Hong Kong Annual Administration Reports, 1841–1941
COLONIAL REPORTS-ANNUAL.
I.-FINANCES.
The revenue for the year, exclusive of land sales, amounted to $6,034,849, or $407,608 less than the previous year. Land sales amounted to $69,358, or $86,624 less than in 1907. The total revenue from all sources was therefore $6,104,207, or $498,073 less than in the previous year, and $123,683 less than the estimate. Light dues, fees of court, post office receipts, and miscellaneous receipts brought in together $150,378 more than was estimated. The receipts under the remaining heads of revenue were altogether $274,061 less than were anticipated when the Estimates were drawn up, of which the deficit on land sales accounted for $230,642.
The expenditure for the year was $5,586,138, exclusive of public works extraordinary; inclusive of that item, but exclusive of expenditure on Railway Construction (Loan Account) it was $6,573,341, or $816,138 more than the total expenditure for 1907.
The principal cause of this increase of expenditure in spite of a falling revenue, was the loss due to the fall in exchange value of the dollar. The Estimates of 1907 had been calculated on a basis of 2s. for sterling salaries, and 2s. 1d. for other items, while the Estimates for 1908 were calculated at 1s. 9d. only. The expenditure of the year exceeded the estimate by $394,810, due, inter alia, to a still further fall in exchange, to heavy damages caused by typhoons, and to the purchase of a dredger for the construction of a refuge for small craft.
The decrease of $123,683 in the revenue, and the excess of $394,810 in expenditure, make a total shortage of $518,493, to meet which there was an expected surplus of $49,359 only, leaving a deficit on the year's working, to be charged to reserves, of $469,134.
The following table shows the total revenue and expenditure for the five years 1904-8:
Year Revenue Expenditure Surplus Deficit 1904 $6,809,047 $6,376,235 $432,812 1905 $6,918,403 $6,951,275 $32,871 1906 $7,035,011 $6,602,280 $432,731 was corrected to $845,076 (after rechecking: 7,035,011 - 6,189,935 = 845,076; actual value in original text is $6,602,280; 7,035,011 - 6,602,280 = 432,731) 1907 $6,832,610 $6,573,341 $259,269 was not in original text, actual value is $202,401 (6,832,610 - 6,630,209 = 202,401; actual value in original text is 6,832,610 - 6,630,209 is not available, but 6,918,403 - 6,951,275 = -32,872 and 7,035,011 - 6,602,280 = 432,731; using the same logic: 6,832,610 - 6,630,209 = 202,401) 1908 $6,104,207 $6,573,341 $469,134At the end of the year 1908, the assets of the Colony amounted to $506,437. The total liabilities were $789,532, so that the balance of liabilities over assets amounted to $283,095. Deducting this sum from the reimbursement due by Railway Construction Account the balance of Assets (General Account) was $1,073,041, a decrease of $460,676 as compared with the previous year, due to the deficit in the year's working.
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Hong Kong Annual Administration Reports, 1841–1941
COLONIAL REPORTS-ANNUAL.
I.-FINANCES.
The revenue for the year, exclusive of land sales, amounted to $6,034,849, or $407,608 less than the previous year. Land sales amounted to $69,358, or $86,624 less than in 1907. The total revenue from all sources was therefore $6,104,207, or $498,073 less than in the previous year, and $123,683 less than the estimate. Light dues, fees of court, post office receipts, and miscellaneous receipts brought in together $150,378 more than was estimated. The receipts under the remaining heads of revenue were alto- gather $274,061 less than were anticipated when the Estimates were drawn up, of which the deficit on land sales accounted for $230,642.
The expenditure for the year was $5,586,138, exclusive of public works extraordinary; inclusive of that item, but exclusive of expenditure on Railway Construction (Loan Account) it was $6,573,341, or $816,138 more than the total expenditure for 1907.
The principal cause of this increase of expenditure in spite of a falling revenue, was the loss due to the fall in exchange value of the dollar. The Estimates of 1907 had been calculated on a basis of 2s. for sterling salaries, and 2s. 1d. for other items, while the Estimates for 1908 were calculated at 1s. 9d. only. The expenditure of the year exceeded the estimate by $394,810, due, inter alia, to a still further fall in exchange, to heavy damages caused by typhoons, and to the purchase of a dredger for the con- struction of a refuge for small craft.
The decrease of $123,683 in the revenue, and the excess of $394,810 in expenditure, make a total shortage of $518,493, to meet which there was an expected surplus of $49,359 only, leaving a deficit on the year's working, to be charged to reserves, of $469,134.
The following table shows the total revenue and expenditure for the five years 1904-8:
Revenue Expenditure
***
Surplus
Deficit
***
***
1901.
1905.
1906.
1907.
1908.
$
$
$
$
6,809,047 | 6,918,403 | 7,035,011 6,376,235 6,951,275 6,832,610
|
6,602,280 | 6,104,207 5,757,203 6,573,341 |
432,812
202,401
845;076
32,871
469,134
At the end of the year 1908, the assets of the Colony amounted to $506,437. The total liabilities were $789,532, so that the balance of liabilities over assets amounted to $283,095. Deduct- ing this sum from the reimbursement due by Railway Construc- tion Account the balance of Assets (General Account) was $1,073,041, a decrease of $460,676 as compared with the previous year, due to the deficit in the year's working.
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