43
1 tsin (mace) = .133 ounces avoirdupois.
1 leung (tael) = 1.33 ounces avoirdupois.
1 kan (catty) = 1.33 pounds avoirdupois.
1 tam (picul) = 133.33 pounds avoirdupois.
1 check (foot) = 149 English inches divided into 10 tsun (inches) and each tsun into ten fan or tenths.
# Chapter XVI
## PUBLIC FINANCE AND TAXATION
The following tables show the Revenue and Expenditure for the five years 1935 to 1939 inclusive.
Revenue Expenditure Surplus Deficit 1935 $28,430,550 $28,291,636 $138,194 1936 30,042,984 29,513,520 529,464 1937 33,196,368 32,111,222 1,085,146 1938 36,735,854 37,175,897 $440,043 1939 41,478,052 37,949,116 3,528,936The estimates for 1939 provided for a deficit of $1,659,898, revenue being put at $36,097,325 and expenditure at $37,757,223. No new or increased taxes were imposed during the year. The increase in revenue was due to the diversion of a large proportion of China's trade to ports trading through Hong Kong, which continued through the greater part of 1939, and to the general increase of the Colony's population owing to an influx of refugees which reached its maximum in the latter months of the year. The effect of this increase in population is most clearly seen in the receipts from rates and from import, betting and entertainment duties.
The situation in China and its direct or indirect repercussions on the Colony, particularly as regards emergency relief and two epidemics of disease, were responsible for the large proportion of the increase in expenditure. A new system of accounting, directed by the Secretary of State, and a revision of the method of payment of the Military Contribution also had the effect of weighting the 1939 expenditure in a manner which had not been foreseen when the estimates were prepared, though future liabilities were thereby reduced.
The Public Debt of the Colony at the 31st of December, 1939, was $16,038,000 consisting of two issues: the 4% Conversion Loan of $4,838,000, raised in 1933, the sinking fund of which amounted, on the 31st of December, 1939, to £75,567. 2. 7; and the 3½% Dollar Loan raised in July, 1934. This latter 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. The amount outstanding at the 31st of December, 1939, was thus reduced to $11,200,000.
43
1 tsin (mace)
.133
ounces avoirdupois.
1 leung (tael)
=
1.33
ounces avoirdupois.
1 kan (catty)
1.33
pounds avoirdupois.
1 tam (picul)
=
133.33
pounds avoirdupois.
1 check (foot)
149 English inches divided into 10 tsun (inches) and each tsun into ten fan or tenths.
Chapter XVI.
PUBLIC FINANCE AND TAXATION.
The following tables show the Revenue and Expenditure for the five years 1935 to 1939 inclusive.
Revenue.
Expenditure.
Surplus.
Deficit.
1935..
$28,430,550 $28,291,636 $ 138,194
1936.......
30,042,984 29,513,520 529,464
1937......
33,196,368 32,111,222 1,085,146
1938............
36,735,854 37,175,897
440,043
1939............
41,478,052 37,949,116 3,528,936
The estimates for 1939 provided for a deficit of $1,659,898, revenue being put at $36,097,325 and expenditure at $37,757,223. No new or increased taxes were imposed during the year. The increase in revenue was due to the diversion of a large proportion of China's trade to ports trading through Hong Kong, which continued through the greater part of 1939, and to the general increase of the Colony's population owing to an influx of refugees which reached its maximum in the latter months of the year. The effect of this increase in population is most clearly seen in the receipts from rates and from import, betting and entertainment duties.
The situation in China and its direct or indirect repercussions on the Colony, particularly as regards emergency relief and two epidemics of disease, were res- ponsible for the large proportion of the increase in expenditure. A new system of accounting, directed by the Secretary of State, and a revision of the method of payment of the Military Contribution also had the effect of weighting the 1939 expenditure in a manner which had not been foreseen when the estimates were prepared, though future liabilities were thereby reduced.
The Public Debt of the Colony at the 31st of December, 1939, was $16,038,000 consisting of two issues: the 4% Conversion Loan of $4,838,000, raised in 1933, the sinking fund of which amounted, on the 31st of December, 1939, to £75,567. 2. 7; and the 31% Dollar Loan raised in July, 1934. This latter 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. The amount outstanding at the 31st of December, 1939, was thus reduced to $11,200,000.
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