9
Revenue
Expenditure
Recurrent $44,530,524
50,861,470
Special
2,188,104
P.W.E.
3,583,550
War
1,000,000 51,302,178
Deficit
Surplus balances
440,708
13,186,818
This was for a 12 month period. For 15 months one might expect $12,500,000, but on the whole this seems too sanguine.
If special revenue of $10,000,000
obtainable and the local war item doubled, there would
be a surplus of $8,559,292 (not allowing for assistance to His Majesty's Government) instead of a deficit
of $441,000 odd, but this possibility must be left out
of account for the moment, and it may well be that the
expectations from this source have been wildly over-
The Col. Sec. in his speech mentioned. estimated. possible surplus of $2,000,000, but I do not know how he
REVENUE.outained Dis figure.
The estimate of ordinary revenue was the
a
subject of criticism by unofficial members, and has
been discussed in previous minutes. It assumes that
the present boom conditions resulting from Hong Kong's
status as an asylum for refugees from China and their
capital will continue. Nothing has happened yet to discredit this assumption, but if Wang Chin Wei and the Japanese succeed next year in establishing more stable conditions in China, the bottom will drop out of the
Hong Kong boom. A comparative table of Revenue from
1930 onwards will be found on p.7 of the Estimates. The figures for the 3 previous years were:-
1927
1928
1929
$ 21,344,543
24,968,399
23,554,475.
The
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