J
HONG KONG LEGISLATIVE COUNCIL.
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Government salaries one half at 1/6d. and one half at the current rate is calculated to reduce this figure to $4,200,000; and an effort is being made to economise still further by the exclusion or postpone- ment of approved items of expenditure, to result it is hoped in a saving of a further $1,000,000. The deficit would thus be reduced to $3,200,000.
Had the dollar remained at 1/4d. the estimated deficit of $2,299,000 would have been reduced to $1,900,000 by the half and half method of paying salaries to which I have already referred, and which was introduced after the approval of the Estimates. The added deficit at the average rate of $1 equals 1/- over the deficit at $1 equals 1/4d., is therefore $1,300,000: and it is this sum that the Government considers it necessary to provide, with a view to restoring the position that was contemplated when the 1931 Estimates were framed and approved.
To meet this requirement, an increase in the opium prices has been already approved and published: and it is estimated that $200,000 in a full year and $166,000 in 1931 will be derived from this source. The resolution before you now represents an increase in the rate on beer and kindred liquors from 40 cents to 60 cents a gallon, and a reversion for the rates on tobacco to those obtaining before the last increase which was effected in 1930. Liquors excepting beer, but including Chinese liquor imported into the Colony keep their rates as set out in silver currency unchanged, but the ten cents per gallon rebate allowed on the export of locally distilled liquor is withdrawn.
In the cases of all alcohol and tobacco, however, the duties are to be payable on the basis of $1 equals 1/8d: and it is estimated that beers and liquors should provide an additional $350,000 during 1931, and tobacco $928,000, making due allowance for decreased consump- tion in both cases.
These figures, however, will still not meet the bill, and an increase in Postal Rates is under consideration, estimated to yield $166,000 in the course of 1931. The totals then become:
Postage Opium
Beer and Alcohol
Tobacco
From which has to be deducted Military Con-
tribution of 20%
Total
$166,000
166,000
350,000
928,000
$1,610,000
322,000
$1,288,000
a sufficiently close approximation to the desired total to stand for the time.
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