1904-1919
HONG KONG, 1919.
431
3
Celebrations in connection with the declaration of peace were held on the 18th and 19th July. Processions of various descriptions paraded the City of Victoria and the whole Colony participated in the effort to show in a suitable manner their satisfaction at the termination of the long and disastrous war.
The Colonial Secretary (Mr. Claud Severn) administered the Government from the 1st January until the arrival of Sir Edward Stubbs, who arrived in and assumed the government of the Colony on the 30th September.
I.-FINANCES.
The revenue for the year amounted to $16,524,975 being $359,240 more than the estimate and $2,140,273 less than the revenue for the previous year.
Compared with the returns for 1918 there were increases under every head with the exception of Licences and Miscellaneous Receipts. The expenditure amounted to a total of $17,915,925 inclusive of a sum of $2,235,002 spent on Public Works Extraordinary and one of $546,712 being a contribution to the Imperial Government for war expenses.
The total expenditure brought to account amounted to $17,915,925 being $3,238,029 more than the estimate, and $1,663,753 more than the expenditure in 1918. Compared with the estimates there were decreases under 18 heads as against 6 heads where there were increases. The excess amounting to $3,821,704 under Miscellaneous Services was due to losses on rice and exchange and to increased allowances on salaries pending revision. Military Expenditure was more than the estimate by $251,833 on account of the Revenue for 1918 having been under-estimated. The item Public Works Recurrent was responsible for an excess over the estimates of $120,510. Decreases were mostly due to high exchange, Public Works Extraordinary not proceeded with, and arrears of transit charges brought to credit by the Post Office.
The balance to the debit on the year's working was $1,390,950 and the assets and liabilities account showed on the 31st December a credit balance of $4,290,188.
The following is a statement of the revenue and expenditure of the Colony for the five years 1915-1919 :--
Revenue. Expenditure. 1915 $11,786,106 $15,149,267 1916 $13,833,387 $11,079,915 1917 $15,058,105 $14,090,828 1918 $18,665,248 $16,252,172 1919 $16,524,975 $17,915,925The amount of the consolidated loan stands at £1,485,733. Against this there is at credit of the Sinking Fund a sum of £310,469. The Local Loan under Ordinance No. 12 of 1916 amount to $3,000,000 and there are the sums of $224,720 and £80,628 at credit of the Sinking Fund.
Under Ordinance No. 18 of 1917 a tax of 7% on Assessments was imposed to provide an Annual Contribution to the Imperial Government for purposes of the war. This was discontinued on the 30th June.
1904-1919
HONG KONG, 1919.
431
3
Celebrations in connection with the declaration of peace were held on the 18th and 19th July. Processions of various descriptions paraded the City of Victoria and the whole Colony participated in the effort to show in a suitable manner their satisfaction at the termination of the long and disastrous war.
The Colonial Secretary (Mr. Claud Severn) administered the Government from the 1st January until the arrival of Sir Edward Stubbs, who arrived in and assumed the government of the Colony on the 30th September.
I.-FINANCES.
The revenue for the year amounted to $16,524,975 being $359,240 more than the estimate and $2,140,273 less than the revenue for the previous year.
Compared with the returns for 1918 there were increases under every head with the exception of Licences and Miscellaneous Receipts. The expenditure amounted to a total of $17,915,925 inclusive of a sum of $2,235,002 spent on Public Works Extraordinary and one of $546,712 being a contribution to the Imperial Government for war expenses.
The total expenditure brought to account amounted to $17,915,925 being $3,238,029 more than the estimate, and $1,663,753 more than the expenditure in 1918. Compared with the estimates there were decreases under 18 heads as against 6 heads where there were increases. The excess amounting to $3,821,704 under Miscel- laneous Services was due to losses on rice and exchange and to increased allowances on salaries pending revision. Military Ex- penditure was more than the estimate by $251,833 on account of the Revenue for 1918 having been under-estimated. The item Public Works Recurrent was responsible for an excess over the estimates of $120,510. Decreases were mostly due to high exchange, Public Works Extraordinary not proceeded with, and arrears of transit charges brought to credit by the Post Office.
The balance to the debit on the year's working was $1,390,950 and the assets and liabilities account showed on the 31st December a credit balance of $4,290,188.
The following is a statement of the revenue and expenditure of the Colony for the five years 1915-1919 :--
1915
1916
1917 .
1918
1919
*
Revenue.
$ 11,786,106 13,833,387 15,058,105 18,665,248 16,524,975
**
Expenditure.
$ 15,149,267
**
**
11,079,915 14,090,828 16,252,172 17,915,925
The amount of the consolidated loan stands at £1,485,733. Against this there is at credit of the Sinking Fund a sum of £310,469. The Local Loan under Ordinance No. 12 of 1916 amount to $3,000,000 and there are the sums of $224,720 and £80,628 at credit of the Sinking Fund.
Under Ordinance No. 18 of 1917 a tax of 7% on Assessments was imposed to provide an Annual Contribution to the Imperial Government for purposes of the war. This was discontinued on the 30th June.
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