414
―
- A (1) 2
These salaries were in the first instance charged against expenditure to safeguard the pension rights of the officers concerned. From the date of the passing of the new Pension Ordinance, 24th June 1932, the salaries are being charged against the respective loan works on which the officers are employed. The second item represents the appreciation which has taken place in the market value of the sterling funds invested on account of surplus balances. These funds were written down on 31st December 1931 by £10,005. 9s. 11d. or $144,986. The rise in trustee stocks during the year brought up the value of £15,799.6%.3d. or $238,794 and this amount had to be written on to revenue in order to show the stocks in the balance sheet at the market price ruling on 31st December 1932 To obtain a fair comparison of the normal revenue for 1932 with that of 1931 these two amounts should be deducted when the figures would be $33,088.049 for 1932 and $33.146,724 for 1931. The former figure compares with $33,152,674 which was the revised estimate of revenue for 1932. If allowance therefore is made for these credits the normal revenue for 1932 of $33,088,049 would compare with the expenditure for 1932 of $32,050,283.
4. The largest individual item of revenue is derived from the assessment tax, the sum of $6,332,066 being collected. This represents 18.9% of the total revenue or 19.7% of the revenue exclusive of land sales.
5. In the following table the actual revenue for the year 1932 is compared with the revenue of the previous year and with the estimate for 1932.
Heads of Revenue.
Actual 1981
Estimates 1992
Actual
1932
$
A
0.
7,890,000 793,000
6.597.852.02 811,859.55
!
-
A (1) 3
6. With the exception of "Duties" "Post Office" and "Land Sales" each Head of Revenue showed an increase over the Estimates for 1932. In regard to "Duties" this was to be expected as liquor and tobacco duties were reckoned on the basis of $1-1s. whereas the average rate throughout the year was over ls. 3d. The decrease in Post Office revenue as com. pared with the Estimate is due to the failure to materialise of an anticipated increase in radio telegraphy and to a heavy decline in parcel post particularly to Great Britain and China, the introduction of tariffs in the former country acting adversely. Less activity in land transactions caused a decline in the number of sales and the amount realised is $379,341 short of the estimate.
7. Mention should also be made of two items under Licences, dc., which show large decreases in spite of the fact that the total collected under this Head was $270,000 over the estimate. The Opium Monopoly was estimated to yield $3,000,000. In 1981 more than this was received, but sales have decreased continuously throughout the year 1932 and the revenue collected was $685,774 less than the estimate. The other item was Stamp Duties. The estimate for this was $2,800,000 but the amount realised was only $2,519,201 or $280,799 short of the estimate while no less than $3,010,443 was collected in 1931. The large decrease was due to stagnation in the stock market and also to higher sterling exchange as bills of exchange being assessed ad valorem required lower valued stamps. The years 1931 and 1932 are not properly comparable under this class of revenue as there is no doubt that 1931 was abnormal; stock exchange, land transactions, agreements, mortgages, &c., all being exceptionally' numerous.
8. The principle increases over the amounts as estimated were as follows:
Licences and Internal Revenue not Otherwise Specified :-
Actual. Increase.
Duties.
Port & Harbour Dues
Licences and Internal Revenue not
otherwise specified
Fees of Court or Office. Payments for specific purposes, and Reimburse- ments in Aid...
Post Office....
Kowloon-Canton Railway
Rent of Government Property, Land
and Houses
Interest
Miscellaneous Receipts
6.206.720.52 813.922.44
15,790,939.99 16,234,110 16,503,769,86
2 151.527.47 2.035.938 60 1,095,098.77
2.122,100 2.296,227.87 2.340,000 1.964,598.10 1,100,000 1,295,789.20
1.527.965 37
313.252.04
867,748.88
1.482.057.64
224.460.46 231.957.90
1,407,300 150.000 205,000
29.982 623 79| 3,164,099 94
32,241,510
1,750,000
32,179.057.89 1,370,658.40
$ 33,146,723.73
Total (exclusive of Land Sales!...... Land Sales, (Premia on New Leases)..
Total.
33,991,510 | 33,549,716.29
Liquor Licences
Increased rates from 1st January 1932
Vehicles Motor
Vehicles Other
Motor Drivers
Increased fees accounted for the 1st two items and more licensed drivers for the third
Estimate.
$
$
$
400,000 514,707 114,707
160,000 198,978 38,978 41,500 57,846 16,346 28.000 42,311 14,311
445