PUBLIC FINANCE AND TAXATION
71
of $4,932,000 over the estimate. Details of the main heads of Revenue are given in Appendix IV.
Expenditure for 1956-7 fell short of the estimate by $23,718,792. The total saving effected under various heads was $41,368,253, this being offset by excesses of $17,649,461 under others. Details of the main heads of Expenditure are given in Appendix V.
The largest excess over the estimate, amounting to $8,198,198, came under Head 19, Miscellaneous Services. This was mainly accounted for by a contribution of $10,000,000 to the Local Loans Fund, -established during the 1956-7 financial year, and the expenditure of $1,141,880 occasioned by the Kowloon Disturbances in October 1956, offset by savings under other sub-heads. An excess of $6,052,144 was incurred under Head 39, Stores Department, due to heavy expenditure on purchases of construction materials, medical stores and general stores.
Development Fund expenditure incurred during the 1956-7 financial year was $29,853,071, and on 31st March, 1957, totalled $48,628,492 from the inception of the Fund.
A Local Loans Fund was established in the 1956-7 financial year, and interest-free loans amounting to $5,008,333 were made to nine educational and medical organizations during
the year.
The Public Debt of the Colony on 31st March, 1957, was as follows:
31% Dollar Loan (raised in 1934)
3% Dollar Loan (raised in 1940)
33% Rehabilitation Loan (raised in 1947-8)
$ 1,480,000
4,243,000
46,666,000
$52,389,000
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, 1957, stood at $14,172,778, this being the market value of the sterling investments held on behalf of the Fund.