1
HONGKONG BUDGET
GOVERNMENT CUTS AND MORE TAXATION
ALREADY SANCTIONED IN CASE
OF FURTHER DEFICIT
Introducing the Budget in the Legislative Council yesterday, the Hon. Mr. Smith stated that the position had not improved during the past twelve months and there were few, if any, signs of recovery for the future. Despite revised reduced estimates for next year, a revenue defielt of one and a half million dollars. was anticipated.
Although the 1935 senle of taxes was unaltered, save for a reduction in the hardship of excess water charges, with its consequent Jass of half a million dollars to revenue, it was well, he said, that a note of warning should be given now, thal increased taxation and a temporary levy, on all Government salaries might be necessary If the state of the public finances in 1936 should show serious deterioration. The Secretary of State and already given his sanction to action on these lines.
A balanced Budget would be achieved, however, if the dollar rate averaged about 1/1031⁄2d during 1936, The Govern. ment has authority from the Secretary of State to use half a million dollars from the 1925 Trade Loan fund, but it proposed leaving this for a real "rainy day."
Economy in all departments of the Government, staff retrenchments and a policy of abolishing vacancies when they arate and made no serious defect in the effeiency of the work concerned. would he pursued in effecting very considerable curtailments of Government expenditure,
You show A
THE HONGKONG
TELEGRAPH. FRIDAY,
NEW YORK STOCK
EXCHANGE
MARKET IRREGULAR
YESTERDAY
New York, Sept. 12. The following reports on the New York Stock Market have been re- elved through Messrs. Swan, Cul- bertson and Fritz:
The Wall Street Journal report on yesterday's market-Stockn to-day was irregular, Railroad issues were down on J. P. Morgan & Co.'s inten tion to auction the van Sweringel holdings. Utility shares rallied early in the day on the intention to con- test the legality of the Wheeler. Rayborn tility Holding Company Bill. Later, the ses slumped on profil-taking. Steel shares were mixed, while specialties were inactive. S.C. & F. New York Oflee enbles:- Stock: The market was morkrately lower, but there was no selling pre
Bare.
New York nuri Chiengo commodity reports received through Mary, Swin, Culbertson & Fritz:-
Cotton: Tre considerable doubt if the market you hold above the fonn level when the movement of the crop is normal. We exported a gradual increase in bestging. Domes- tie consumpton of enton dming Amrut fotkiled 419,00 bal.
Wheat: Opinion amont brokera
The drought jar tim Argentin has al If diging ratings anal th ni markets are easier. It is reported that 76,000, bushels of Camelian wheat any amiðlabia. Public interest is still donut.
t
Excellency
Thoanna think, desive any drastic cut in the Somborn, Officer Administering the¦ Colony's social wevices, hat sits for Government, presided.
as posible no new obligations in this The minules of the Finance Condisvetion will be assumed next year, follows London cables. Stocks
Rubber The market is luft and mitten of September 5 were confirm. On Public Works Recurrent the ed and the Acting Colonial Serretary,
rubber in Malaya show a decrease br Estimates now before the Hon. Mr. N. L. Smith then moved reduction of nearly 10% on the 1935-5000 tons doring August, the first rending of "A Dill to apply approved figures which in themselves
All other commodity markets ar sum not exerting $21,830,416 to were considerably lower than those very quiet. the Public Service of the year 1936." for 1994. As regarda general ad-
Special News! Brokers Lanns) The Hon. Mr. N. I.. Staith stil:- ministration the prusing has been during the week totalled $003,000,000. rize by Your Excellency's command severe as will be seen from the fre to move the firel intitled "An Ording of a Bilquent derurrence
to apply
sum not exceeding $23,890,416 to the Public Service of the year 1936.”
I can, I am sure, eunt upon the indulgence of Hon. Members in my i task of submitting this my fest Bud- get in the unfortunate circumstances of which this Council is only too well
aware.
footnote Considered sufficient" in the various "Other Charge" votes "Special Expenditure subleads also have lawn drastically reduced and show a total saving of more than a quarter of a million dollars.
