PUBLIC FINANCE AND TAXATION
59
payments and $1,007,201 under the sub-head, other Mis- cellaneous Receipts. Under Revenue Head 11, Land Sales, chiefly in Kowloon and New Kowloon, there were increases amounting to $3,772,251 and $1,019,261 respectively. Details of the main heads of Revenue are given in Appendix IV.
Expenditure for 1955-6 fell short of the estimate by $46,582,308. The total saving effected under various heads was $67,039,777, this being offset by excesses of $20,457,469 under others. Details of the main heads of Expenditure are given in Appendix V.
The largest excess over the estimate, amounting to $16,299,543, came under Head 19, Miscellaneous Services. This was mainly accounted for by an additional contribution of $10,162,005, to the Development Fund, the reimburse- ment of $3,437,995 to the Development Fund of expenditure incurred on the Hong Kong Stadium, and the payment of $1,054,477 being the balance due on arrears of salary arising from the 1953 Salaries Revision.
Development Fund expenditure incurred during the finan- cial year 1955-6 was $16,531,208, and on 31st March, 1956, totalled $22,124,708 since the inception of the Fund.
The Public Debt of the Colony on 31st March, 1956, was as follows:
31% Dollar Loan (raised in 1934)
31% Dollar Loan (raised in 1940)
31% Rehabilitation Loan (raised in 1947-8)
$ 2,040,000
4,715,000
46,666,000
$53,421,000
The two Dollar Loans are each redeemable by twenty-five annual drawings, and the Rehabilitation Loan is covered by a Sinking Fund which on 31st March, 1956, stood at $13,098,541, this being the market value of the sterling investments held on behalf of the Fund.
Loans from Her Majesty's Government in the United Kingdom amounted at the end of the financial year 1955-6