FINANCIAL STRUCTURE
39
due mainly to increases in duties and taxation introduced in this year's budget. Present indications are that revenue from land sales will be about the same as in 1965–6.
At 31st March 1966 net available public assets were $826 million, of which $138 million was earmarked in a Revenue Equalization Fund as a reserve against future deficits on current account. Accord- ing 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 1966 was $78.8 million or the equivalent of approximately $21 per head of population. Indebtedness decreased by $3.8 million during the year, owing mainly to the repayment of $3.2 million of the United Kingdom's interest-free loan of £3 million ($48,000,000) for the development of Kai Tak Airport. This loan is repayable in 15 annual instalments; the first repayment was made on 1st October 1961. The Rehabilitation Loan, which was raised in 1947-8 to cover part of the cost of post-war recon- struction, is repayable in 1973-8; there is provision for a sinking fund which stood at $25.5 million on 31st March 1966.
In addition to the Assets and Liabilities referred to above there exists for special purposes the Development Loan Fund (see Appen- dix XIII) and a Lotteries Fund. The Development Loan, of $546 million, is used to finance social and economic development proj- ects of a self-liquidating nature. The greater part has been used for low-cost housing schemes. At 31st March 1966 outstanding commitments from funds allocated exceeded liquid assets of $37 million by $185 million. The Lotteries Fund, established on 30th June 1965, is for the support and development of social welfare services in the Colony (see Appendix XIII). The fund commenced with a transfer from general revenue of $7.4 million and an addi- tional $2.3 million, mainly from the net proceeds of lotteries held during the year, was credited during the period 30th June 1965 to 31st March 1966, by which date grants and loans amounting to $7.34 million had been approved. Details of Public Debt and Colonial Development and Welfare schemes and grants are shown in Appendices X and XI.
EXCISE DUTIES
There is no general tariff and only five groups of imported commodities, namely alcoholic liquors, tobacco, hydrocarbon oils,