CO129-584-2 Estimates 1941-2 21-2-1941 - 11-6-1941 — Page 331

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7. The net result, if the revised estimates of revenue and expenditure are realized, will be that the total revenue will exceed the total expenditure by a sum of $122,500. This will increase the surplus of assets at 31st March, 1941, to $17,213,670.

C. PROSPECTIVE REVENUE AND EXPENDITURE OF 1941-42.

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8. As in the case of the current financial year, the revenue for 1941-42, which is put at $54,836,000 ($45,536,000 from ordinary sources and $9,300,000 from War Taxation), 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. That assumption has fortunately proved correct in respect of the present year as compared with 1939 and while the whole outlook remains so uncertain no other firm basis for estimating the revenue presents itself. Account has been taken of increased yields from the tax on cash sweeps (which has been doubled as from 1st January, 1941), from postage (the rates of which will be increased early in 1941), and from the Railway (fares will be increased as from 1st January, 1941); it is also assumed that the yields from liquor, motor spirit and tobacco duties, as well as from the sales of Government opium, will be maintained at their present high level. No allowance has been made, however, for increases of taxation which áre contemplated but which have not yet been approved.

9. The variations in the estimates for 1941-42 of the principal items of revenue compared with the 1940-41 estimates are shown in Table V.

ІТЕМ.

Table V.

1940-41.

1941-42.

APPROVED

REVISED

ESTIMATE.

ESTIMATE. ESTIMATE.

Import Duty on Liquor

Motor Spirit

Tobacco

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Duty on Locally Manufactured Liquor

Assessed Taxes (Rates)

Estate Duty

Stamp Duties

Water Revenue

2.600,000

2,300.000 2,500,000

2,300,000 3,300,000 32,700,000

7,000.000 8,300,000 7,500,000

1,750,000 1,725,000 1,400,000

9,303,100 9,300,000 7,522,500

1,500,000 1,350,000 1,200,000

3,000,000 3,380,000 2,500,000

2,785,000 2,840,000 2,331,200

Post Office

Kowloon-Canton Railway

Land Sales

Opium Sales

3,995,500 4,200,000 3,543,000

1,148,400 1,100,000

1,250,000 1,800.000

860,200

762,000

1,000,000 3,000,000 2,250,000