5
X
419
7. The net result, if the revised estimates of revenue and expenditure are realized, will be to increase the surplus of assets at 31st December, 1939, to $13,627,526. As explained in paragraph 14 below it is anticipated that the whole of this will then have been advanced against Loan Account.
(.
Revenue.
PROSPECTIVE REVENUE AND EXPENDITURE OF 1940/1941.
8. As last year, the revenue for 1940/1941, which is put at $49,861.470, has been estimated generally on the assumption that the economic activity of the Colony will be maintained at not far short of its present level. This may prove to he over-optimistic, especially since the outbreak of war, but the whole outlook is at
x present so uncertain that no other firm basis for estimating the revenue presents itself. Account has been taken of increased yields due to the higher assessment and of certain other increased receipts, c.g. royalties from the Tramway Co., but no allowance is made for possible increases of taxation on the lines laid down by the Taxation Committee, which it may be necessary to impose if conditions worsen.
9. The variations in the estimates for 1940/1941 of the principal items of revenue compared with the 1939 estimates are shown in Table IV.
ITEM.
Table IV.
i 1939.
1940-41.
APPROVED
ESTIMATE.
REVISED ESTIMATE
ESTIMATE.
$
$
$
Import duty on Liquor
1,500,000
1,750,000
2,100,000
"
""
Motor Spirit
1,700,000
900,000
1,250,000
1,500,000
Tobacco
1,200 or
59
4,600,000
5,900,000
7,000,000
Duty on locally manufactured Liquor
1,250,000
1,450,000
1,750,000
Assessed Taxes (rates)
6,212,000
6,800,000
Estate Duty
9,303,100
1,250,000
1,250,000
Stamp Duties
1,500,000
1.200
2,300,000
2,400,000
Water Consumption & Meter Rents
3,000,000
2,096,000
2,100,000
2,785,000
Post Office
2,927,000
3,138,000
Kowloon-Canton Railway
3,995,500
1,784,000
982,790
1,148,400
Land Sales
1,589,704*
2,170,000*
1,250,000
* Inclusive of $839,704 transferred from the Government House and City Development Fund.
(i) Assessed Taxes (Rates); allowance is made for the increase in the valuation
for 1939/40.
(ii) Kowloon-Canton Railway; the revenue is estimated on the basis of the
present working of the line.
Expenditure.
10. Expenditure for 1940/1941 is estimated as follows:-
Recurrent Expenditure
Public Works Extraordinary
Special Expenditure
$ 44,521,304
2,188,324 3,478,550
$ 50,188,178
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