Enclosure not.
371
HONG KONG.
Memorandum on the Financial Position
1933, 1934 & 1935.
By the Colonial Treasurer.
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1933.
1. The Revenue for the year amounted to $32,099,278 as against the original estimate of $34,002,575 and the revised estimate of $33,027,000. The actual revenue for the year fell short of the estimate by $1,903,297 and of the revised estimate by $927,722.
2. Import Duty on Tobacco shewed a decrease of $1,678,544. This item was over-estimated as much less tobacco was imported than expected. The higher exchange also reduced the receipts. Duty on Liquor was also short of the estimate by $273,286 owing to less consumption of Chinese Liquor.
3. The Opium Monopoly estimated to yield $2,500,000, actually only produced $1,152,852. Stamp duties also shewed the large decrease of $392,293 owing to general business depression. The same reason affected Post Office and Radio- telegraph receipts which were $86,037 and $75,309 respectively short of the amounts estimated. Land Sales estimated at $1,300,000 produced only $972,861 a decrease of $327,139.
4. The principal increases were as follows:-Estate Duty, $1,791,033 due to two large estates. Water Excess and Meter Rents $328,907 owing to general building development and the institution of universal meterage. The Kowloon Canton Railway shewed welcome increases. Owing to the accelerated express train service the estimate under Passenger Service was exceeded by $295,062 and the increase of haulage of fast goods trains and charges for additional coaches accounted for an extra $31,226 over the estimate. As the actual expenditure for the year both ordinary and on loan account was short of the estimate larger sums than anticipated were avail- able for short term investment consequently the item Interest showed an increase, the sum of $106,326 being earned over and above the estimate of $200,000.
5. During the year in addition to several adjustments in taxation of a very minor nature. Light Dues were reduced as under :-
All vessels other than River Boats All River Boats
Old Fee.
4 c. 1 c.
New Fee.
2.4 c. per ton.
9 c.
and based on the conventional dollar as in the case of Tobacco and Liquor duties. The Bets and Sweeps Tax was also reduced from 3% to 23% on bets made on any totalisator or parimutuel. A Preference of 10% import duty was also given to Tobacco of Empire origin.
6. The expenditure for the year amounted to $31,122,715 against an estimate of $35,199,247 a decrease of $4,076,532. Exchange was based on $1-1s. 2d. but the average rate throughout the year was 1s. 4d. consequently considerable under expenditure took place on such items as salaries, pensions, loan charges and stores. The under expenditure on personal emoluments alone amounted to nearly $1,500.000. The sum of $500,000 included in the estimates as the balance due to the Admiralty for the surrender of the Naval Arsenal Yard and Kellet Island not paid. Council approved of a supplementary budget increasing votes under the control of the Director of Public Works by $631,658.
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