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expected in view of the increase in traffic at the Airport.
The principle adopted in regard to the Department of Supplies, Trade and Industry, (now tho Department of Supplies and Distribution), which carries out certain trading activities on behalf of Government, is that all departmental expenditure should be offset by equivalent payments into revenue from the profits carned. Owing to accounting delays, the 1946-47 expenditure was only crodited to revenue during the current year, and during 1949-50 refunds in respect of 1947-48 and 1948-49 will be due. In respect of those two years the refund will total $1,901,000.
Water Revenue.
The estimate of 4,871,800 is $20,200 higher than the original estimate for 1948-49, and 1,128,200 lower than the revised estimate. Water consumption during 1948-49 was especially high in view of the phenomenal amount of building which was in progress. Receipts are unlikely to continue at the level of the present year and considerable arrears were collected in 1948-49 which will not recur.
Post Office.
The estimate of $7,600,000 is $1,435,000 higher than the original ostimate for 1948-49, and $1,400,000 lower than the revised estimate. Postings during 1948-49 were on a larger scale than was anticipated, and the domand for the special Silver Wedding issue of stamps was especially heavy. Allowance has been made in the 1949-50 estimates for the proposed increase in the local postage rates.
Kowloon-Canton Railway.
The estimate of $5,644,000 is $282,000
higher than the original estimate for 1948-49, and $1,156,000 lower than the revised estimato. Pasenger traffic during the current year was very heavy, and it is still continuing at a high level. Goods traffic, the other hand, is well below normal owing to import restrictions and the general uncertainties of the position in China.
Revenue from Land, Ronts, etc.,
on
The estimate of $3,736,100 is 423,000 higher than the original estimato for 1948-49, and $1,263,900 lower than the revised estimate. Owing to the general revision of salaries, adjustments in respect of rents of quarters and rentals for furniture were credited during the current year. This will not recur. Market receipts were also greater than was anticipated owing to the higher rentals, and allowance for this has been mado in the estimates for 1949-50.
Miscellaneous Receipts.
The estimate of 5,424,790 was $1,323,690 higher than the original estimate for 1948-49, and
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