A (1) 2
These salaries were in the first instance charged against expenditure to safeguard the pension rights of the officers concerned. From the date of the passing of the new Pension Ordinance, 24th June 1932, the salaries are being charged against the respective loan works on which the officers are employed. The second item represents the appreciation which has taken place in the market value of the sterling funds invested on account of surplus balances. These funds were written down on 31st December 1931 by £10,005. 98. 11d. or $144,986. The rise in trustee stocks during the year brought up the value of £15,799.6s.3d. or $238,794 and this amount had to be written on to revenue in order to show the stocks in the balance sheet at the market price ruling on 31st December 1932. To obtain a fair comparison of the normal revenue for 1932 with that of 1931, these two amounts should be deducted when the figures would be $33,088,049 for 1932 and $33,146,724 for 1931. The former figure compares with $33,152,674, which was the revised estimate of revenue for 1932. If allowance, therefore, is made for these credits, the normal revenue for 1932 of $33,088,049 would compare with the expenditure for 1932 of $32,050,283.
4. The largest individual item of revenue is derived from the assessment tax, the sum of $6,332,066 being collected. This represents 18.9% of the total revenue or 19.7% of the revenue exclusive of land sales.
5. In the following table, the actual revenue for the year 1932 is compared with the revenue of the previous year and with the estimate for 1932.
Heads of Revenue Actual 1931 Estimates 1932 Actual 1932 Duties $6,206,720.52 $7,890,000 $6,597,852.02 Port & Harbour Dues $813,922.44 $793,000 $11,859.55 Licences and Internal Revenue not otherwise specified $15,790,939.99 $16,234,110 $16,503,769.86 Fees of Court or Office, Payments for specific purposes, and Reimbursements in Aid $2,151,527.47 $2,035,938.60 $1,095,098.77 Post Office $2,122,100 $2,296,227.87 $2,340,000 Kowloon-Canton Railway $1,964,598.10 $1,100,000 $1,295,789.20 Rent of Government Property, Land and Houses $1,432,057.64 $1,407,300 $1,527,965.37 Interest $224,460.46 $231,957.90 $150,000 Miscellaneous Receipts $313,252.04 $205,000 $867,748.88 Total (exclusive of Land Sales) $29,982,623.79 $32,241,510 $32,179,057.89 Land Sales, (Premia on New Leases) $3,164,099.94 $1,750,000 $1,370,658.40 Total $33,146,723.73 $33,991,510 $33,549,716.29