Staff Retrenchment
When Your Excellency moved the
Retrenchment of stuffs beyond fiest reading of the Budget for 1935 What has already been aerumplished you referred to the very serious dein prrent years lins been considered. and while posts have not been
, but
pression in trade from which the abolished vacancies which have o Colony was at that time suffering purred or are expected to nerur will That was a year tuantely there
are today few. ir, not be filled if evideret in any nim of recovery, and that the way yersible to leave them unfilled position has not improved during the without the best of efficiency. The the effect of this however ran only be past twelve months is very clearly graded and could not greatly affect
cat by a comparison between iginal and the revised estimated!
tea, prema Budget. the r
virent
the
of revenue for
*934
4
year.
As a result of all these economies
the gap between Revenue and Ex
REUTER QUOTATIONS Dow Jones Averages; 30 Industriads.
Rails
20 Utilities 40 Bonds
COMMODITY PRICES
SEPTEMBER 13, 1935.
Evelyn Bostock and ¡George O'Brien in "The Cowboy Millionaire," latest Fox release coming to
Alhambra Theatre on Sunday.
LONDON STOCK
EXCHANGE
LATEST SHARE QUOTATIONS
שי
the
The following quotations the Tandon Stock Exchango have been revived by Mosers. Swan, Culbertson and Fritz in conjunction with Renter.
Sepl. 11. Sept. 12 British Government Securities. War Loan 34
reim. after 1952 £103
Chinese fonds
Tient.-'tiw
£10
Sept. 11. Sept. 1.
33101
87.25
36.75
48 Bond: 1808
(Eri. Tus)
26.71
25.48
1 Commodity Index
96.72 96.66 53.58
2101 49 Loan 1908.90
T 09
5 Loan 1912... F 80
£ 20
5 Reorg Loun
1913 (Lilm. I.) I 89
£ NO
U.S.
15. Bonds 1920.47 € 921.
5 Simi-Nanking
Rly.
GS
£ 68
Aly....
54 Tent.-Pekow
321
3. Hon Rs.
25.
15 Hukung it.
1911
10
25
# JO
5 Long The U. Hai Rly 191:
12
Hermosa 7 lat.
Loon 1934
Japan 5 Sterling
LATEST CABLED
QUOTATIONS
The following quotations
on the New York commodity exchange are Ingued by Reuters
The original estimate was 230,685, abb, the revised estimate is $288. dad but with the dollar rate inten diture has been tontilerably re- short-fall of over $2 million: and though this is more than off-set, ed, which it mile A prudent figure, there will still be a deficit, by the
savings of some 34 million on
allowing expenditure, the revised estimate ofer
for the surplus balances as mentioned, of about $830,- | October which in 298,481,000 as against the original estimate of $82,551,102, 100, The exnet figures are Revenue December must not be over-looked that a con- $26,071,845 pins Surplug Balances January
ten million dollars) | March silerable part of this saving in enus in excess of
Ex- May ed by the fset, whereas the estimates $2,095389 total $2,767,634;
jenditdee $29,599,149,
Fuly were framed in a 1744 dollar, ex-
Such change has been in the neighbour-
hood of 2/- for the gwater part of iterationition might, on a con- Spot
the your.
merely of the Budget figures, reanably give me cause for disquietude. Drawing on Surplus
But before we need reign ourselves to the prospect of an Decembir
"C" | September The figures which I have just given unblanced Birdget i would submit Jammary
the urst March show that it was expreted that it the following point. In would be necessary to draw on our place there is the exchange rate of Ma surplus balances to the extent of the dollar, a perennially uncertain $1,970,462 during the present year Estimates.
car, factor in the framing of successive and that we have revised that figure stin The total amount of ex-
New York Colton
Sept. 12. 10,A4 0.418 19 199,51/62
Railway (Spl, Lan!
Foreign Houts and fonits
Loan 1987
Japan Sterling
Loan 1924 ILK & B
(Jal, Regd.) .. £103 Chartd. B. of L.A.
& C
Sept. 11.
1050
£ 81% NX
10.55
10.57
£921.
1063
10.50/W
10.49
-10.03783
£ 944
£103
10.74
20.85
18.68768 10.30
13
£ 128
New York Rubber
Totalles:
11.35 11,308 1672
ULSMRT 11.80 11.03.08 11.8020 12.106 11.9.200 207 late.
