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3. Duties on imported liquor and tobacco were considerably more than estimated on account of an increase in the tariff which became effective on 1st April, 1936. Duty on locally manufactured liquor, however, showed a decrease of some $60,000; the net increase being $1,593,672. Light Dues which are on a sterling basis were greater than estimated by $118,928 owing to lower exchange. Assessed Taxes were also greater than the estimate by $169,353 as vacant tenements were fewer and a further sign of the improvement in trade conditions is shown in an increase in Stamp Duties of $236,943 and in Water Excess Supply and Meter Rents of $272,519. Two large estates were the main causes of an increase in Estate Duty of $352,890. Receipts from the Post Office also showed an increase of $268,886 due to higher rates of postage and to expansion of the air mail services.
The trade depression which shows some signs of passing was still reflected in 1936 in a reduction of $56,823 in Liquor Licence fees and of $74,970 in Pawnbrokers Licences.
Receipts from the Kowloon-Canton Railway were also $77,530 lower than estimated due to competition by river and by road and to a decline in traffic to Sham Chun.
4. The expenditure for the year 1936 amounted to $29,513,520 being $84,628 less than estimated and $1,221,884 more than the expenditure in 1935.
5. Ordinary expenditure amounted to $26,460,621, Public Works Extraordinary to $3,052,900. Personal Emoluments amounted to $11,779,501 being $321,680 in excess of the estimated figure of $11,457,821 due to lower exchange; the excess would, however, have been greater by at least $1,144,000 but for the operation of the Levy on Salaries Ordinance No. 17 of 1936.
Other Charges amounted to $3,742,653 being $361,288 less than estimated.
6. Debt. The public debt of the Colony consists of two issues. The 4% Conversion Loan raised in 1933 amounting to $4,838,000, the Sinking Fund of which, established in 1934, amounted on 31st December, 1936, to £42,836.14.11. Secondly the 3½% Dollar Loan raised in July, 1934. Bonds to the amount of $14,000,000 were issued at 99% producing $13,860,000. This loan is redeemable by drawings at par in each of the twenty-five years commencing in 1935 at the annual rate of one twenty-fifth of such issue. During each of the years 1935 and 1936 $560,000 was so redeemed thus reducing the amount outstanding to $12,880,000. Ordinance No. 11 of 1934 governs this issue and authorises the Governor to borrow up to a total of $25,000,000. The total public debt of the Colony on 31st December, 1936, amounted to $17,718,000 equal to about 7 months revenue as things are at present.
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3. Duties on imported liquor and tobacco were considerably more than estimated on account of an increase in the tariff which became effective on 1st April, 1936. Duty on locally manufactured liquor, however, showed a decrease of some $60,000; the net increase being $1,593,672. Light Dues which are on a sterling basis were greater than estimated by $118,928 owing to lower exchange. Assessed Taxes were also greater than the estimate by $169,353 as vacant tenements were fewer and a further sign of the improvement in trade conditions is shown in an increase in Stamp Duties of $236,943 and in. Water Excess Supply and Meter Rents of $272,519. Two large estates were the main causes of an increase in Estate Duty of $352,890. Receipts from the Post Office also showed an increase of $268,886 due to higher rates of postage and to expansion of the air mail services.
The trade depression which shows some signs of passing was still reflected in 1936 in a reduction of $56,823 in Liquor Licence fees and of $74,970 in Pawnbrokers Licences.
Receipts from the Kowloon-Canton Railway were also $77,530 lower than estimated due to competition by river and by road and to a decline in traffic to Sham Chun.
4. The expenditure for the year 1936 amounted to $29,513,520 being $84,628 less than estimated and $1,221,884 more than the expenditure in 1935.
5. Ordinary expenditure amounted to $26,460,621, Public Works Extraordinary to $3,052,900. Personal Emoluments amounted to $11,779,501 being $321,680 in excess of the estimated figure of $11,457,821 due to lower exchange; the excess would, however, have been greater by at least $1,144,000 but for the operation of the Levy on Salaries Ordinance No. 17 of 1936.
Other Charges amounted to $3,742,653 being $361,288 less than estimated.
6. Debt. The public debt of the Colony consists of two issues. The 4% Conversion Loan raised in 1933 amounting to $4,838,000, the Sinking Fund of which, established in 1934, amounted on 31st December, 1936, to £42,836.14.11. Secondly the 31% Dollar Loan raised in July, 1934. Bonds to the amount of $14,000,000 were issued at 99% producing $13,860,000. This loan is redeemable by drawings at par in each of the twenty-five years commencing in 1935 at the annual rate of one twenty-fifth of such issue. During each of the years 1935 and 1936 $560,000 was so redeemed thus reducing the amount outstanding to $12,880,000. Ordinance No. 11 of 1934 governs this issue and authorises the Governor to borrow up to a total of $25,000,000. The total public debt of the Colony on 31st December, 1936, amounted to $17,718,000 equal to about 7 months revenue as things are at present.
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