Appendix A (1).
REPORT ON THE FINANCES FOR THE YEAR 1923.
REVENUE.
The total revenue for the year amounted to $24,783,763 being $6,216,493 more than the estimate and $2,492,698 more than the revenue in 1922. Compared with that year there were increases under all the heads except Kowloon Canton Railway.
2. The principal sub-heads showing excess over the estimate are as follows:-
(a) Liquor Duties, $64,993
(b) Opium Monopoly, $2,212,057
(c) Stamps, $774,807
(d) Tobacco Duties, $78,568
(e) Interest, $277,987
(f) Land Sales, $2,888,797
The increases are due (a), (b) and (d) to increased sales, (c) more assignments, (e) increased balances, (f) land boom.
3. The principal deficits compared with the Estimates were :-
(a) Assessed Taxes, $121,193
(b) Water Excess Supply and Meter Rents, $109,715
(c) Railway, Coaching Through $340,120
(d) Rent of Buildings, $18,503
(e) Permits for encroachments, etc., $19,157
(f) Conservancy Contracts $14,881
EXPENDITURE.
4. The total expenditure brought to account amounted to $21,571,905 being $1,011,930 less than the estimate, and $3,008,902 more than the expenditure in 1922.
Compared with the Estimates there were savings under twelve heads.
Miscellaneous expenditure exceeded the estimate by $1,285,783 mainly due to the following items :-
University, $176,000
Compensation in respect of Yaumati Ferry Service, $85,000
War Memorial Nursing Home, $200,000
Swatow Typhoon Relief Fund, $29,998
British Empire Exhibition, $250,000
Loss on Subsidiary Coins, $199,480
Japanese Earthquake Relief Fund, $250,000
Other Miscellaneous Services, $30,000
$1,220,478