CO129-505-12 Estimates of expenditure 1928 1-9-1927 - 12-1-1928 — Page 79

4.

liquid during the current year and there should be at

least $500,000 available for expenditure at the end of

this year without taking into account repayments from loan.

To this will have been added before the end of the year

the sum of $1,916,406 expended from revenue on the Shing

Mun Scheme and reimbursed from the loan. We therefore

expect to start the year 1928 with a Surplus of Assets over

liabilities of $4,100,439 and liquid balances of $2,416,406.

Revenue for the present year has not come in

quite as well as we hoped. The new Liquor Duties have not

come up to expectations and the total liquor duties show an

estimated shortfall of $350,000, Opium Revenue shows a

shortage of $200,000, Stamp Duties of $300,000 and Land

Sales of $200,000. While the last two no doubt reflect

the fact that trade conditions, though certainly improving,

are still far from normal, the first two which ought to

have shown increases owing to the increased population can

only be explained by the extensive smuggling, which we

know goes on in spite of all our efforts to prevent it.

In view of the shortage this year we have not felt justified

in estimating our revenue for next year at more than $20,103,390, approximately four lakhs less than the revised

estimate for this year, which has been raised by certain

windfalls in the way of interest and miscellaneous receipts

on which we cannot rely next year. Expenditure is estimated

at $22,183,045. This is $131,657 less than the original

estimate for this year and $598,387 more than the revised

estimate. Estimated expenditure for next year exceeds

the estimated revenue by $2,079,655 to meet which we expect

to have liquid balances of $2,416,406 available at the end

of this year. It may be asked what of the future, what is

to

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