Chicago Wheat
Acmelated
Commercial and Industrial Allied From Pound-
Elec. Industries Austin Motors and.
4573 11076
#5/6 ME
Boots /sh.....
497%
19-
British American
Tobares theayer) 115-
119/2
Ая Han. Mem-
dollar exchange representing sterling salaries, pa May:
is, in the Serpla mber
Canadian Celanese
2073
87/6
02
912.
C
92in Bag. stud
Min. (Bearer)
11.0
55/
53/0
92/3 927
Hunlop Rubber
42/-
balances at
A figure of about
working the purpose of clarity.
milling, and to consider that any
27/11
Amount in excess of that figure s
Trade Loan "Nest Egg"
52/9
5276
30/40 3074
34/24 34/6
to $169,960, which will leave us with penditure which depends directly on
# surplus balance at the end of thisstimates now before yo, 22, December year of $12,095,780. bers are aware it to the policy of this Government so to frame Its annual es purchasen from Crawn Agents, Wednesday's całe z 89, 111,000 bushel. Distille Budges to maintale its surplus prior give the figure ju
Lure.
Chicago. Corn
September Bovember
76"
#
51% 571
England)... Finer Aircraft
Winnipeg Whent
4 loik ages
HA 921
597%
New York Silk
1.78 1.70 1.
1.2 100 19
1.99 Folg
Shai Elec. Constr. Tate & Lyle .... Auraer 1 Newnśl
available for non-recurrent expendi- At the rate of Dad to the dollar MAATS
In particular the programme, the Bgure adopted for the Estimates Wedneslag's rales 7,257,000 bushelpt. Class. ind. of Public Works for each year is new before us, this represents a total made to depend upon this figure, of $3.00804. If the dollar remains bring more amenable to annual ad- at its present level of about 9/- justment than most of the other there will be sufficient savings on this December
October servicen of Government. With this alone to turn the budgetted dellelt May in view it will be seen that we may into a substantial surplus. Actually, anticipate starting 1930 with an as can be easily calculated, a balane Available credit of slightly over. $2 ed Budget may be anticipated if the million; and wore it to be expreted dollar cate averages about 1/101d.pember that Revenue in 1996 will rench even during 1936.
ibember the reduced total of the revised Secondly the Government has re
March: estimate for the current year the conlly received the Secretary of position would be not unsatisfactory. State's authority to transfer to the Unfortunately however it is anticl Keneral revenue in case of need a pated that on the existing basis of sum of $500,000 from the funds of September taxation the Revenue can hardly fail, the 1925 Trade Loan. This, I
mily
•
Tetal rales:--101 lots,
December
to be a million and a half dollars say, will still leave suficient nasets January behind the 1835 revised fiture.
United Steel
Vickers ord.
Warney, tambe &
Rebl det, ord... Woolworth
10)
198 2973
15276 151710015
45. 45! 70/6 70/0 5.x.ph 83,16 30/- 10/101 16/10%
Mines Burma Corpn. R
Common wenith
Mining.
Balato
in that fund to meet all possible March.. I will refer inter to the question future liabilities. In spite of such of additional taxation, but would approval this transaction has ROL only say at this point that the 1936 heen included in the Estimates new scale of taxes is continued unalter before the Council as it is thought few years have at its disposal, _maat- ed in The Estimates my before the pradent to retain this half a million Council, except that it has heen de dollars as a sort of west-erg to be Works mentioned, ertain sites of a jy as a consequence of the Public cided to forego rather more than half used in case of a serious fall in the very high potential value. I refer in Randfontei
milion dollars of Revenue by rene rate of the dollar or a serious decline particular to the Arsenal Yard, to ing the charges for excess water, as in revenue. It should moreover be part of the Victoria Gal aity, to Sparwater Go4 these have been represented as pres-borne in mind that this sunt is not art sing ton hardly on the general public. only a nest-egg but in the nature of ital site and to the site of the pre-Spring Ales
part of the Government Civitos a windfall (if the metaphors may be Government Expenses
no mixed); that is to say that no On this understanding the Rudget, considerable further sums from the
futuro Budgets.
seat Central British School,
Aliniax
Sith-Nigel
الار
SHARE PRICES
The following is the list of focal ahare quotations issued this morning.
