171
Sec. 16/4841/48
SAVINGRAM
To the Secretary of State for the Colonies.
From the Governor, Hong Kong.
Date 14th July,1949.
Date.....th
No. 554. CONFIDENTIAL.
(40).
(13) a 55652/49.2221
(41 M. Halla 024/17)5
28
44
My confidential savingram No.47 of 21st January, 1949:
Financial position and policy.
In paragraph 2 of my confidential despatch No.92 of 12th May I gave the figure for local revenue collections up to the 31st March, exclusive of Crown Agents figures since /December. Final figures of actual revenue for the eleven
months ended 28th February, 1949 amounted to $175,191,483, while our expenditure for the same period totalled $140,710,487, giving a surplus of $34,480,996.
2.
The revenue for the twelve months ending 31st March, 1949, will now probably amount to close on $195,000,000, and the expenditure to $162,000,000. While final adjustments have vet to be made it seems clear that the surplus for the year 1948/49 will be approximately $33,000,000, and the general revenue balances which stood at $37,063,396 at the beginning of that financial year will exceed $70,000,000 by the end.
3.
Details of the principal revenue items are as follows:
Original Est- imate for year.
Actual to 28.2.49. (11 Months).
$
Partly Est- imated for March, 1949.
$
Estimated total to 31.3.49.
18,861,729
Tobacco Duty. Liquor Duty.
Other Duties.
Assessed Taxes.
Bets & Sweeps Tax.
25,000,000
16,248,641
2,613,088
8,200,000
9,303,502
1,027,441
10,330,943
6,850,000
10,782,009
1,142,426
11,924,435
11,015,000
14,098,485
886,308
14,984,793
2,000,000
4,430,902
303,413
4,734,315
Earnings & Profits Tax.
40,000,000
36,280,243
4,004,898
40,285,141
Stamp Duties.
7,500,000
12,965,445
1,004,485
13,969,930
Licences, Fines
Forfeitures.
6,358,450
11,350,476
1,677,312
13,027,788
Post Office.
6,165,000
8,358,119
966,879
9,324,998
Miscellaneous
Receipts.
4,101,100
6,319,924
434,007
6,753,931
Kowloon-Canton Rly.
5,362,000
6,359,169
630,100
6,989,269
4.
Revenue collections generally were exceptionally heavy during the latter part of the year. The increase in the rates of duty on tobacco produced an improvement in the final figures which were nevertheless some $6,000,000 short of the original estimate of $25,000,000. Receipts from Earnings and Profits Tax were slightly in excess of the estimate, and collections under all other heads exceeded both the original and revised estimates. This may be attributed in part to the fact that the expected recession in trade proved to be mild.
5. Expenditure against Rehabilitation Loan up to 28th February, 1949 amounted to $80,940,116, of which approximatel $31,000,000 was made from surplus balances pending the rais of further loan funds.
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