Appendix A (1).
REPORT ON THE FINANCES FOR THE YEAR 1920.
REVENUE.
The total revenue for the year amounted to $14,689,672 being $625,128 less than the estimate and $1,835,303 less than the revenue in 1919. Compared with that year there were decreases under the heads Licences and Interest, the former head showing a drop of $2,539,616. All other heads showed increases.
2. The principal sub-heads showing excess over the estimate are as follows:
(a) Assessed Taxes, $49,542
(b) Liquor Duties, 49,795
(c) Stamps, 292,821
(d) Tobacco Duties, 31,877
China Companies Fees, 31,608
Water Excess Supply and Meter Rents, 57,834
(g) Postage, 101,122
(h) Land Sales, 356,349
The increases are due (a) to new assessment, (b) more consumption, (c) to more Probate Duty, (d) to increased sales, (e) to new flotations, (f) more metered service, (g) to increase of business, and (h) to more lands being disposed of.
3. The principal deficit compared with the Estimates was: Opium Monopoly, $1,682,029 owing to decreased sales.
EXPENDITURE.
4. The total expenditure brought to account amounted to $14,489,594 being $396,899 less than the estimate, and $3,426,331 less than the expenditure in 1919. Compared with the estimates there were savings under nine heads.
Miscellaneous expenditure exceeded the estimate by $742,979 mainly on account of the Grant to the University of Hongkong and Police and Prison Departments exceeded the estimate by $378,104.
There was a decrease in Pensions ($14,238), and Public Debt ($149,428), due to the rising exchange.
5. The revenue for the year exceeded the expenditure by a sum of $200,078; with the result that the surplus balance increased to $4,490,266.