Appendix A (1)
REPORT ON THE FINANCE FOR THE YEAR 1929.
REVENUE.
The total revenue for the year amounted to $23,554,475 being $1,275,875 more than the estimate and $1,413,924 less than the revenue in 1928. The Revenue for 1928 included however a sum of $1,963,358.77 which represented the recovery of previous Expenditure chargeable to loan account.
Compared with 1928 there were increases under all heads except Licences and Internal Revenue, Fees of Courts &c, and Miscellaneous Receipts.
2. The principal heads showing excess over the estimates were as follows:
(a) Post Office
(b) Kowloon Canton Railway
(c) Rent of Government Properties etc.
(d) Interest
(e) Miscellaneous Receipts
Land Sales
$ 73,665.
82,445
101,333
182,838
458,477
936,171
The increases in Interest (d) and Miscellaneous Receipts (e) are mainly due to the fall in exchange. Sterling investments and deposits realised during the year have shown a considerable dollar appreciation on that account. The other increases indicate that the improvement in local conditions referred to in the 1928 report have been maintained.
3. The principal heads showing deficit compared with the estimates were as follows:-
(a) Licences and Internal Revenue
(b) Fees of Courts &c.
$498,585
65,595
The revenue derived from the Opium Monopoly and Stamp Duties fell considerably short of the amount estimated.
EXPENDITURE.
4. The total expenditure brought to account amounted to $21,983,257 being $2,816,393 less than the estimate and $753,015 more than the expenditure in 1928.