7.
Head 2, Assessed Taxes (Rates), yielded $6,826,649, which was $1,076,649 higher than the estimate, owing to the increased values of property.
8. Head 3, Internal Revenue. Actual receipts totalled $12,127,253 or $5,127,253 more than anticipated; the major increases being in respect of Estate Duty, $1,533,404, mainly in consequence of the higher property values, and Stamp Duties, $1,514,237, largely as a result of the extra duty imposed on the enhanced prices at which land and property are sold. The new Meals & Liquor Tax accounted for approximately $783,000. Owing to the higher charges and bigger attendances at Cinema and other performances, the Enter- tainment Tax yield reached the high figure of $3,171,652.
9. Head 4, Licences etc., accounted for $3,851,674, which is over $2,000,000 above the estimate. Many of the licence fees were increased during the period with resulting excesses on various sub-heads. Higher property valuations account for the greater part of the excess of $244,208 under Liquor Licences, and the special fee on the registration of the many new foreign vehicles imported brought in no less than $953,071 which was more than $850,000 above the estimate. The exceptional number of Court cases involving infringement of various measures designed to control prices and smuggling etc., resulted in Fines totalling $736,720 as compared with the estimate of $200,000.
10. Head 5, Fees of Court etc. The total revenue from this source was $4,948,179 or $1,192,321 below the estimate. The Estimates included $1,283,300 from the trading activities of the Supplies, Trade & Industry Department, but owing to the difficulty which that Department is experiencing in assessing the sums due to H.M. Government in respect of sales of stores taken over from the British Military Administration, it proved impracti- cable to transfer any remaining profits to revenue during 1946/47. The actual amounts which will eventually accrue to civil funds should be considerable. There is also a decrease of over $1,000,000 in respect of fees charged by the Custodian of Property. The estimate allowed for charges on supplies to Government Departments, but the question as to whether the fees are payable by Government to the Custodian of Property has not yet been settled. There were varying increases, as compared with the Estimates, under most other sub-heads. 11. Head 6, Water Revenue. The receipts totalled $2,538,684 or $61,316 less than estimated.
12. Head 7, Post Office, Collections amounted to over $5,250,000 as compared with the estimate of $3,000,000. This increase was almost entirely in respect of Postage and was due to certain increases in the postal charges and to business expansion. Air mail rates, in particular, were raised.
excess of
13. Head 8, Kowloon-Canton Railway, brought in $4,414,899, an $1,011,999, largely accounted for by the big influx of population; nearly $2,500,000 (some $1,500,000 over the estimate) having accrued from the Passenger Service on the foreign part of the line.
14. Head 9, Revenue from Land Rents, Properties etc. $2,437,521 was collected; the excess being $728,021. Market Fees were underestimated and account for $224,000 of the increase. Rents etc. for Government buildings yielded some $103,000 more than estimated. The charges payable by Government officials accommodated in local hotels are credited to this sub-head and account for most of the increase.
15. Head 10, Miscellaneous Receipts. $5,362,163 accrued under this head, giving an excess of $3,891,163. The principal excesses were from Royalties paid by the two Bus companies which rapidly re-established and extended their services.
16. Head 11, Land Sales. Revenue amounted to $180,368, which was some $19,600 less than the estimate. Government was not in a position to offer much Crown Land for sale so soon after the resumption of British Administration.
EXPENDITURE
17. The actual expenditure totals are compared with the Estimates in the following summary:-
Recurrent Expenditure
Special Expenditure
Public Works Extraordinary
TOTALS
- 3 -
Estimates
Actual
$
90,077,129
84,185,534
61,650,447
1,435,536
16,127,000
1,321
167,854,576
85,622,391
195