Sec. Ref. 16/4841/48.
SAVINGRAM
To the Secretary of State for the Colonies.
From the Governor, Hong Kong.
Date......1 No. 1274
December, 1950.
CONFIDENTIAL
23
My confidential Savingram No.853 of the
19 10th of August, 1950.
Financial position and policy.
Final figures are not yet available for the first six months of the current financial year but the latest figures, including estimates in respect of Crown Agents' expenditure for August and September 1950, are as follows:-
2.
Revenue
Estimated Expendi-
ture
$137,434,461
98.217.026
Estimated Surplus $ 39,217,435.
Included in the estimates of the Crown Agents' expenditure is a sum of $4,000,000 paid to H.M. Treasury in respect of the second quarter's contribution towards the cost of reinforcing the garrison, but, even so, expenditure is always heavier in the second half of the year, so the final surplus should be proportion tel y lower than the figure quoted above,
3.
Particulars of revenue so far recorded under the more important heads are as follows:-
Approved
Estimates
1950/51
Liquor Duties $9,300,000
Proportionate Estimate for 1st half year
$4,650,000
9,000,000
Actual so far recorded for 1st half year
$ 7,059,682 16,826,550
10,977,980
Tobacco Duties
18,000,000
Other Duties
12,000,000
6,000,000
Rates
21,518,000
10,759,000
13,631,068
Bets & Sweeps
Tax
4,000,000
2,000,000
1,972,625
Earnings &
Profits Tax
44,000,000
22,000,000
19,171,089
Entertainment
Tax
5,000,000
2,500,000
3,871,945
Estate Duty
2,000,000
1,000,000
1,770,373
Meals & Liquor
Tax
3,000,000
1,500,000
1,767,436
Stamp Duties
12,000,000
6,000,000
5,850,012
Wireless Receiv-
ing Licences
1,200,000
600,000
Fines
1,750,000
875,000
651,796 1,261,801
Forfeitures
2,250,000
1,125,000
2,332,921
Works Executed
on Private Account 2,000,000
1,000,000
908,054
Water Revenue 5,786,400
2,893,200
3,791,094
Post Office
10,095,000
5,047,500
7,053,155
Kowloon Canton
Railway
7,004,000
3,502,000
5,339,534
40
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