It was not possible to effect other than minor alterations in the esti" mates as originally submitted and the adjusted total of $3,202.970 represents an increase of $923,050 or 2045, per cent. as compared with 1939. This increase ig directly or indirectly very Jargely attributable to the fall in the external value of the Chinese dollar and the increase in the cost of commodities and services. A further miributory fact is the necessity for making provision for larger grants in ald owing to the greater number of children in the. grant aided schools for foreign and Chinese children.
The transfer from General Funds has been limited to the amount estimated to be derived from a 2 per oont. General Municipal Rate together With correlative. Land Tax This amounts to $2,711,440 and after al-Towing for Miscellaneous Income of $41,940 there is an estimated deficit for 1940 of $509,590,
Text read from the printed page and cleaned; old type leaves the occasional error.