The deficit on the year's working was $3,363,161, and the balance of assets and liabilities showed on the 31st December a debit balance of $452,686.
The following is a statement of the revenue and expenditure of the Colony for the five years 1911-1915:
Revenue Expenditure 1911 $7,497,231 $7,077,177 1912 $8,180,694 $7,202,553 1913 $8,512,308 $8,658,012 1914 $11,007,273 $10,756,225 1915 $11,786,106 $15,149,267The capital expenditure on the British Section of the Kowloon-Canton Railway during 1915 was $506,346, chiefly in connection with the erection of a terminal station. The total expenditure on this account amounted at the end of the year to a sum of $14,602,007, of which $11,539,618 was obtained from the Wuchang Loan and the balance $3,062,389 charged to the general expenditure of the Colony.
The amount of the consolidated loan stands at £1,485,732. Against this there is at credit of the Sinking Fund a sum of £210,855.
No new taxation was imposed during the year.
For the year commencing 1st July, 1915, the existing valuation was adopted, the difference in rateable value being the result of interim-assessments and appeals.
Increases.
The Hill District, $3,160 or 0.97%.
Shaukiwan, Saiwanho, and Quarry Bay, $4,459 or 1.18%.
Hongkong Villages, $11,102 or 6.73%.
Yaumati, $4,855 or 1.49%.
Mongkoktsui, $14,040 or 7.13%.
Hung Hom and Hok Un, $1,780 or 0.59%.
Kowloon Point, $24,705 or 4.21%.
New Kowloon, $1,821 or 1.78%.
Kowloon Villages, $385 or 0.42%.
Decreases.
The City of Victoria, $171,040 or 1.43%.
The rateable value of the whole Colony amounted to $14,305,370 being a decrease of $104,733 or 0.72%.
There were 299 appeals against the adopted assessments of 1,516 tenements, and reductions aggregating $355,796 in rateable value were made by order of the Court.