Banks.
H.K. Banks, 31,035/40 sa. II. K. Banks, (Len.
$103 n. Chartered Bank, £124 n. Mercantile Bank, A. and B.
€ £2944 n.
Reg.),
Mercantile Bank C., £124 n. East Asia Bank, $7614 1.
insurances,
Canton Ins., $180 n.*
Union Ins.. $370 6. China Underwriters, $1.10 n. China Fire, $382 ¤. H.K. Fire Ine, $180 Internat'l Assce, Sh, $4 n.
Shipping.
Douglas, $36 n.
ILK. Steamboats, $4 n. Indo-Chinas, (Pref.), $30 n. Indo-Chinas (Def.), $12 n. Shell (Bearer), 6974% n. Union Waterboats, $114 n.
Mining.
Antamaki, 80 cts, n. Halatoes, $18 n. Baguio Gold, 24 cts. n. Benguet Consolidated, $12.10 n. Benguet Exp, 13 cis, n.
Benguet Goldfield, 10 cts. n.
Big Wedge, 8 cts. n.
Gold Creek, 30 cts. n.
Gold River, 7 cls. n.
Ipe Mining, 90 cts. n.. Itogons, 36
eta, n..
Salacot, 15 eta, 11.
Kailan, 11/6 n.
Langkats (Single), $14 n.
S'hai Explorations, Sh. $44 D. S'hai Luans, Sh. $0 n. Raubs, $7 n.
Venz: Goldficht $2.30 n.
Docks etc.
HK. Wharves cold). $75 n. JL.K, Wharves (new), $74% n. IK. Docks, $9. Providents (old), 55 cts. n. Providenta (new), 20 cts. n. Hongkews (old), Sh. $240 n. New Engineerings. Sh. $4 n. Shaphai Docka, Sh. $78 n.
Cotton Mills.
Ewo Cottons, Sh. $5.70 n. S'hai Cottons (old), Sh. $65 n. S'hai Cottons (new), Sh. $40 n. Zoong Singa. $8 n. Wing On Textiles. Sh. $25 n,
Lands, Hotels, etc.
J. and S. Hotels, $3.40 s, BLK, Lands, $24 s. 1.K. Lands, 13 Deben.
S100 n.
n.
S'hai Landa, Sh. $20 Metropolitan Laris, Sh, $10 n. Humphreys, $7. II.K. Realties, 34 n. Chinese Estates, $88 n. China Realties, Sh. 34 n. China Debentures Sh. $123 n.
Public Utilities,
II.K. Tramways, $11.30 8.7 Peak Trams, (old), $5% a Peak Trams, (new), $a n. Star Ferries, $78% n. Yaumati Ferries, (old), $17.60
ከ .
Chinn Lights, $8.05 n. H.K. Electric, $52 b. Macao Electric, $20 n. Sandakan Lights, $3 s. Telephone (old), $193, s. Telephone (new), $8 s. China Buses, Sh. $11% 1. Singapore Tractions, 10/6 n. Singapore Pref. 22/6 b.
Industrials
Malabon Sugars, $8.50 n. Cald: Macg. (old), Sh. $19% n Cald: Marg. (Pret.), Sh. $13 m. Canton Ices. $1.80 n.
fement Converted), $2.50 1. 11.K. Ropes, $2.15 n.
Stores, &c.
Dairy Farm, $15.75 s. Watson, $3 21.
Lane Crawfords, $3 n. Mackintosha, $7 n. Sinceres, $5 n.
Wm. Powells, 70 cta. n. Wing On (H.K.), $55 .
Miscellaneous.
H.K. Entertainments, $1 n. S. C. Enterprise $1.35 n. Macao "Greyhounds," $2 n. Constructions (old), $1.10 n. Constructions (new), 20 cts. 1. Vibro Piling, $4 n. Ch. Govt, 6% 1925 G.
90% n.
72/..
