HONG KONG ANNUAL REPORT, 1954
sub-head of Interest; this amounted to $6,595,761, and was due to the greater sums available for investment. Details of the main heads of Revenue are given in Appendix IV.
Expenditure for 1953/54 exceeded the estimate by $27,237,952, the gross increase of $64,821,813 being partially offset by savings of $37,583,861. Details of the main heads of Expenditure are given in Appendix V.
The greater part of the excess came under the head, Miscellaneous Services, and amounted to $50,131,339. There were four unforeseen items under this head: a further contribution of $25,000,000 to the Revenue Equalization Fund; $14,000,000 to the Development Fund; $6,805,074 expended on relief and rehabilitation of the Christmas night fire victims at the Shek Kip Mei Squatter area; $1,935,000 loaned to schools.
Other major items were Post Office expenditure of $3,125,893 owing to increased traffic (this was more than covered by corresponding revenue); and Subventions, amounting to $2,462,471, the largest item being $3,000,000 to the Hong Kong University, partly offset by savings of $537,529 under the same head.
Development Fund expenditure for the financial year was $8,166,333 and now totals $16,216,979 since the inception of the Fund. The Fund no longer bears the cost of the Tai Lam Chung Water Supply Scheme and the expenditure incurred up to the 31st March, 1954, amounting to $12,111,979 was reimbursed out of the $14,000,000 contribution mentioned above.
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