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the rovised cstimate. The revenue estimates for 1947/48 word deliberately prepared on a conservativo basis as it was folt that it would be unwise, in view of the unsettled conditions prevailing in the Far East, to count on a continued expansion of the Colony's trado on the scale of 1946/47. Trado, however, did continue to expand to a remarkable degroo and roccipts under all sub-hoads, with the cxcoption of imported liquor, will cxcocd the original ostimate. In the casc of imported liquor, it is expected that the estimate figure will be reached. In view of the possiblo falling off in trade during the coming yoar, the 1948/49 ostimato allows for some shrinkago in rovcnuc, particularly in respect of dutics on liquor, tobacco, proprictary medicines and toilet preparations.
Assessed Taxes. The estimate of $11,015,00 is $41,505,000 moro than the original cstimatc for 1947/48 and $1,015,000 more than the revised estimatc. When the 1947/48 cstimates were prepared, comparatively little had been done in the way of rehabilitation of property oxccpt by Government, and some of the larger firms. During the year, however, there was a wolcome spurt in tho amount of repair work carried out and this is reflected in the manner in which the revised estimato figuros have execoded the original cstimato. Valuations aro, of course, increasing and receipts under this head in 1948/49 are expected to cxccod considerably the annual revenue for the year just closing.
Internal Revenue. The estimate of $58,150,000 is $28,200,000 more than the original estimate for 1947/48 and 821,475,000 more than the revised estimatc. When the 1947/48 cstimatos were presented to the Legislature, the standard rate for tho now Earnings and Profits Tax had not been fixed, and it was only possible to include a token figure which was taken at $16,000,000. Owing to difficultics over the recruitment of assessors, tho collection of this tax is considerably in arrears and it is cxpected that receipts up to the end of the present financial year will only total about $14,000,000, though the total amount duc is estimated at about $30,000,000. The staff position has
improved latterly, and it is hoped that it will still further improve next year. It is, however, unlikely that payments will bo up to date by the end of the financial year 1948/49 although arroars outstanding should be on a comparatively small scale. In 1948/49 it is expected that it will be possible to collect $40,000,000 including arrears carried over from the present year.
The 10% tax on food and liquor consumod in dance halls which was introduced last year and which was estimated to produce $200,000, is actually oxpccted to produce $425,000 in 1947/48 and a somewhat lower figure has been included for the coming year. The receipts from the botting and sweepstakos tax during 1947/48 considerably cxcccded the original estimate, but the estimate has been scaled down somewhat for the coming year. Similarly, allowance has been made for some falling off in entertainment tax and in the restaurant meals tax. The yield from the 10% tax on the increment on the value of property, which was introduced last year, has been much greater than was anticipated, but it has boon assumed that receipts will not maintain the samc lcvcl during the coming year.
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Licences, Fincs and Forfcituros. The estimate of $6,253,450 is 83,133,350 in cxcess of the original estimate for 1947/48 and $1,022,450 less than the rovised estimate. The difference botwoon the original estimate and the revised estimate is accounted for by large increases in a number of liconco foos which wore introduced during the year. In inserting a lower figure for 1948/49 than tho rovisod estimato for the present year, allowance has been made for a possible falling off in trad..