350
- 3
Expenditure.
3. The expenditure of the year was $32.111.222. being $147,938 less than the approved estimate. Most individual Heads showed savings, but there were excesses on the following:-
Head 31 Pensions
Head 270
Military Contribution
Head 26
Kowloon-Canton Railway Head 33 Public Works Recurrent
$359.810 $206,755
(more pensions payable). (greater revenue than
estimated in 1936). $ 64,829 (typhoon damage). $281,869 (typhoon damage).
4. Thanks to the excess of revenue and saving on expenditure the surplus of assets over liabilities had increased to $14,002,278 at the 31st December, 1937.
B.
ANTICIPATED RESULTS OF 1938.
through the Tung Wal Hospital, with refugees passing through on their way to other parts of China and with the general problem of destitution arising out of the refugee situation. Construction costs alone of three camps necessary to deal with these are estimated at $550,000. In addition. two serious epidemics of small-pox and cholera have swollen the medical expenditure. Increased prices have had to be paid for many supplies, including coal; and much expenditure in repair of damage done by the typhoon of September 2nd, 1937, has fallen into this year. Lastly. the steady increase of pensions has made inevitable another excess on that Head and the increased revenue of 1937 has necessitated a further payment of military con- tribution amounting to $654,933. Up to the 15th September supplementary votes amounting to $2,591,384 had been approved by the Finance Committee.
It may
be noted that of this amount revotes of provision lapsing in 1937 amounted to $113,468, typhoon repair work to $405,550 and expenditure of all kinds arising out of the emergency situation (including the epidemics of disease) to $768,622, exclusive of the $550,000 already mentioned as the cost of refugee camps, which is not yet voted. Authorised expenditure, including supplementary votes, totals $35.970.998; the revised estimate of acnal expenditure is $35,155,355, being $1.775.806 more than the original estimate of the year. The majority of individual Heads are expected to show savings but large excesses are expected in some Heads, which are shown in Table TIT.
Revenue.
5. The revised estimate of revenue is $35,660,000, an excess of $5,405,080 over the original estimate of $30,254,920, and of $2,463,633 over the actual revenue of 1937. Actual reveme (approximate) up to 31st August was 21% more than the proportionate amount of the estimate, based on normal seasonal distribu- tion. This increase is principally due to the continued présence in the Colony of large numbers of persons, the majority of them self-supporting, who have taken refuge here from the disturbances in China; and to the diversion to the Colony not merely of a greater proportion of China's diminished foreign trade but also of numerous manufacturing and other activities formerly carried on in Shanghai and other cities affected by the hostilities. This increase in population and economic activity directly or indirectly affects most heads of revenue, especially liquor, tobacco and petrol duties, rates. Post Office and railway revenue and receipts from royalties payable by transport companies. Details of the more important items are set out in Table II.
Table II.
1937
1938
INCREASE
ITEM.
ACTUAL.
APPROVED ESTIMATE. ESTIMATE.
REVISED
OVER APPROVED ESTIMATE.
$
Import Duty on Liquor
Import Duty
on
Motor
Spirit
Import Duty on Tobacco...
1,257,763
799,304 4,482,203
1,175,000
770,000 3,800,000
1,500,000
325,000
900,000
130,000
4,650,000
850,000
Duty on Locally Manufac-
tured Liquor
1,033,404
Assessed Taxes (Rates)
Estate Duty
Stamp Duties
975,000 5.914,068 6.000,000 6,000,000 1,383,251 1,250,000 1,250,000 2,130,156 2,150,000
1,250,000
275,000
2,300,000
150,000
Water Excess Supply and
Meter Rents
1,898,856 1,900,000
2,100,000
200,000
Post Office
3,254,396
Kowloon-Canton Railway...
1,297,940
Land Sales
528,464
2,950,000 2,437,050 1,041,900 1,900,000 1,100,000 355,000
$12,950
855,100
745.000
Expenditure.
S. The situation in China has on the other hand caused an increase in expen- Although, as stated, most diture, to which other causes have also contributed.
of those who have taken refuge here are self-supporting, many have needed help and Government has had to come to the aid of private charity especially in dealing,
357
No comments yet.
Private notes are available after approval.