112/B 11276
Montreal Silver
3ereHatcour
65.85
66.17
60.00
G475
45.75/95 65,90/05.24 66.10
66.50 -69
Awrio-Dutch
201/9
20/3
14 Kalumpang
Rubber
207-
207-
|Pekin Synd. 97.
Total rules:--16 contracts,
ord. sh....
1/6
1/6
Rubber Trust:
2876
287-
9/7!2
il 7
11/7
5170 5176
470
4.6
40/71.
1077
247/6 98/9
261776 91870
Bonds
01.
617
66/74
H. K. Govt. 4% Loan G4%
prent, b.
76/10 76/3
ments, Ltd. ....
69/412 1726 10/3
27/9 /.
RAW RUBBER
LATEST SINGAPORE
PRICES
ålessrs. Benjamin and
Potis
In spite of all this, however, the Rhokana Corp.. hity if it did not contemplate in nd-Anglo-Persina Government would be falling in its
once the steps that will have to be ferma Of taken in 1936 if there should either Shell Trans and be a sharp drop in the dollar rate
Trad. (Bearer)
aty problem resolven itself largely same source can be counted upon for Into a question of curtailing the ex-
But apart from these considera- ponses of Government. The first eurtallment to be considered is that tions, it is. I think justifiable on an of Pubile Works Extraordinary an gcasion like this to take a longer
or a serious decline in revenue, or Chosen Carpo. being the largest single Hend of view than the twelve months of 1930. Expenditure apart from Milltary have already mentioned some of Portly both. As I have said, no Contribution. But here It is im the major Public Works to the com-additional taxation has been imposed in the existing circumstancea; but it possible suddenly
down pletion of which we are at the mo to close works now in hand, and at the moment committed. Most of these will ment, quite apart from fonn Works, completes during 1980 and all,
enil of 1937.
is as well that a warning should now
a
be given that this may be necessALTY there are a number of large schemes of a can or con; efore the 1936 should show serious deteriors if the state of the public finances in in process of completion, particular doubt many other desirable works tlun. It is also desirable that
The Colony has no the ly the Queen Mary Hospital, King's Rond at Causeway Bay, the Which should be undertaken; but if warning should be given that a tem- Central British School, the Kowloon the present depression is to fast be.porary lavy on Magistracy and the Wanchai Maricet, ond the next
two years it clearly be necessary
to postpane,
Government salaries, both dollar and sterling, may be necessary before the end of
and that the Secretary of State has
inraman, Invest-
H.K. Govt, 34% Loan 2%
Jirem..
Wallace Harpers, $4.
WATER LEVELS
FOR WEST, NORTH AND EAST RIVERS
ACCOUNTING METHODS
CRITICISED
ANNUAL REPORT BY THE COLONY AUDITOR
Criticism of certain accounting methods in Government departments In contained in the annual report, just insued of Mr. P. I. Collisson, the Auditor. He states:
Subject to the comments contained in this report the necounts generally have been satisfactorily kept and rendered and the existing regulations appear to provide reasonable account- ing protection against irregularition and Fraud,
ai
The main items in the figures legai- ing to the liability "Suspense Ac- count" is still $975.113.78 on recount of Military Contribution" referred to in many previous reports,, but ai the Estimates for 1935 provide for this as a Miscellaneous Receipt pre- minably the amount will during the rurrent your
transferred to Revenue and the discussion of many years will in this particular respect come to satisductory conclusion.
Treasurer's Cush Balance The
constitutioti of the CAND Balance in the hands of the Treasurer at the end of
hins heen re- year, ferred to in the Annud Report for
tho"
1930 and each subsequent year. This yesed question has at last heen settled
the Secretary of State in
FOR THAT "TIRED” FEELING
IN THE
MORNINGS
TRY
PINKETTES
THEY
MAKE
ALL
THE
DIFFERENCE I
Taken whon needed Pin- kettes tono up the liver.. dispel constipation and sick headaches, keep the brain clear, the breath sweet, the spirits bright, improve the appetite.
Of all chemists,
PINKETTES
Laxative Perfection.
TURBINE LOCO
No. 9 of 12th March 4:57 Butch} quCCESSFUL EXPERIMENT BY
The orignal rudit contention and reling that he inable to authorise
(any relaxation of the importan rule that payments can only be charged
THE L.M.S.
