HONG KONG.
Memorandum by the Financial Secretary on the
Financial Position, 1938, 1939 and the Estimates for 1940/1941.
INTRODUCTORY.
With the approval of the Secretary of State and the consent of the Finance Committee, it has been decided that the Colony's financial year should in future end on the 31st March. In order to bring that change into operation the present Estimates cover a fifteen month period, and the consequent increase of 25% in recurrent charges should be borne in mind in making comparisons with the 1939 provision. As the basis of a more exact comparison, a table has been added (page 17 of the Estimates) showing under each Head the estimated provision for the 15 months ending 31st March, 1941, and the actual expenditure for the 15 months ended 31st March, 1939. A similar table of revenue has been added (page 9 of the Estimates). The Revenue Heads have been re-arranged in more convenient form.
Part I. General Financial Position.
A.
RESULTS OF 1938.*
Revenue.
2. The Revenue of 1938, $36,735,855, exceeded the original estimate by $6,480,935, thanks to the increase in the activity of the Colony which prevailed, owing largely to the Sino-Japanese hostilities and the large increase in population due to the same cause. Table I shows the variations in the principal items of
revenue.
Table I.
ITEM.
ESTIMATED.
ACTUAL.
INCREASE.
$
$
Import duty on Liquor
1,175,000
1,586,705
411,705
وو
Motor Spirit
770,000
955,034
185,034
Tobacco
"
"
3,800,000
5,190,701
1,390,701
Duty on locally manufactured Liquor
975,000
1,265,705
290,705
Assessed Taxes (rates)
6,011,200
5,997,110
(Decrease
14,090)
Estate Duty
1,250,000
1,220,854
(Decrease
29,146)
Stamp Duties
2,150,000
2,324,949
174,949
Water Excess Supply & Meter Rents
1,900,000
2,315,668
415,668
Post Office
2,437,050
2,918,029
480,979
Kowloon-Canton Railway
1,044,900
1,782,288
737,388
Land Sales
355,000
1,199.510
844,510
* For full details, see the annual Financial Report for 1938.
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