CO129-623-8 Estimates of Expenditure- includes a report for the year ending March 1951 1-12-1949 - 31-3-1951 — Page 137

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Rates.

The estimate of $21,518,000 is $6,001,700 higher than the original estimate for 1949/50, and $818,000 higher than the revised estimate. Practically all the buildings looted during the war which were worth repairing have been rehabilitated, and a large number of new buildings have been completed. The yield of rates from the business section of the City has also been increased as a result of a modification in the control over rents of business premises which are now permitted to exceed pre-war rentals by 100 per cent.

Internal Revenue.

The estimate of $64,500,000 is $2,975,000 higher than the original estimate for 1949/50 and $1,500,000 lower than the revised estimate. At the present standard rate, it is estimated that receipts from Earnings and Profits Tax will drop by $2,000,000 to $38,000,000, as although the volume of business remains more or less unchanged, the margin of profit has been somewhat reduced. Receipts from Entertainment Tax have been estimated at $5,000,000 as against $3,500,000 for the present year, owing to the increased population and to the fact that several additional cinemas have been opened. For a variety of reasons, including the fact that the yield from the increase in duty introduced in the last Budget has been higher than was anticipated, receipts from Stamp Duties have been increased from $9,400,000 to $12,000,000. Increases in the yield from Bets and Sweeps Tax, Dance Halls Tax, and Meals and Liquor Tax have been provided for in view of the increased population.

Licences, Fines and Forfeitures.

The estimate of $9,646,450 is $2,949,250 higher than the original estimate for 1949/50, and $3,953,550 lower than the revised estimato. The yield from licences generally was greater thanwas anticipated owing to the high level of trade, and may not be maintained. The revenue from fines and forfeitures was quite exceptionally high. It is, however, most improbable that this will be repeated and allowance for this has been made in the estimate. The new proposed tax on electric signs is expected to yield $250,000, and the increased fee on the greater numbers of Wireless Receiving Licences issued has resulted in an increase in revenue from this source.

Fees of Court.

The estimate of $16,977,830 is $3,215,130 higher than the original estimate for 1949/50 and $3,222,170 lower than the revised estimato. The increase in Conservancy fees in 1949/50 brought in more revenue than was anticipated, and a recent increase in fees for Inoculation and Vaccination Certificates is expected to yield an additional $300,000. But a great deal of the increase over last year's estimate, namely 1,240,000, is only apparent, as it is due to the very large increase in