Sec.16/4841/48.
SAVINGRAM
To the Secretary of State for the Colonies.
From the Governor, Hong Kong.
Date.
14 August 1910.
H. K. & PACIFIC 20 AUG 1949 REGISTRY
53
17
No. 651 CONFIDENTIAL.
53652/48 (mm.X=27/3)
My confidential savingram No.557 of 14th July: Financial position and policy.
1.
Estimated figures for Revenue and Expenditure for the first three months of the current financial year are:
Revenue $47,924,919. Expenditure. 37,332,574.
God want
These figures are made up of (a) known local figures for the quarter but excluding Kowloon/Canton Railway figures for Jume; (b) estimated Railway figures for June, and (c) estimated Crown Agents figures for April, May and June.
2.
On this basis the surplus for April June, 1949 is thus estimated at $10,592,345.
3. 1948/49 were:
The corresponding figures for the first quarter of
40
heads are :
Revenue.
Expenditure$35,363,349.
Surplus.
$40,265,693.
$4,902,344.
Revenue collections so far recorded under the main
Liquor Duties.
Tobacco Duties.
Other Duties. Rates.
Entertainment Tax. Estate Duty.
Stamp Duties.
Bets & Sweeps Tax.
Earnings & Profits K.C.R.
Water Revenue. Post Office.
Royalties.
Land Sales.
Approved Estimate 1949/50.
8,750,000
Proportionate Estimate for 1st Quarter.
2,187,500
Actual so far recorded for 1st Quarter.
2,456,727 6,163,942
16,250,000
4,062.500
9,250,000
2,312,500
3,924,000
15,516,300
3,879,075
4,823,822
3,500,000
875,000
1,362,259
2,000,000
500,000
457,343
9,400,000
2,350,000
3,042,274
3,500,000
875,000
1,973,571
Tax40,000,000
10,000,000
4.235.082
5,644,000
1,411,000
1,321,041
4,871,800
1,217,950
1,431,984
7,600,000
1,900,000
2,469,217
4,385,000
1,096,250
2,480,527
2,560,000
640,000
2,411,499
* = April and May only.
It will be seen that, with two exceptions, the proportionate estimates under all main heads have been exceeded, in most cases by a considerable margin.
5.
Although the first quarter of 1949/50 thus shows a healthy tone, it is unlikely that revenue will be maintained at this level during the succeeding three quarters. Demands for additional expenditure on foreseen Defence requirements and other non-