HONG KONG.
Memorandum by the Financial Secretary on the Financial Position, 1939, 194041 and the Estimates for 1941-42.
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 shall in future begin on the 1st April and end on the 31st March. In order to bring this change into operation the 1940-41 Estimates covered a fifteen month period (from 1st January, 1940, to 31st March, 1941) while the present 1941-42 Estimates cover a normal twelve month period (1st April, 1941, to 31st March, 1942). The consequent theoretical decrease of 20% in recurrent charges should therefore be borne in mind in making comparisons with the 1940-41 provision.
Part I. General Financial Position.
A.
RESULTS OF 1939.*
Revenue.
2. The Revenue of 1939, $41,478,052, exceeded the original estimate by $5,380.727. Higher duties were imposed in October, 1939, on liquors of non- Empire origin and on light oils, but otherwise the increase in revenue was mainly due, as in the previous year, to the increased activity and swollen population of the Colony arising out of the Sino-Japanese hostilities. Table I shows the variations in the principal items of revenue.
Table I.
ITEM
ESTIMATED ACTUAL
INCREASE
DECREASE
$
*
Import Duty on Liquor
1,500,000 1,826,798
326,798
Motor Spirit
Tobacco
1
900,000 1,395,517 495,517
4,600,000 6,362,973 1,762,973
Duty on Locally Manufactured Liquor | 1,250,000|1,416,856
166,856
Opium Sales
Assessed Taxes (Rates)
Estate Duty
350,000 1,025,270 675,270
6,200,000 6,776,168 576,168
1,250,000 721,528
528,472
Stamp Duties
Water Revenue
2,300,000 2,531,109 231,109
2,096,000 2,212,035 116,035
Fines and Forfeitures
Post Office
Kowloon Canton Railway
Market Rents
190,000 347,616 157,616
2,912,000 3,102,956 190,956
1,784,000 912,905
871.095
Royalties
Land Sales
403,000 567,251 164,251
627,000 1,135,563 508,563
750,000 2,139,819†| 1,389,819-
*For full details, see the annual Financial Report for 1939.
+ Including $839,704 transferred from Government House and City Development Fund.
389
No comments yet.
Private notes are available after approval.