A ratepayer. pointed out that the coat currency figures shown against sterling pensions in the 1939 schedule: were lower than the corresponding Agures for previous years. A report fon this matter was submitted to the Finance Committee by the Treasurer and Controller in May last. The Treasurer and Controller pointed out that previous to the 1939 Budget certain sterling pensions had erroncously been included in the schedules the stabilized rate of 1/2%4d, to the dollar instead of at the equivalent rate of 2/6d. to the tael as provided for in Clause 7 of the Pensions Trust Deed.
The 1989 schedule was therefore amended so a3 to agree with the statement furnished to the trustees in accordance with the terms of the Deed! of Trust, It was as a result of this revision that the local currency amounts shown against sterling pen= sions in the 1939 schedule were lower than the corresponding figures for previous years, and the amount of exchange compensation provided un~ der General Charges was increased correspondingly.
The Treasurer and Controller also. pointed out that revision of Clause 7 of the Deed of Trust and the substitution of the stabilized rate of 1/2%d. to the dollar for the rate of 2/6d, to the tael would necessitate increasing the Pension Fund by ap= proximately $200,000, for which there was no provision' in. the. capital budget.
The Treasurer and Controller sug-yested that in future schedules a footnote be added to the effect that pensions granted in sterling had been funded at the equivalent rate of 2/6d. the tael in accordance with the forms of the Deed of Trust. The Pinaneo Committee se cepted this sug 'The Municipal Council on July' 25 adopted the attached report of a Sub-Committee of the Finance Committee on the question of printing and dis-{ributing the Municipal Gazeite We have given consideration to the questions of the cost of printing the Municipal Gazette and the system of distribution, This matter has been before previous Municipal Councils on several occasions, specially with reference to the system under which the English edition is distributed weekly with the "North-China Dally News." On each occasion, the Council has come to the decision that this system is, in the circumstances prevailing in Shanghai, the best possible In the interests of the ratepayers, We have again reviewed all the the Council that it adhere to the present arrangements for printing and distributing both editions of the Municipal Gazette.
We ure of the opinion that the Municipal Gazette should be published in the International Settlement and with reference to the question of cost of printing and distributing we have obtained estimates from other printing firms in the Settlement and fre satisfied that the present charges fare reasonable, when the cost of distribution as well as printing is taken {nto consideration.
We interviewed Mr. R. Mf, Jordan, SMP. Gaol Printer, who stated that with ihe printing machinery at present at his disposal the Municipal Gazette (English Edition) could only bevprinted by the "Gaol" pemy shop case of emergency, To undertake the work regularly would necessitate 4 capital expenditure of C:$100,000 on Additional machinery and also reeuring expenditure for extra stam. Mr, Jordan was emphatic that In the Counei's interests no change should be made 8 OF wgements of the Eng-Gazette. to distribution, the Chinese edition is handed over to the Shanghai Chinese Ratepayers' Asso-lation which makes Itself responsible for the work of distribution Chinese ratepayers. This system hi worked satisfactorily since the Chi nose Edtlion was started and in our opinion should be continued. The Chinese edition has, since April. 1939, been reduced from 6,800 copies 5,700 copies per week, With regard to distribution of the English edition, the present. system issuing the Municipal Gazette with the "North-China Daily News" each Friday has been in existence since the English edition of the Munlefpat Gazette was started in 1908. In 1908, the number of voting ratepayers was very much fewer than at present and practically all voting ratepayers were regular subscribers to the "North: China Daily News" Distribution with that newspaper was, therefore, an economical and speedy' method of delivery. proximately 11,000, so that distribution of the Municipal Gazette is now filmo made to several thousand residents who are not voting ratepayers.
Another question raised at the annual meeting had reference to conditions in the Western Extra-Settlement Area. A communique dealing with this matter was issued to the press on Atay
Text read from the printed page and cleaned; old type leaves the occasional error.