58
PUBLIC FINANCES
million was $64 million more than the original estimate. All recurrent heads shared in this excess but the largest amounts were in Fees of Court or Office ($18 million, including $7 million transferred from unclaimed and other balances and $4 million for loans taken over by the Development Loan Fund), Duties and Post Office (each $10 million), Fines, Forfeitures and Licences ($7 million, including $3 million on Vehicles' and Drivers' Licences) and Rates and Internal Revenue (each $1 million). Expenditure was also over the original estimate by nearly $17 million, the main difference being excesses of $16 million and $9 million respectively on Miscellaneous Services and Public Works Recurrent, and under- expenditure of $10 million on Public Works Non-recurrent.
The statement of Assets and Liabilities shows that at 31st March 1960 net available public assets were $545 million, of which $138 million was earmarked in a Revenue Equalization Fund as a reserve against future deficits on current account. There was, in addition, a Development Loan Fund of $227 million, used to finance social and economic development projects of a self- liquidating nature. The greater part has been used for low-cost housing schemes. At 31st March 1960 outstanding commitments on approved projects exceeded the unspent balance of $57 million by $126 million. According to normal government practice the Statement of Assets and Liabilities excludes the Public Debt of the Colony from the liabilities. The debt at 31st March 1960 was equivalent to approximately $32 per head of population. Indebted- ness rose by $2 million during the year because of drawings from the United Kingdom's interest-free loan of £3 million for the development of Kai Tak Airport; this loan will be repayable in fifteen annual instalments, beginning in 1961-2. The Rehabilitation Loan, which was raised in 1947-8 to cover part of the cost of post-war reconstruction, is repayable in 1973-8; there is provision for a sinking fund which stood at $17 million on 31st March 1959. Details of public debt, Colonial Development and Welfare schemes and grants are also given in Appendix II.
IMPORT AND EXCISE DUTIES
There is no general tariff, and most goods are free of any duty levied for purposes of protection or revenue. There are, however,