revenue would be considerably in excess of the estimated figure. The expectation was fulfilled by the event, and the final total was over $82,000,000 or nearly $31,000,000 more than the original estimate. The Expenditure Estimates included about $78,000,000 for non-recurrent expenditure, much of which was subsequently transferred to an advance account to be met from a proposed new loan. The actual recurrent expenditure amounting to $85,624,391 was a little lower than the estimate so that the deficit on recurrent expenditure for the year was finally just under $3,500,000. This did not, of course, represent the true deficit as special rehabilitation expenditure charged to an Advance Account pending the raising of a loan amounted to $30,360,747. There were also large liabilities in respect of war claims connected with the Volunteers, repatriation passages. relief payments, etc. which remained in suspense pending a decision in regard to the incidence of this expenditure. Rehabilitation expenditure finally worked out at rather less than half the original estimate owing to the very long delays in the delivery of stores and equipment ordered. The lack of. staff also made it impossible for the programme of works to be carried out as expeditiously as had been planned.
Revenue for 1946-47.
The principal revenue items for 1946-47, in round figures,
were:-
Hydrocarbon
Tobacco, Proprietary Medicines, etc
(c) Internal Revenue including Entertainment
(a) Duties on Liquor,
Oils,
$34,000,000
(b) Rates (Assessed Taxes)
6,800,000
Tax, Estate Duty, Stamp Duties, Meals & Liquor Tax and Betting & Sweeps Tax
12,000,000
(d) Water Revenue
2,500,000
(e) Postal Revenue
5,250,000
(f) Kowloon-Canton Railway
4,450,000
4,880,000
3,790,000
#
5,370,000
(g) Miscellaneous Fees, Payments for Services
and Sales of Government Property
(h) Miscellaneous Licences, Fines & Forfeitures. (i) Miscellaneous Receipts, including Royalties
Estimates for 1947-48.
The Estimates for the year 1947/48, provide for revenue totalling nearly $110,000,000 but present indications are that it will amount to nearer $150,000,000. Estimated expenditure for this period amounts to $109,800,000.
Import and Excise Duties.
There is no general customs tariff in Hong Kong, import duties being confined to liquor, tobacco, hydrocarbon oils, toilet preparations, proprietary medicines and table waters. A special
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