9
The estimated deficit on the two years
1930 and 1931 of $6536,596 is sufficiently
The
Letty Long
serious, but I am inclined to think that their
Estimates show signs of undue optimism.
revised Estimate of Expenditure for 1930 is $28,303,500, which is $6,320,240 in excess of the actual expenditure for 1929 and $1,034,985
in excess of the original Estimate for 1930.
But up to the end of August 1930,
Kong Legislative Council had passed Votes for
Supplementary Expenditure totalling $1,873,275.
Hence, unless there are considerable savings on
some of their original Votes, it seems probable
that the revised estimate of Expenditure will
be inadequate.
optimistic.
The 1934 Revenue Estimate also appears
It exceeds the approved Estimate
for 1930 by $4,775,839. The amount of that
increase which is accounted for by new taxation
is $3,435,812 (increased shipping dues- $465,572;
Ammusements tax $300,000; Increased stamp
duties and estate duties
postage rates - $390,000;
-
$473,000; Increased
Four per cent
increase in assessed taxes $1,415,000;
Motor spirit duties $352,000; Increased
Tobacco auties $400,000; Wireless licences
$11,240; Increased school fees - $19,000).
Assuming that the new taxation actually produces
these sums, that leaves $1,340,027 to be
accounted for by ordinary increases in Revenue,
as compared with the approved Estimate for
large
1930. The only items on which increases are
expected, are Land Sales
$500,000, Water
Sales