London. Sept. 12.
The first turbine railway en-
at the date on which they are actunilygine built by a British railway at mark.
Two methods for future pro their own works began experi cedure were suggested by the Secret-mental runs this week on the on- of State but the decision of the don Midland and Scottish Line, Government giving effect to his ruling between Euston, and
has not yet been communiented,
Liverpool.
The attention of Government was Although the engine was not fully drawn to the fact that the Amal tested it maintained an average Board of Survey of the Treasury Cash speed of 69.8 miles an hour be- had been made after the cominence-tween Crewe and Willesden with meat of busine on the first day of a load of 330 tons. the new year. Arrangements have now been unde for future boards
ta
In addition to eliminating prae- be held in conformity with regulation.tically all exterior machinery it is During the audit of the Supreme hoped that the engine will save Court accounts attention was drawn fifteen per cent on coal consump- to the large sms which had beention, obtain more rapid accelera- on deposit over 5 years for which no
track..
liability was likely to arise, and intion and save On maintenance recordance with Colonin! Regulation st of engine and 330 arrangements have licen made to British Wiretcas, transfer over $25,000 to Reven
acta
11
EXCHANGE RATES
Secretariat for Chinese Affairs Reference has been made in pre- vious, reports to the Secretariat for Chinese Affairs accounts which owing to their special nature are "outside the necounts of the Colony exerpt in so far as the Treasury Inter
It happens, however, that Berlin. tain particular department collects & Athens small amount of purely Government Mike... reventie and incurs Government ex. Shanghai. penditure on Personal Emoluments New York. &c., the transactions for which are Ansterdum. merged in the main accounts of the Vienna. olllee,
iraque.. Buchanst Maric
12.38
Sept. 10. Sept. 12.
Paris. Gearvi
74.61/64 15.181
7.1.15/16 15,18
12.07
515
681.9/16 17631/32
4.04
60.16/32
1/6.9/32
4.03.13/16
7.31
7.11
21: 149.5/16 421 .36.11/16
110%
20 110.9/16 02:4 36.31/01 110
.1/1131/32 2/03/14
90.0016
30.25
CHIT
.2217 .4.0644
1/2
217
4.96%
1/21
2247%
43%
16
20
LOJT
out ofisbun
Thus in the 2nd Quarter of 1934 the revenue collected was $340 total receipts, amounting to $80,600, Hongkon To nudil this very small portion it
Brussela. becomes necessary to examine to a Monte Video. ecrtnin extent the books of the Belgende Secretariat for Chinese Affairs with Montecal out actually bring responsible for Yokoham.. their entire nudit
Helsingfors.
.20,3716
Buenos Aires....15 Silver (Spot). Silver (forward).29.3/16 War Lann......1051
This is unsatisfactory and it would Rio.... undoubtedly be of advantage and more enrrect if the accounts for the actual Government revenue and ex- penditure were kept
completely separate and in different books from the remaining accounts of the Secre- tarial for Chinese Affaire.
The sug- gection in audit that this should be done was not accepted.
The annunt local examination of the Registrar of Companies Accounts 'nt Shanghai was made in September and the accounts andited to date. The revenue from this source during the year was $177,807, 4 compared with $141.342 for the previous year.
Counterfoil Receipts
in
There
-British Wireless.
were obviously transactions such as refunds or adjustments of application money which were subject should have been subject to audit, to account and, it was submitted,
A Novel Principle
The Government, apparently on the ground that the Colonial Treasurer Consequent on your Circular Rerest. The principle that because the was satisfied, decided to let the matter fernee Sheet No. 167 a special in Treasurer is satisfied with any portion vestigation was made early the of the public accounting audit can year into the castrol of this important therefore be foregone was so entirely method of accounting for the coller-novel that it was considered advisable
to report the circumstances to
scon as possible
(Audit
Letter A copy of this letter
WHA
נוסע
Was
But lost by you to the Secretary of
tion of revenge.
