31
Increase (+)
07
Estimate
Actual
Decrease (-)
2. Assessed Taxes (Rates)
$ 40,050,000 11,015,000
3. Internal Revenue
58,150,000
$ 41,111,284 + $ 1,061,284
14,984,710 + 3,969,710
70,513,071 + 12,363,071
4. Licences, Fines and
Forfeitures
6,258,450
13,195,026 + 6,936,576
2
REVENUE.
3. The revenue for the year amounted to a little under $195 million which was approximately $43 million in excess of the approved estimate. At the time when the Estimates were compiled, the indications were that a considerable slump might be expected during the year and the estimates were accordingly drawn up on a conservative basis. A mild slump did in fact occur during the earlier part of the year, but later some of the trade returns reached record levels. These factors are reflected in the revenue figures which show excesses as compared with the Estimates under all the main heads, with one minor exception.
4. The collections under the main heads compared with the Estimates as follows:-
1. Duties
3
after the cessation of Military Administration; $586,347 for the Reinstate- ment of Pre-war Deposits and $572,806 for the Cost of New Coins. An increase in the rates of Cost of Living Allowance accounted for an excess over the estimate of $2,303,766.
The only other excess of any magnitude was one of $1,246,945 under the Stores Department for the Collection and Storage of Sand, owing to the big demand for building purposes; the expenditure, however, was more than offset by increased revenue.
7. There were savings as compared with the Estimates under a large number of heads, the principal ones being Public Works Extraordinary $8,034,359, owing to shortage of materials and staff which necessitated deferring certain major works and the transfer of other big items to the new head for Colonial Development & Welfare Schemes; Medical Department $2,850,743, the main saving being in respect of Medicines and Instruments. owing to delays in delivery from abroad; Railway $2,289,182, also owing primarily to delays in the supply of new materials.
8. As may be seen from Appendix VI, the principal heads of expenditure were:-
Excess (+)
от
Saving (-)
Estimate
Actual
5. Fees of Court etc.
8,561,700
6. Water Revenue
4,851,600
7. Post Office
6,165,000
14,342,833 + 5,781,133
6,312,940 + 1,461,340
9,325,005 +
Miscellaneous Services Medical Department
3,160,005
8. Kowloon-Canton
Education Department Police Force
$ 29,766,560 15,775,248 12,124,138
$ 57,386,656
+ $ 27,620,096
12,924,505
2,850,743
11,703,081
421,057
10,428,681
10,715,689 + 287,008
Railway
5,362,000
7,000,944 +
1,638,944
9. Revenue from Land
Rents, etc.
Public Works Recurrent Stores Department
10,779,500
9,747,900
6.922,550
7,874,312 +
1,031,600 951,762
3,313,100
10. Miscellaneous Receipts 11. Colonial Development
4,101,100
5,247,349 + 1,934,249
6,785,405 + 2,684,305
& Welfare Grants
560,000
12. Land Sales
3,020,000
215,559
5,899,829 + 2,879,829
344,441
ASSETS & LIABILITIES.
9. The Statement of Assets & Liabilities comprising Appendix I may
be analysed as follows:-
Assets.
Totals
$151,407,950
$194,933,955 + $43,526,005
The following figures of the total revenue collected during the past three years give some indication of the remarkable and rapid recovery made in the post-war period:-
5.
1946/47
(11 months)
$82,141,556
1947/48 $164,298,310
The major items were:-
1948/49 $194,933,955
Earnings & Profits Tax $40,285,200; Tobacco Duty $18,861,730; Rates $14,984,710; Stamp Duties $13,969,930; Post Office $9,325,005 (Postage alone $9,097,633); Duty on Hydrocarbon Oils $8,647,607; Duty on Liquor $7,262,967; Railway revenue $7,000,944; Water revenue $6,312,940; Land Sales $5,899,829; Entertainment Tax $4,957,071 and Bets & Sweeps Tax $4,734,315.
Further details and a comparison with the Estimates under sub-heads are given in Appendix V.
EXPENDITURE.
6. Expenditure amounted to $159,954,023 which was $9,669,918 in excess of the Estimates.
As is frequently the case, unforeseen expenditure under Miscellaneous Services accounted largely for the excess. The net over expenditure on this head amounted to $27,620,096, the major items being $11,586,380 for the cost of Salaries & Ex-gratia Awards for the Occupation Period; $9,788,971 for the remaining adjustments of pay arising out of the revision of officials' salaries; $602,236 for payment to the Service Departments in respect of Services personnel seconded to the Civil Government for varying periods
$55,784,836 Cash. Of this, $23,277,521 was held locally, mainly in the Bank, and $32,507,315 was in the hands of the Crown Agents for the Colonies in London. Of the latter sum $32,496,000 (£2,031,000) was invested on a short term basis in the Joint Colonial Fund in which most Colonies invest their surplus rash at interest.
$ 4,906,127
Investments. The Colony's Surplus Balances are invested in the local Government 34% Dollar Loan to the extent of $4,038,180. The balance of the investments, mainly in British gilt-edged securities, is in respect of various Special Funds such as the Grant Schools Provident Fund. Particulars of these investments are given in Appendix IX.
$ 5,140,178 Supreme Court Funds. These are in the nature of trustee funds held by the Supreme Court on Fixed Deposit and in current account. Further details are given in Appendix XI.
# 48,812,010 Advances & Imprests. Imprests cover a comparatively small sum which had not been retired at the end of the financial year.
The Advances are largely in respect of the financing of Rehabilitation Loan projects pending the raising of further loan funds, but also include amounts outstanding in current accounts with other Administrations, etc.
$ 39,613,422 Suspense Accounts. This figure represents largely the net debit balances on various trading accounts operated by the Department of Supplies and Distribution. These are offset by credit balances on other trading accounts shown Liabilities.
$154,256,573
A:
32