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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.
$
C.
ASSETS.
$
C.
2. The revenue for the year 1933 amounted to $82,099,278 being $1,903,297 less than estimated and $1,450,488 less than the revenue obtained in 1982.
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. 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 $828,907 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.
Suitors Fund
Trade Loan Reserve...
Surplus.
Deficit.
1929
$1,571,218
1930
27,818,473 28,119,646
$301,178
1981
33,146,724 31,160,774
1,985,950
1932
33,549,716
32,050,283
1,499,438
DEPOSITS:---
Contractors and
Officers Deposits
ADVANCES :-
1953
32,099,278
81,122,715
976,563
487,200.00
587,617.30
Miscellaneous De-
posits..
2,268,353.78
Insurance Compan-
ies
1,500,700.00 Imprest Account..
Suspense Account
Exchange Adjustment
Qu account of Future Loan.. Purchase of three
Locomotives for Chinese Section Kowloon Canton
Railway
Miscellaneous
Building Loans
Subsidiary Coin
967,147.31 Crown Agents Re-
mittances
267,468.26 79,401.82
723,310.04
6,934,474.13
7,218.15
1,415,397.93
19,959.40
136,808.00
1,070,609.68
Investments:-
Surplus Funds
1,610,711,23
Trade Loan Out-
tion
112,303.45
standiug
574,500.50
Unallocated Stores,
to
House Service Account
Government House & City Development Fund
(P.W.D.).
486,713.30
10,478,98
Unnilocated Stores,
(Railway).
187,916.81
Cash Balance :-
1,227,666.28
Coal Account
2,126.52
Total Liabilities... 8,771,011.30;
Excess of Assets over Liabilities..............................
13,823,625.33
Crown Agents..
Treasurer..
Colonial
* Joint
Fund.....
Fixed Deposits:-
General ... $2,080,000.00 Insurance
Companies 1,900,700,00 Miscellaneous 450,000.00
4,480,700.00
.$ 22,591,636.63
40,792.68 3,574,679.79
2,241,189.57
4. The expenditure for the year 1983 amounted $31,122,715 being $4,076,582 less than estimated and $927,568 less than the expenditure in 1932.
5. Ordinary expenditure amounted to $27,880,266, 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.
Praya East Reclama-
Total...$22,594,636.63
Total ...
*Joint Colonial Fund £157,000.,0s.0d.
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 1938. 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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