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2. The revenue for the year 1937 amounted to $33,196,368, being $4,436,118 more than estimated, and $3,153,384 more than the revenue obtained in 1936.
3. All subheads under Duties exceeded the estimate by $1,210,411. Of this sum $682,203 was on account of Tobacco, representing the increased activities of local manufacturers on the closing down of North China factories through abnormal conditions in China. The temporary increase in population due to the influx of refugees from China accounted for the increase of $133,404 under Locally Manufactured Liquor, and certain smaller increases under Import Duty on Liquor and Spirits. Less tonnage accounted for a decrease of $11,224 under Light Dues. Receipts from Opium Monopoly exceeded the estimate by $64,770 accounted for by the increased population. Assessed Taxes were greater than the estimate by $314,066. This was due to the greater demand for accommodation during the latter half of the year by the abnormal influx of refugees, and for the same reason Water Excess Supply and Meter Rents were higher by $123,856. Two large estates were the main causes of an increase in Estate Duty of $183,251. Due to an improvement in general business conditions Stamp Duties brought in $130,186 more than anticipated. Post Office receipts also showed an increase of $1,204,596, principally due to an expansion of the Air Mail Services and large sales of the Coronation Issue of postage stamps, while increased postage rates also contributed.
Receipts from the Kowloon Canton Railway were $197,790 greater than estimated. Of this figure the linking up of the Canton-Kowloon and Canton-Hankow Railways accounts for some $120,000, and some $40,000 more in rents was derived from the storage of goods originally consigned to Shanghai but landed in Hong Kong. The closing down of the casino at Shum Chun, however, adversely affected the passenger traffic receipts from that source to the extent of over $70,000.
4. The expenditure for the year 1937 amounted to $32,111,222 being $147,938 less than estimated and $2,597,702 more than the expenditure in 1936.
5. Ordinary expenditure amounted to $30,600,924, Public Works Extraordinary to $1,510,298. Personal Emoluments amounted to $12,895,982, being $822,984 less than the estimated figure of $13,718,916 due to the operation of the Levy on Salaries Ordinance No. 17 of 1936 which was repealed on 1st July, 1937.
Other Charges amounted to $4,575,527, being $69,539 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, 1937, to £54,325.6.11. Secondly,
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2. The revenue for the year 1937 amounted to $33,196,368, being $4,436,118 more than estimated, and $3,153,384 more than the revenue obtained in 1936.
3. All subheads under Duties exceeded the estimate by $1,210,411. Of this sum $682,203 was.on account of Tobacco, representing the increased activities of local manufacturers on the closing down of North China factories through abnormal con- ditions in China. The temporary increase in population due to the influx of refugees from China accounted for the increase of $133,404 under Locally Manufactured Liquor, and certain smaller increases under Import Duty on Liquor and Spirits. Less tonnage accounted for a decrease of $11,224 under Light Dues. Receipts from Opium Monopoly exceeded the estimate by $64,770 accounted for by the increased population. Assessed Taxes were greater than the estimate by $314,066. This was due to the greater demand for accommodation during the latter half of the year by the abnormal influx of refugees, and for the same reason Water Excess Supply and Meter Rents were higher by $123,856. Two large estates were the main causes of an increase in Estate Duty of $183,251. Due to an improvement in general business conditions Stamp Duties brought in $130,186 more than anticipated. Post Office receipts also showed an increase of $1,204,596, principally due to an expansion of the Air Mail Services and large sales of the Coronation Issue of postage stamps, while increased postage rates also contributed.
Receipts from the Kowloon Canton Railway were $197,790 greater than estimated. Of this figure the linking up of the Canton-Kowloon and Canton-Hankow Railways accounts for some $120,000, and some $40,000 more in rents was derived from the storage of goods originally consigned to Shanghai but landed in Hong Kong. The closing down of the casino at Shum Chun, however, adversely affected the passenger traffic receipts from that source to the extent of over $70,000.
4. The expenditure for the year 1937 amounted to $32,111,222 being $147,938 less than estimated and $2,597,702 more than the expenditure in 1936.
5. Ordinary expenditure amounted to $30,600,924, Public Works Extraordinary to $1,510,298. Personal Emoluments amounted to $12,895,982, being $822,984 less than the estimated figure of $13,718,916 due to the operation of the Levy on Salaries Ordinance No. 17 of 1936 which was repealed on 1st July, 1937.
Other Charges amounted to $4,575,527, being $69,539 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, 1937, to £54,325.6.11. Secondly,
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