With
With 11 exception the depart- mental control
satisfactory though in every case discrepancies were revealed between the Central State and no further action has there- Register kept
und in the Treasury that kept
fore been taken loenlly but it is in the department.
necessary that it should be clearly A shortage of $357.85 in the Post understood at what stage Onler eash and stumps of an abscond-what basis the audit of this particu
and од in clerk was made good in part by Inr section of the the estreatment of his security, and forfeiture of salary while the balance was written off with the approval of the Secretary of State.
Loan Accounting
commenced.
accounts
has
It will be seen from the preceding paragraphs that the loun accounting turing the year was not carried out An important feature of the year's ties required elther by the law (Or
in strict conformity with the formali- necounts has been the redemption of diane 11/1934) or Colonial Regula- the Inscribed Stock Leans of 1893 and tions. 1006 nimounting to £1,486,733 and the
flotation locally of the 3 Dollar It may be noted here that with re- Lona. The actual redemption of the gard to this Dollar Loan Ordinance Sterling Loans was carried out by the usual notification of non-disallow the Crown Agents and their figures ance by His Majesty the King na not have been accepted.
yet been gazetted.
The Statement of Funded Public There have been so many departures from the authorised accounting pro- Debt &c. as published with the An- cedure that it necessary to commentared and on representation by this nual Statements was incorrectly pre- at some length.
During the year bondu the department an amended amount of $14,000,000 were issued by 'was published in the Gazette of Au- Government under the Ordinance gust 2 1935, No. 11/1934.
to
statoment
Medical Stores Fraud Though the arrangements for the insue of the Loan were placed in the
Theft and subsequent disposal to a hands of two local banks the cheques private firin of an expensive drug accompanying the application money was discovered during the year and and in paymont of the full allotment at the request of the Medical Depart were made “payable to the Hongkong ment an intensive examination of the Government, crossed with the umeaccounting for this particular drug of the bank. No account of these was conditeted by this department. moneys has been submitted for audit The Investigation revented dell. nor was any information accorded to berate fraud and tampering with this department of the preliminary books and vouchers such as would not The River Conservancy Commision for accounting arrangements of the Loatt ordinarily have been discovered, in Kwangtung Province jaapes the following re- The first entry in the accounts of the sadit. The matter was reported. port on water levels, in Englial feet, for the Colony in regard to the Leun is the the Secretary of State who has West, North and East River
receipt in the Treasury Cash Book of proved the appointment of an adul Highest Lowent Place
W. I.. W. La
313,860,000 being 90% of $14,000,000 tional officer for this store which of Observation _ን
“ካ
This receipt together with should ensure Sept. Bept issuett. reront record £1 12
the
closer departmental West River
at Khlubins 18% t. down act. North River
re-
It is not proposed that any major when the time comes, the inception 1036 in the circumstances referred to. works will be begun in 1836 and the of any such larges-scale undertakings already given his sanction to action reived the following Straits currency DIP of lesser works in cont until the outlook is clearer.
on these lines. It is unnecessary at quotations (buyers) from Singapore the moment to go into the details of today for raw rubber:- proposal which will only be required Spot...
smaller than wannt.
Levy on Salaries
Apart from Public Works Ex- traordinary, expenditure can be ro dured by economies in Socin! Ser. From a slightly differont point of vices, in Recurrent Public Works view, and still taking a long view, and in the cost of general adminis. It is also justifiable to bear in mind tration. Hon. Members will not, that the Colony will within the next
in the event of a contingency which Oct/Dee:
we hope will not arise.
19
Jan/Meh Mr. Smith then went on to explain Apl/June the appropriations in detail,
Market:Dull,
1946 CER.
20% ets.
at Tinkyuen Bat River
4410 ለ
15.4 24.2 Crown Agenta' voucher for the control.
of the bonds һан therefore the only basis
to
ap-
formed
Except for this the examination of which the various Slore Accounts calls for
no special comment. Surprise Sur-
As applications, accompanied by veya of Stores were made by this de application money, were received far partment during the year as reported
-4-26.9 0
H.
9. audit was possible.
Shanshul
4-17,0, -J
ม.2
8.0
North liver
at Sheklung
+-15.8
www.7
5.7 3.6 in excess of the authorised issue in the Quarterly Returns.
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