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Chapter XV.
PUBLIC FINANCE & TAXATION.
The following tables show the Revenue and Expenditure for the five years 1929 to 1933 inclusive.
Revenue. Expenditure. $23,554,475 $21,983,257
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7. The Assets and Liabilities of the Colony on the 31st December, 1933, are shown in the following statement ;-
LIABILITIES.
1929
Surplus. Deficit. $1,571,218
1930
1931
1932
27,818,473 28,119,646 33,146,724 31,160,774 1,985,950 33,549,716 32,050,283
$301,173
DEPOSITS :-
1,499,433
1933
32,099,278
31,122,715
976,563
C.
ASSETS.
--
C.
2. The revenue for the year 1933 amounted to $32,099,278 being $1,903,297 less than estimated and $1,450,438 less than the revenue obtained in 1932.
3. Duties on imported liquor and tobacco were less than estimated as they are on a sterling basis and were reckoned on an exchange rate of $1-1/2 whereas the average rate throughout the year was over 1/4/16. Assessed Taxes show a decrease of $65,031.30 due to vacant tenements and large decreases were shown by the Opium Monopoly of $1,347,148 and in Stamp Duties of $392,293. A considerable increase amounting to $328,907 was shown under Water Excess and Meter Rents due to general building development and to the institution of universal meterage. Land Sales were less than estimated to the extent of $327,139.
4. The expenditure for the year 1933 amounted $31,122,715 being $4,076,532 less than estimated and $927,568 less than the expenditure in 1932.
Contractors and
Officers Deposits
Suitors Fund
ADVANCES ---
Oil account of
Future Loan............................ Purchase of three Locomotives for Chinese Section Kowloon Canton
487,200.00
587,617.30
Miscellaneous De-
posits........
2,268,353.78
Railway.
Miscellaneous
Insurance Compan-
ies
Building Loans
Subsidiary Coin
Suspense Account
Exchange Adjustment
1,900,700.00 Imprest Account..
967,147.31 Crown Agents Re-
136,808.00
Trade Loan Reserve... 1,070,609.68
Praya East Reclama-
mittances
Investments;-
6,934,474.13
267,468.26
79,401.82
723,310.04
7,218.15
1,415,597.95
19,959.40
Surplus Funds Trade Loan
1,610.714.23
Out-
standing
574,500.50
tion
to
House Service Account
Government House & City Development Fund
112,303.45
10,478.98
Unallocated Stores,
(P.W.D.)....
486,713.30
Unallocated Stores,
(Railway)....
187,916.81
Cash Balance :--
1,227,666.28
Coal Account
2.126.52
* Joint
Total Liabilities... 8,771,011.30 |
Fixed Deposits:
Excess of Assets over
Liabilities
13,823,625.33
5. Ordinary expenditure amounted to $27,830,266, Public Works Extraordinary to $3,292,449. Large savings resulted under Personal Emoluments, compared with the amounts inserted in the Estimates, on account of the higher exchange prevailing throughout the year. Changes in personnel and vacancies in office also reduced the amount but most of this under-expenditure amounting to $1,489,791 was due to the rise in the sterling value of the dollar. Under Other Charges savings were also effected amounting to $877,763. Expenditure on Public Works Extraordinary fell short of the original estimate by $375,474 and $138,893 less than estimated was expended on recurrent maintenance and improvements.
6. Debt.—The total amount of sterling debt outstanding at the close of 1933 was £1,485,732.16.5, the sinking fund for its redemption amounting to £911,748. The 1927 Public Works Loan of $4,927,000 was converted on 1st August, 1933 to 4% under authority of Ordinance No. 15 of 1933; the sinking fund will be dealt with under section 10 (5) of that Ordinance.
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Total.....$ 22,594,636.63
Crown Agents....... Treasurer......
Fund...
Colonial
General $2,080,000.00 Insurance
Companies 1,900,700.00 Miscellaneous 450,000.00
40,792.69 3,574,679.79
2,241,189.57
Total ...
4,430,700.00
22,591,636.63
*Joint Colonial Fund £157,000..0s.Od.
8. Main Heads of Taxation. The largest item of revenue is derived from the assessment tax, the sum of $6,434,969 being collected in 1933. This represents 20.05% of the total revenue or 20.67% of the revenue exclusive of land sales. The rates vary
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