Sec. 16/4841/48.
SAVINGRAM
To the Secretary of State for the Colonies.
From the Governor, Hong Kong.
Date List
山嵝
No. 4Y.
January, 1949.
CONFIDENTIAL.
Ansia (42)
40
133
My confidential savingram No.699 of the 20th
(30)
October, 1948.
Financial Position and Policy.
Revenue so far recorded for the first nine months of the financial year 1948-49 totalled $134,089,169, excluding Railway earnings for December and Crown Agents receipts since August. This figure compares with the original estimate for the full twelve months of $151,407,950 and the proportionate estimate for nine months of $113,555,963. The revised estimate of revenue for the year is $173,977,207.
2.
Following are details of principal Heads of Revenue
Original Estimate 12 months.
Revised Estimate 12 months.
Actual 9 months.
$
$
Tobacco Duty.
Liquor Duty.
25,000,000
16,500,000
12,117,816
8,200,000
9,800,000
7,452,917
Other Duties.
6,850,000
Assessed Taxes. 11,015,000
9,000,000
14,484,000 11,210,570
8,611,660
Bets and Sweep
тах.
2,000,000
4,000,000
3,114,559
Earnings and
Profits Tax.
40,000,000
40,000,000
24,317,254 X
Stamp Duties.
7,500,000
12,000,000 11,079,108
Licences, Fines
& Forfeitures.
6,258,450
9,439,700
9,614,472
Post office.
6,165,000
8,745,000
6,642,212
Miscellaneous Receipts.
4,101,100
4,941,734
4,545,659
550
91 × 434
3.
Revenue has been satisfactory under all Heads with the exception again of Tobacco Duty and Earnings and Profits Tax.
The continued shortfall on the former important Head has occasioned much anxious consideration, and the steps that have been taken to prevent a further deterioration in the position
18204/17/49. have been reported in my savingram No.31 of the 14th January,
1949. It is hoped that the increases in the rates of duty will ease the situation, which is being kept under review.
4.
The matter of Earnings and Profits Tax gives less cause for anxiety. Large collections are expected for the remaining quarter and at the end of 1948 demands for tax totalling approximately $11,490,000 were outstanding.
Re
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