58
HONG KONG ANNUAL REPORT
goods, and 25% of the selling price ex factory for locally-produced goods. Table waters attract duty at 48 cents per Imperial gallon, and the duty payable on methyl alcohol is $7 per gallon plus 28 cents per gallon for every 1% by which the alcoholic strength by volume exceeds 25%.
The actual revenue from these duties for the last three financial years and the estimated yield for 1958-9 are as follows: *
1955-6
1956-7
1957-8
Estimate 1958-9
Hydrocarbon oils Liquor
Tobacco
Toilet preparations and proprietary medicines
Table Waters
22,051,407 24,477,764 26,145,514 20,451,426 24,659,782 37,356,960 40,774,037
26,566,105
27,000,000
26,999,000
45,163,230 47,000,000
=
3,418.036 4,779,955
1,982,960 2,607,760
5,188,186
5,250,000
2,653.268
2,600,000
Methyl Alcohol
Total ..
6,427
1,000
85,260,789
97,299,299 105,722,731
105,722,731 108,850,000
The small yield from the duty on methyl alcohol is explained by the fact that the only purpose for which it is levied is in order to control the movement and use of this toxic substance. During the year exemption from this duty was granted for methyl alcohol used in the overhaul of aero-engines.
No dues are levied on exports. Drawback is paid, upon certain conditions, on duty-paid commodities used in process of manu- facture or preparation locally, if exported from the Colony.
! RATES
Rates have been levied in the Colony since 1845 when an Ordinance was passed to raise an assessed rate on lands, houses and premises 'for the upholding of the requisite Police Force'. Today rates are one of the largest revenue-producing items, the estimate for 1958-9 being $70,070,000.
The basis of rateable value is the annual letting value of a tenement, by which is meant any land or any building or part thereof held or occupied as a distinct or separate tenancy or under licence from the Crown.
* Details may not necessarily add up to totals owing to rounding.