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myself replied. The appropriation Bill was then read a second time and passed the third reading on 30th. October.
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4.
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 Henry May anticipated that the balance of Assets over Liabilities on st. December, 1912, would amount to $2,339,782. This estimate was largely exceeded, the sum actually brought to account being 82,805,129. According to the revised figure for 1913 ordinary and extraordinary revenue is expected to yield 88,285,253 or $433,393 more than was estimated. On the other hand the total Expenditure which was originally estimated at $8,544,906 is now expected to exceed that figure by $184,244. These estimates if realized will result in a deficit on 31st. December, 1913, of 8443,897 and this sum deducted from the balance of Assets accrued on 31st. December, 1912, will give a balance of Assets on 31st. December, 1913, reduced to 2,361,232. I may point out that the deficit anticipated at the end of the year is less by $249,149 than was expected, the budget for 1913 having been balanced by an appropriation of 8693,046 from the accumulation of surplus balances.
5.
The Estimates of Revenue for the coming year
show a gross increase of $1,901,100 or, allowing for additional expenditure of 8993,631 on account of the Opium Monopoly, an in- -crease of 8907,469 over those approved for the current year. The principal increases, of which explanations will be found in the footnotes, occur in the items Assessed Taxes $56,600, Opium Monopoly gross 81,390,000, net 8396,369, Stamp Duties $150,000, various items under Fees of Court, etc., 852,850, Post Office
$40,000, Kowloon-Canton Railway 853,000 and Rents 855,840.
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.
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