HONGKONG.
REPORT ON THE BLUE BOOK FOR 1908.
Laid before the Legislative Council by Command of His Excellency the Governor, August 27th, 1909.
No. 253.
HONGKONG.
GOVERNMENT House,
MY LORD,
HONGKONG, 27th August, 1909.
I have the honour to submit for Your Lordship's information the following general Report on the annual Blue Book for the year 1908.
I.-FINANCES.
(4.)--General Revenue and Expenditure.
The Revenue for the year, exclusive of Land Sales amounted to $6,034,849 or $407,608 less than the previous year. Land Sales amounted to $69,358 or $86,624 less than in 1907. The total revenue from all sources was therefore $6,104,207 or $498,073 less than in the previous year, and $123,683 less than the Estimate.
Light Dues, Fees of Court, Post Office Receipts, and Miscellaneous Receipts brought in together $150,378 more than was estimated. The receipts under the remaining heads of revenue were altogether $274,061 less than were anticipated when the estimates were drawn up, of which the deficit on Land Sales accounted for $230,642.
The Expenditure for the year was $5,586,138 exclusive of Public Works Extraordinary; inclusive of that item, but exclusive of expenditure on Railway Construction (Loan Account) it was $6,573,341 or $816,138 more than the total expenditure for 1907.
The principal cause of this increase of expenditure in spite of a falling revenue, was the loss due to the fall in exchange value of the dollar. The Estimates of 1907 had been calculated on a basis of 2/- for Sterling Salaries, and 2/1 for other items, while the Estimates for 1908 were calculated at 1/9 only. The expenditure of the year exceeded the Estimate by $394,810, due (inter alia) to a still further fall in exchange, to heavy damages caused by typhoons, and to the purchase of a dredger for the construction of a Refuge for small craft.
The decrease of $123,683 in the Revenue, and the excess of $394,810 in Expenditure make a total shortage of $518,493 to meet which there was an expected surplus of $49,359 only, leaving a deficit on the year's working, to be charged to reserves, of $469,134.
The following Table shows the total revenue and expenditure for the five years 1904-1908 :-
1904 1905 1906 1907 1908 $ Revenue, 6,809,047 6,918,403 7,035,011 6,832,610 6,104,207 Expenditure, 6,376,235 6,951,275 6,602,280 5,757,203 6,573,341 Surplus, 432,812 432,731 1,075,407 Deficit, 32,871 469,134The Right Honourable
THE EARL OF CREWE,
His Majesty's Principal Secretary of State for the Colonies,
&c.,
&c.