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HONG KONG LEGISLATIVE COUNCIL.
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of dollars required, as compared with the estimates to satisfy sterling commitments such as salaries, loan charges, pensions and stores. The provision under "Other Charges" of $4,800,817 was also under- expended by $479,604. When the estimates were prepared it looked as if the year 1932 would be as difficult as 1931, but in September 1931, when England went off the gold standard, exchange began to rise and His Excellency the Governor, in concluding the Budget debate on 22nd October 1931, held out the hope that if the rise were maintained, the position would be more favourable, and he hoped to be able to reinforce certain maintenance works and provide for additional extra- ordinary works. As the rise in exchange was maintained, it was decided to place further funds at the disposal of the Director of Public Works and by a Resolution of Council dated 30th June, 1932, supplementary votes were approved as under :-
Head 35 Public Works Department
Head 36 Public Works Recurrent
Head 37 Public Works Extraordinary
$ 10,500
$389,500
$346,950
It is customary in introducing this Bill to give Honourable Members some idea of the financial position during the current year, but as it is being taken much earlier than usual (last year it was the 4th August) it is rather difficult to do so, or at any rate, it is rather early to make any reasonable estimate. I will give some approximate figures to the end of April. The total revenue for the first four months is $12,233,000, which is $900,000 more than one-third of the estimates, but it has to be noted that the receipts include one excep- tional item of $1,812,140 under Estate Duties. There is a short fall of $820,000 up to 30th April on liquor and tobacco duties, due to the rise in the dollar over the estimated figure of 1s. 2d. and to a decline in imports. Receipts from the sale of opium amount to $447,000, against an estimate of $833,333 for the four months. Stamp Duties are $105,000 below the estimate for the same period. Land Sales realised $301,000, whereas the estimate for the whole year is $1,300,000. Estate Duties for the four months amount to $2,051,490, including payment on the one exceptionally large estate referred to above. Excluding this estate the receipts are $239,350 which is about normal. Light Dues will be below the estimate on account of the reduced fees effective from 1st April. Water Excess and Meter Rent continue to expand and it is hoped that the estimated revenue of $1,400,000 will be exceeded by at least $150,000. Railway receipts are growing and should yield considerably more than the estimate.
The approximate expenditure to the 30th April amounts to $9,640,000 which is $2,093,000 below one-third of the estimated ex- penditure for the year. The under expenditure is due (a) to the rise in the dollar, savings being shewn under personal emoluments, pen- sions and public debt and (b) to the fact that during the early part of the year, expenditure is always very much less proportionately than
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