Chapter 4: Public Finance and Taxation
Revenue and Expenditure figures since 1 April 1952 are
as follows:
1952-3 1953-4
1954-5
Revenue
Expenditure $
$ 484,590,446 411,749,658 72,840,788
Surplus
$
396,881,967 355,407,771
41,474,196
434,452,321 373,343,609
61,108,712
Deficit
1955-6 (Estimate).. 413,681,000 449,045,950 35,364,950
It should be noted however that the figures for both revenue and expenditure for 1952-3 include a sum of $100,000,000 which was transferred from the General Revenue Balance to establish a Revenue Equalization Fund. Further contributions to the fund were made in subsequent years and charged to expenditure, and on 31 March 1955 the fund stood at $137,514,761. The General Revenue Balance on the same date was $293,791,762. A statement showing the Assets and Liabilities of the Colony at that date is at Appendix III.
Revenue for 1954-5 exceeded the estimate by $44,972,321. The largest excess, $7,035,171, was due to Estate Duty paid on one very large estate. Another large excess was on Stamp Duty; this amounted to $5,967,498 and was due to greatly increased activity in the property market. Under Revenue Head 1, Duties, three subheads together produced an excess of $9,704,790; they were Import Duty on Hydrocarbon Oils, excess $4,411,374; Import Duty on Tobacco, excess $2,931,744; and Duty on locally-manufactured Liquor, excess $2,361,672. This was closely followed by Head 11, Land Sales, with an excess of $8,614,723, due to greater develop- ment and an increase in land values. Details of the main heads of Revenue are given in Appendix IV.
Expenditure for 1954-5 fell short of the estimate by $14,918,441. The total saving effected under various heads was $60,805,279, this being offset by excesses of $45,886,838 under others. Details of the main heads of Expenditure are given in Appendix V.
The largest excess over the estimate, amounting to $33,047,137, came under Miscellaneous Services. Of this, two sums, of $14,912,771 and $13,805,922, were in respect of relief