AnnualReport-1933 — Page 42

# Chapter XV.

# PUBLIC FINANCE & TAXATION.

The following tables show the Revenue and Expenditure for the five years 1929 to 1933 inclusive.

Revenue. Expenditure. $23,554,475 $21,983,257

Surplus. Deficit.

1929

$1,571,218

1930

27,818,478 28,119,646

$301,173

1931

33,146,724 31,160,774

1,985,950

1932

33,549,716 32,050,283

1,499,433

1933

32,099,278 31,122,715

976,563

2. The revenue for the year 1933 amounted to $32,099,278 being $1,903,297 less than estimated and $1,450,438 less than the revenue obtained in 1932.

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 $1-1/2 whereas the average rate throughout the year was over 1/416. Assessed Taxes show a decrease of $65,031.30 due to vacant tenements and large decreases were shown by the Opium Monopoly of $1,347,148 and in Stamp Duties of $392,293. A considerable increase amounting to $328,907 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 $327,139.

4. The expenditure for the year 1933 amounted to $31,122,715 being $4,076,532 less than estimated and $927,568 less than the expenditure in 1932.

5. Ordinary expenditure amounted to $27,830,266, Public Works Extraordinary to $3,292,449. 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 $1,489,791 was due to the rise in the sterling value of the dollar. Under Other Charges savings were also effected amounting to $877,763. Expenditure on Public Works Extraordinary fell short of the original estimate by $375,474 and $138,893 less than estimated was expended on recurrent maintenance and improvements.

6. Debt. The total amount of sterling debt outstanding at the close of 1933 was £1,485,732.16.5, the sinking fund for its redemption amounting to £911,748. The 1927 Public Works Loan of $4,927,000 was converted on 1st August, 1933 to 4% under authority of Ordinance No. 15 of 1933; the sinking fund will be dealt with under section 10 (5) of that Ordinance.