38
population is mainly alien and fluctuates extensively, coming from or returning to China according to the demand for its services.
Chapter XV.
PUBLIC FINANCE & TAXATION.
The following tables show the Revenue and Expenditure for the five years 1928 to 1932 inclusive.
Year Revenue Expenditure Surplus Deficit 1928 $24,968,399 $21,230,242 $3,738,157 1929 23,554,475 21,983,257 1,571,218 1930 27,818,473 28,119,646 $301,173 1931 ... ... 33,146,724 31,160,774 1,985,950 1932 33,549,716 32,050,283 1,499,4332. The revenue for the year 1932 amounted to $33,549,716 being $441,794 less than estimated but $402,992 more than the revenue obtained in 1931.
3. Duties on imported liquor and tobacco were less than estimated as they are on a sterling basis and were reckoned on an exchange rate of $1=1/- whereas the average rate throughout the year was over 1/3. Assessed Taxes show a normal increase due to expansion but large decreases were shown by the Opium Monopoly of $685,774 and in Stamp Duties of $280,799. A considerable increase amounting to $298,439 was shown under Water Excess and Meter Rents due to general building development and to the institution of universal meterage. Land Sales were less than estimated to the extent of $379,341.
4. The expenditure for the year 1932 amounted to $32,050,283 being $2,931,378 less than estimated but $889,509 more than the expenditure in 1931.
3. Ordinary expenditure amounted to $29,082,423, Public Works Extraordinary to $1,967,860 and a sum of $1,000,000 was paid to the Admiralty as part payment for the surrender of the Naval Arsenal and Kellett Island. Large savings resulted under Personal Emoluments, compared with the amounts inserted in the Estimates, on account of the higher exchange prevailing throughout the year. Changes in personnel and vacancies in office also reduced the amount but most of this under-expenditure amounting to $2,480,875 was due to the rise in the sterling value of the dollar. Under Other Charges savings were also effected amounting to $479,605. Expenditure on Public Works Extraordinary fell short of the original estimate by $205,685 but $378,820 more than estimated was expended on recurrent maintenance and improvements.
38
population is mainly alien and fluctuates extensively, coming trom or returning to China according to the demand for its services.
Chapter XV.
PUBLIC FINANCE & TAXATION.
The following tables show the Revenue and Expenditure for the five years 1928 to 1932 inclusive.
Revenue. Expenditure. Surplus. Deficit
$24,968,399 $21,230,242 $3,738,157
1928
1929
23,554,475 21,983,257
1,571,218
1930
27,818,473 28,119,646
$301,173
1931
... .... ་ ་ ་
33,146,724
31,160,774 1,985,950
1982
33,549,716
32,050,283
1,499,433
2. The revenue for the year 1932 amounted to $33,549,716 being $441,794 less than estimated but $402,992 more than the revenue obtained in 1931.
3. Duties on imported liquor and tobacco were less than estimated as they are on a sterling basis and were reckoned on an exchange rate of $1=1/- whereas the average rate throughout the year was over 1/3. Assessed Taxes show a normal increase due to expansion but large decreases were shown by the Opium Monopoly of $685,774 and in Stamp Duties of $280,799. A con- siderable increase amounting to $298,439 was shown under Water Excess and Meter Rents due to general building develop- ment and to the institution of universal meterage. Land Sales were less than estimated to the extent of $379,341.
to
4. The expenditure for the year 1932 amounted $32,050,283 being $2,931,378 less than estimated but $889,509 more than the expenditure in 1931.
3. Ordinary expenditure amounted to $29,082,423, Public Works Extraordinary to $1,967,860 and a sum of $1,000,000 was paid to the Admiralty as part payment for the surrender of the Naval Arsenal and Kellett Island. Large savings resulted under Personal Emoluments, compared with the amounts inserted in the Estimates, on account of the higher exchange prevailing throughout the year. Changes in personnel and vacancies in office also reduced the amount but most of this under-expenditure amounting to $2,480,875 was due to the rise in the sterling value of the dollar. Under Other Charges savings were also effected amounting to $479,605. Expenditure on Public Works Extra- ordinary fell short of the original estimate by $205,685 but $378,820 more than estimated was expended on recurrent main- tenance and improvements.
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