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The following is a summary of the 1934 budget position.
Revenue.
Expenditure.
Ordinary Land Sales.
30,531,625 1,200,000
Ordinary Extraordinary Special
Total
$31,731,625
Total
20,750,745 5,391,950 100,000
$33,442,695
These figures foreshadow a deficit of $1,711,070 on the year's working but past experience shews that a measure of under expenditure is inevitable and justifies reasonable confidence (expecially if the present rate of exchange is maintained through- out 1934) that the budget should balance.
The financial position at the end of 1954 indicated by the foregoing estimates is as follows:-
27. There has been no expenditure on the Aerodrome for the first half year 1933 but the contribution of £22,587.118,9m. = $349,743.29 received from the Imperial Gov- ernment in March, 1933, has reduced the net expenditure from Surplus Funds to $20,486. Three new items totalling $1,270,000 appear in the Schedule for 1934.
(a) Seaplane Slipway-Estimated Cost $800,000 to be spread over two years (1933 & 1934). Estimated expenditure on this work during 1933 is $460,000.
(b) Wireless Telegraph Station.
during 1934.
Estimated Cost $95,000 to be expended
A resolution authorising this work must be taken before this can be proceeded with.
(c) 2nd. Cross Harbour Pipe. Estimated total cost $375,000 over two years (1934 & 1935). Estimated expenditure during 1934-$323,000. Ap- proval of this work must also be obtained before it can be proceeded
with.
There is every prospect of our being able to finance these loan works from surplus funds without recourse to borrowing throughout 1934.
Actual excess of Assets over Liabilities as at 1/1/33
Add Revised Estimate of Revenue 1933
$12,847,062
33,027,000
$45,874,062
Deduct Revised Estimate of Expenditure, 1933
32,564,201
Estimated Surplus Balance at 31.12.33
$13,309,801
Add Estimated Revenue 1934..
31,731,625
$45,041,426
Deduct Estimated Expenditure 1934
$33,442,695
$11,598,731
Estimated Surplus Balance at 31.12.34
25. The Revenue figures for 1934 indicate a set back which is not surprising in view of the general trade depression. Though certain receipts hold up satisfactorily, others, more particularly those which reflect directly the reduced spending power of the individual have reacted unmistakably during the current year and their estimated yield in 1934 has been discounted accordingly. The rise in exchange is also a factor in the reduction but this provides compensations elsewhere. In general, values in the Colony may be expected to remain comparatively stable and the Colony's resources justify the expenditure programme contemplated.
Loan Works.
26. Surplus balances have been drawn on in anticipation of a future loan and on 30th June, 1933, the total amount advanced was as under
Aerodrome (Net-credits deducted)
Vehicular Ferry
Aberdeen Valley Scheme
20.486 1,575,379
Shing Mun Valley Scheme- -1st Section
2,364,228 611,426
Shing Mun Valley Scheme-2nd Section:
Preliminary Works
36,713
Filters
120,045
Gorge Dam
570,854
727,612
New Gaol at Wong Ma Kok..
69,695
Tytam Tuk Catchwater
36 445
5,405,271
Anticipated Expenditure during the 6 months ending 31st
December, 1933, including a sum of $460,000 authorised for Seaplane Slipway
2,339.705
$7,744,974
THE TREASURY,
HONG KONG,
15th September, 1933.
M. J. BREEN,
Colonial Treasurer.
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