 12th October,
Expenditures;
Cheques drawn as at 12.10.45.
Civil Affairs
British Army Paymasters
Royal Navy
Royal Air Force
Other Authorities:
Chinese Military Mission
Other Trading Banks' drawings
5,044,060.31
930,500.- 3,047,568.- 800,000.-
150,000.- 4,460,000.-
$14,432,128.31
The above statement does not, however, unfortunately convey a true picture as considerable commitments, in respect of the period, are still outstanding.
Revenue has not started to come in except in negligible amounts as, for example, from the sale of postage stamps and entertainment tax on cinema tickets; but the question of licence fees which can be reimposed immediately is under active consideration, as is also the question of the collection of duty on liquor and tobacco. It is the intention too that the collection of assessed taxes (rates) should be resumed at an early date. The Assessment Records were fortunately recovered intact, but they are very much out of date and steps are being taken to obtain an amended list of the names and addresses of rate payers where changes of ownership or occupancy have taken place.
Banking Facilities:
There has been a general demand for increased banking facilities as the restrictions on withdrawals to two amounts of $200.00 resulted in a virtual suspension of deposits. There was naturally reluctance to deposit money in a Bank if it could not be withdrawn at will. The matter was discussed at a meeting at which all the Banks were represented and it waş decided that the time had come for the
Banks/
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