Mr. Collins,
Proof herewith for consideration and authority to publish. I have kept some days waiting for a proof of the map but it has not yet come in, so I send this on without waiting longer for it.
E.D.R.
(No. 253.
HONGKONG.
PRINTED FOR PARLIAMENT
400
32173
ALC
NB-29 SEP OC
Col Report Annual 17 GOVERNMENT House,
HONGKONG, 27th August, 1909.
Publish
Alc 2
MY LORD,
21. 10. 09.
I have the honour to submit for Your Lordship's information the following general Report on the annual Blue Book for the year 1908.
I.-FINANCES.
(2) REVENUE AND EXPENDITURE,
The Revenue for the year, exclusive of Land Sales amounted to $6,034,849 or $407,608 less than the previous year. Land Sales amounted to $69,358 or $86,624 less than in 1907. The total revenue from all sources was therefore $6,104,207 or $498,073 less than in the previous year, and $123,683 less than the Estimate.
Light Dues, Fees of Court, Post Office Receipts, and Miscellaneous Receipts brought in together $150,378 more than was estimated. The receipts under the remaining heads of revenue were altogether $274,061 less than were anticipated when the estimates were drawn up, of which the deficit on Land Sales accounted for $230,642.
The Expenditure for the year was $5,586,138 exclusive of Public Works Extraordinary; inclusive of that item, but exclusive of expenditure on Railway Construction (Loan Account) it was $6,573,341 or $516,138 more than the total expenditure for 1907.
The principal cause of this increase of expenditure in spite of a falling revenue, was the loss due to the fall in exchange value of the dollar. The Estimates of 1907 had been calculated on a basis of 2/- for Sterling Salaries, and 2/1 for other items, while the Estimates for 1908 were calculated at 1/9 only. The expenditure of the year exceeded the Estimate by $394,810, due (inter alia) to a still further fall in exchange, to heavy damages caused by typhoons, and to the purchase of a dredger for the construction of a Refuge for small craft.
The decrease of $123,683 in the Revenue, and the excess of $394,810 in Expenditure make a total shortage of $518,493 to meet which there was an expected surplus of $49,359 only, leaving a deficit on the year's working, to be charged to reserves, of $469,134.
The following Table shows the total revenue and expenditure for the five years 1904-1908 :-
1904 1905 1906 1907 1908 Revenue $6,809,047 $6,918,403 $7,035,011 $6,602,280 $6,104,207 Expenditure $6,376,235 $6,951,275 $6,832,610 $5,737,203 $6,573,341 Surplus $432,812 $202,401 $845,076 Deficit $32,871 $469,134The Right Honourable
THE EARL OF CREWE,
His Majesty's Principal Secretary of State for the Colonies,
&c.,
&c.,
&c.