CO129-346 - Governor Sir Lugard - 1908 [1-3] — Page 332

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-ments chargeable to Loan Accounts.

2.

All the heads of Revenue with the

23581

exception of Interest and Land Sales exceed the estimates.

The increase in Licences etc., is due to the large probate

on the estate of the late Sir Robert Jardine reported in

Mr. May's Despatch No. 145 of 31st. May last. The increase

in Postal Revenue, which was subject to reduced rates from

1st. October, 1907, is satisfactory but cannot at this

stage be taken as a criterion of future returns. The

position of Rents is the result of better collections both

in Hongkong and in the New Territories, as is evidenced by

the reduction in the amount of arrears of revenus carried

forward.

Interest accrued on Government

balances has been set off against interest on advances for

Railway Construction. Continued depression in trade is

accountable for the poor returns from Land Sales.

3.

Savings generally on expenditure

items are due to various causes which are explained in the

Detailed Statement. The reduction in Charge on Account of

Public Debt has been brought about by favourable exchange

rates and by the credit of interest on Government balances

referred to in the preceding paragraph. The decrease under

Post