The Treasurer and Controller of the Shanghai Municipal Council submitted to a meeting of the Finance Committee held on March 7 the Budget for 1938 and his report thereon, The proposed schedule of rates, taxes, dues and fees for 1988 were also submitted to the meeting, Ordinary Income and Expenditure The Treasurer & Controller stated that the estimated Ordinary Expenditure for 1938 covering all Departments and Services under the General Section of the Budget amounted to $22,757,330, and Education requirements were represented by a sum of $1,921,130, Mhe total estimated Ordinary Expenditure under General and Education, therefore, amounted to $24,678,460, a reduction of $1,528,840 as compared with the corresponding figures for 1937.
The estimated Ordinary Income from all sources during 1988 amounted to $22,026,680, which was $1,824, 120 less than the comparative figure for 1997.
The shortage on the Ordinary Budget, i.e, the difference between Income of $22,026,680 and expenditure of $24,678,460, amounted to $2,651,780, and it was proposed 0 carry this adverse balance to Extraordinary Account pending liquidation through future Ordinary Budgets or by other financing measures, Extraordinary Income and
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