CO129-568-4 Estimates 1939 8-10-1938 - 6-7-1939 — Page 291

HONG KONG.

Memorandum by Financial Secretary on the

Estimates for 1939.

i

INTRODUCTORY.

Attention is invited to the following changes in the form of the Estimates :-

(1) Heads of Expenditure (except His Excellency the Governor, Colonial Secretary's Office and Public Works Extraordinary) are arranged alphabetically in order to facilitate reference.

Revenue.

+

EC

(ii) A new Head Legal Departments" includes all the Departments formerly included under the Heads Supreme Court Attorney- General”, "Crown Solicitor ". "Official Receiver and Land Office"; the combination is more convenient for accounting. (iii) Expenditure of Waterworks is shown in separate sections of P.W,D. and P.W.R. (Heads 24 and 25); furthermore in accordance with the policy of treating water finances independently of general revenue, a number of separate statements relating to Water accounts are included in Appendix VIII.

(iv) ** Public Works Department" (formerly Head 32 and now Head 24) has been split between Public Works Department. Waterworks and Stores Department; the last has now ceased to be under the control of the Director of Public Works and is shown as a separate Head (No. 29).

(v) In accordance with the new accounting system introduced by direction of the Secretary of State (see Sessional Paper 9 of 1938) the total estimated purchases and issues of stores are shown under Heads 29 (general stores) and 13 (Railway stores).

Part I. General Financial Position.

4. RESULTS OF 1937.*

2. The revenue of 1937, $33,196,368, exceeded the original estimate by $4,436,118, thanks to the general improvement in trade which characterised the first half of the year and the special increase in the population and activity of Hong Kong in the latter part as the result of the Sino-Japanese hostilities. Table I shows the variations in the principal items of revenue.

ITEAL

Table I.

ESTIMATED.

ACTUAL.

INCREASE.

Import Duty on Liquor

930,000

"

Motor Spirit

1,257,768 799,304

327,763

Tobacco

11

3,750,000

4,482,203

682,203

Duty on locally manufactured Liquor

900,000

1,083,404

133,404

Assessed Taxes (rates)

5,600,000

5,914,066

311.066

Estate Duty

1.200.000

1,883,251

183,251

Stamp Duties

2,000,000

2,130,186

130,186

Water Excess Supply and Meter

Rents

1,775,000

1,898.856

123,856

Post Office

2,049,800

3,254,396

1.204,596

Kowloon-Canton Railway

1.100,150

1,297,940

Land Sales

206,000

528,464

197,790 322,464

For full details. see the annual Financial Report for 1937.

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