44
To the Secretary of State for the Colonies.
From the Governor, Hong Kong.
3rd
Date
November 1949.
443
N
CONFIDENTIAL.
(17)
My confidential savingram No. 651 of 17th August:
Financial position and policy.
Estimated figures for Revenue and Expenditure for the first six months of the current financial year are:
Revenue.
··
Expenditure....
These figures are made up of:
2.
$106,299,364. 81,447,002.
(a) known local figures for the first half-year but excluding actual Kowloon-Canton Railway figures for September;
(b) estimated Railway figures for September; and
(c) estimated Crown Agents' figures for July,
August and September.
On this basis the surplus for the period April- September 1949 is estimated at $24,852,362.
3.
Actual figures for the twelve months ended 31st March, 1949, show that Revenue amounted to $195,034,310, while Expenditure at $159,954,023 was slightly less than the forecast given in my confidential savingram No1557. The surplus for the year was therefore $35,080,287 so that the general revenue balance at the end of the year stood at $72,143,683.
4.
Expenditure against Rehabilitation Loan up to 30th September, 1949, was $95,100,537 of which approximately $50,000,000 was provided from surplus balances pending the raising of further loan funds.
5. heads are:
Revenue collections so far recorded under the main
Approved Estimates 1949/50.
$8,750,000 16,250,000
Proportionate Estimate for 1st Half year.
Actual so far recorded for 1st Half year.
5,802,658 16,104,231
Liquor Duties.
4,375,000
Tobacco Duties.
8,125,000
Other Duties.
9,250,000
4,625,000
8,785,582
Rates.
15,516,300
7,758,150
9,439,007
Entertainment Tax 3,500,000
1,750,000
3,053,028
Estate Duty.
2,000,000
1,000,000
965,935
Stamp Duties.
9,400,000
4,700,000
6,172,259
Bets & Sweeps Tax. 3,500,000
1,750,000
1,973,571
Earnings &
Profits Tax.
40,000,000
20,000,000
12,161,177
K.C.R.
5,644,000
2,822,000
3,013,351 ☀
Water Revenue.
4,871,800
2,435,900
3,298,713
Post Office.
7,600,000
3,800,000
5,193,928
Royalties.
4,385,000
2,192,500
3,841,798
Land Sales.
2,560,000
1,280,000
3,711,550
X up to August, 1949.
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