Icted from a home tt met had sen amd tion and ily trying 10 ae frs ation through his Teck. them in Council that the rate would be increased two per cent. owing to the unfavourable position, he suggested that they first of all curtail their expenses, Thereafter the Council took Steps to cut expenses by abolishing Jecriain ofoes and making an all" round salary cut. This had. been greatly appreciated by the Chinese munity. He reminded members that during the past ten years, with the exception of 1036, rate collection had shown an increase every year, fand the decrease of $700,000 in 1936 was due to business depression. If, 'a5 had happened, collections had improved towards the end of 1930, he thought the Council might receive more collections in 1937.
The Treasurer and Controller observed that even if one or two additional lakhs were collected it Would not materially affect the situation, The Chairman supported the view that no. improvement in collections uld bring in the deficit of approxi.
rely three millions. He added that their reserves had been depleted to such a point that the Council was approaching a stale of unsound finance.
Text read from the printed page and cleaned; old type leaves the occasional error.