CO129-393 - Governor Sir May - 1912 [11] — Page 14

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reading on 31st. October.

W597071

4.

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Before dealing with the Estimates for next year

I propose briefly to summarise the financial situation.

You will remember that in forwarding the Estimates for this year Sir F. Lugard anticipated that the balance of Assets over Liabilities on 31st. December, 1911, would amount to 81,452,379. This estimate was more than realised, the sum actually brought to account being 81,826,978. According to the revised figures for 1912 ordinary and extraordinary revenue is expected to yield 8,049,153 or $371,665 more than was estimated. Moreover a saving of 8316,328 is anticipated on the total Expendi- -ture which was originally estimated at $7,852,678. These estimates if realised will result in a surplus on 31st. December, 1912, of $512,803 and this sum added to the balance of Assets accrued on 31st. December, 1911, will give a balance of Assets on 31st. Decem- -ber, 1912, increased to $2,339,782.

5.

The Estimates of Revenue for the coming year

show a net increase of $174,372 over those approved for the current year. The principal increases occur in the items Assessed Taxes

$128,000, Stamp Duties $180,000 and Land Sales $150,000 and the chief decreases in Opium Contribution £130,000, Kowloon-Canton Railway $120,000 and Liquor Duties 825,000. Explanations of these

differences will be found in the footnotes.

6.

The footnotes and an appendix to the Estimates

of Expenditure explain every item of an unusual nature comprised

therein as well as the differences under sub-heads.

7.

Sterling items have on the advice of the Treasurer after consultation with the Chief Manager of the Hongkong and Shanghai Banking Corporation been calculated at 1 s. 10 d. to

the dollar.

8.

Additions to the establishment of the Colony

which have been included in the Estimates in anticipation of your

approval