A (1) 10
―
10. As a result of the Ottawa Conference it was decided that, although the Free Trade conditions of Hong Kong give few openings for reciprocity, motor vehicles provided an opportunity for adopting the principle of preference. A general import duty, although possible, might have interfered with the entrepôt trade which it is so desirable to encourage in the Colony and it was decided that effect should be given to the principle at the time of registration for use in the Colony. It was therefore enacted by Ordinance No. 32 of 1932 that motor vehicles which are not Empire products should be subject to a special licence fee on first registration of an amount equal to twenty per cent of the value, including cost, insurance and freight of such vehicle, on its arrival in the Colony after deduction of the value of the tyres and of any spare wheels or other spare parts. It will be seen therefore that foreign motor vehicles may be stored in the Colony and re-exported without tax but immediately they are sold for use in the Colony the special licence fee becomes payable.
Expenditure.
11. The expenditure for the year amounted to $32,050,283 against an estimate of $34,981,661 a decrease of $2,931,378. The total sum of $32,050,283 is made up as follows: —
Ordinary Expenditure $29,082,423
Extraordinary Expenditure Public Works....... 1,967,860
Part payment to the Admiralty for surrender of the Naval Arsenal Yard and Kellett Island 1,000,000
Ordinary Expenditure for the year was $29,082,423 against $28,785,843 in the preceding year showing an increase of $296,580.
12. In the following table the actual expenditure for the year 1932 is compared with the expenditure of the previous year and with the estimates for 1932.
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Page 61
A (1) 10
―
10. As a result of the Ottawa Conference it was decided that, although the Free Trade conditions of Hong Kong give few openings for reciprocity, motor vehicles provided an opportunity for adopting the principle of preference. A general import duty, although possible, might have interfered with the entrepôt trade which it is so desirable to encourage in the Colony and it was decided that effect should be given to the principle at the time of registration for use in the Colony. It was therefore enacted by Ordinance No. 32 of 1932 that motor vehicles which are not Empire products should be subject to a special licence fee on first registration of an amount equal io twenty per cent of the value, including cost, insurance and freight of such vehicle, on its arrival
on its arrival in the Colony after deduction of the value of the tyres and of any spare wheels or other spare parts. It will be seen therefore that foreign motor vehicles may be stored in the Colony and re-exported without tax but immediately they are sold for use in the Colony the special licence fee becomes payable.
Expenditure.
11. The expenditure for the year amounted to $32,050,283 against an estimate of $34.981,661 a decrease of $2,931,378. The total sum of $32,050,283 is made up as follows: —
Ordinary Expenditure
$29,082,423
Extraordinary Expenditure Public Works....... 1,967,860
Part payment to the Admiralty for surrender of the Naval Arsenal Yard and Kellett Island
1,000,000
Ordinary Expenditure for the year was $29,082,423 against $28,785,843 in the preceding year showing an increase of $296,580.
12. In the following table the actual expenditure for the year 1932 is compared with the expenditure of the previous year and with the estimates for 1932.
Page 60Page 61
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