Small Surplus Instead of Expected Deficit The Treasurer on Mar, 18 present~ ed to the Shanghai Municipal Coun-the Annual Budget, The North-China Sunday News" derstand that Major J.T. Ford expounded the figures with his eust tomary lucidity and was able cheer the Council, with, the an-ouncement, that. the actuals, for ToS showed a. small surplus in place of the originally expected deficit. This was due to certain measures of retrenchment, to improved exchange and to adjustments proposed by the Treasurer in, Septem Ber last, In regard to the Budget for 1932 the' Treasurer confirmed, the statement made jin the "North-Ching Daily News" a, week or so back that" there would be no need to the rate to the 16. per cent. ThePrate will therefore remain at 14" per cent. conditions which in the light of recent heavy drains on the resources of many members of the commanity seemed to be most appropriate, sum of Ts, 1,200,000 had beow budgeted for to cover expenses. in. curred by measures arising out of the recent disturbances, a third of it being ordinary account and' two thirds €apital account, The Treasurer and Controller, in the course of his remarks, referred to the fact that there was a surplus from the 1931 financial year of 851.000, a8 compared with the esti. mated gare of Tls. 913,000 and that this result had been achieved by reason of Department retrone! iment, improved exchange eanditio during the later part of the and by giving effect to certain exact and. proper adjustments. beween capital and revenue contemplated "in his statement to. the Council In September Iagt, oktfegards, the, Budget for, 1032 whi resented on of a 14 per cent, General ipal Rate, i.e. the same rate sepa separate Education Budget for the first time and the allotment of fands amounting to Tis, 1,384,000, the total expenditure under "the General Budget amounted to approximately Tis, 15,500,000. far as the income side of the Bud-twas concerned, the total re-Venue available, after making an allowance for the. loss of revenue occasioned by the emergency situs tion and for the Education Budget, was stated to be Tls. 14,312,000. 'To effect the balancing of the Budget it was necessary to bring' into play one and a quarter million taels from General Reserve, which incidentally, represented the ea a two per cent, tax for nine months as previously templated. As a result of th the Municipal Geners Budget of ordinary expenditure been balanced and showed a small surplus of approximately' Tls. 11,000, So far as the Capital Budget w: concerned this consisted to a vel large extent. of commitments ready entered into during the past year, and also provided for a Scheme of loan redemption already undertaken by the Council." A. further "sum of Tls. 800,000, was Juded in this Budget for Emergency expenses, and provision was made for a sum of two million Budget of extraordinary ex. penditure, which disclosed a total of Ts 18.014000 resulted ina foal sure proximately Tis inal-surplus of approximately Tis.
Text read from the printed page and cleaned; old type leaves the occasional error.