379
5
9. The expenditure for the year was originally estimated at $29,780,000. This has been revised to $31,152,500. Every effort has been made to restrict expenditure to services absolutely essential to the administration of the Colony and the excess over the original provision is duc solely to exchange. It can definitely be stated that but for the drop of approximately 3d./4d. in the sterling value of the dollar since the 1931 estimate was prepared the original provision of $29,780,000 would not have been reached. As things are at present it is estimated that the budget for 1931 will show a surplus of $51,868 and that the year will close with an excess of Assets over Liabilities of $9,413,547 as compared with $9,361,679 on the 1st January, 1931.
1932.
10. The Revenue estimates for 1932 amount to $33,991,610 an increase of $2,787,142 over the revised estimate for 1931. In addition to the raising of the rates for certain licences and fees mentioned in paragraph 7 and estimated to produce $313.130 in a full year the following additional taxation has been imposed.
(1) Light hydrocarbon oils from 15 cents per gallon to 25 cents per gallon estimated to produce an additional $240,000.
(2) Tobacco Duties. Revised rates as under :—
A. On unmanufactured tobacco :--
12. Expenditure is estimated in 1932 at a total of $34,981,661 as under.
Ordinary expenditure
Extraordinary expenditure
Special expenditure from surplus balances
$31,808,116 2,173,545
33,981,661
1,000.000
$34,981,661
and for purposes of conversion the dollar has been taken at the sterling value of 18. throughout the estimates. The following is a summary of the Estimated Revenue and Expenditure for 1932.
Ordinary Land Sales
Revenue $32,241,510 1,750,000
$33,991,510
Ordinary Extraordinary
Expenditure
$31,808,116 2.173,545
$33,981,661
shewing a surplus of $9,849 on the year's working excluding the special expenditure of $1,000.000 from surplus balances on account of the Naval Arsenal. The anti- cipated excess of assets over liabilities at the close of the year 1932 is arrived at as under.
(i) If unstripped
-
per lb.
(a) containing 10 pounds or more of moisture per 100
pounds weight thereof
$0.70
(6) containing less than 10 pounds of moisture 100
pounds weight thereof
per
.79
(ii) If stripped :-
(a) containing 10 pounds or more of moisture per 100
pounds weight thereof
.84
(b) containing less than 10 pounds or more of moisture per
100 pounds weight thereof
.93
B. On manufactured tobacco :—
(i) Cigars
(ii) Cigarettes
2.00
.90
(iii) Other manufactured tobacco including snuff and cigar
cuttings
90
Actual Excess as at 1/1/31
$9,361,679
Revised Estimate of Revenue 1931
31,204,368
40,566,047
Revised Estimate of Expenditure 1931
31.152,500
Estimated Excess at 31/12/31
9,413,647
Estimated Revenue 1932
33,991,510
43,405,057
Estimated Expenditure 1932..
Expenditure from surplus balance
$33,981,661 1,000,000
34.981,661
Anticipated Excess of Assets over Liabilities 31/12/32...... $8,423,396
LOANS.
estimated to produce an additional $1,800,000.
(3) A new tax on perfimmed spirits, medicated spirits and toilet preparations of $10 per gallon estimated to yield $150,000. In order to safeguard the revenue the above taxation was put into force as from 17th September, 1931.
It is also proposed to tax totalisators, parimutuels and sweepstakes and a bill will be submitted in due course. The receipts from this source are estimated at $250.000 The new taxation is estimated to yield a total of $2.440,000 in 1932.
11. The estimates of revenue have been tabulated in rather a different manner as compared with previous years and it is hoped that they are somewhat clearer. In addition a new statement has been prepared showing the actual revenue collected during the preceding 10 years and footnotes explaining increases and decreases have been inserted.
13. The Public Works Loan of $5,000,000 was fully expended by the 31st December. 1930, on the following services:
Waterworks Development Shing Mun Valley Scheme Aerodrome & Harbour Development Harbour Development.... Aerodrome
$3,500,000.00
416,729,68 1,088.270.32
$5,000,000.00
Surplus balances had also been drawn on in anticipation of a future loan and on
the 30th June. 1931, the total amount advanced was as under :-
Shing Mun Valley Scheme
Aerodrome
Aberdeen Water Scheme
Vehicular Ferry
$260,348.01
645,315.78 1.536.396.16
131,833.66
$2,573,893 61
Anticipated expenditure during the 6 months ending 31.12.31. 1,200,000,00
$3,778,893.61
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