CO129-623-9 Estimates of Expenditure- includes a report for the year ending March 1952 1-2-1951 - 30-11-1951 — Page 126

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A review of figures for the last few years appeared to indicate that an increase of $1 million in the estimate for receipts from the bets and sweeps tax would be justified. An increase has also been provided for under entertainment tax. This too is dependent on the population factor and there seems no reason to suppose that any significant decrease of population? will occur during the coming year. A reduction has been made in the estimate for stamp duties as receipts from this source, which are partly dependent on property transfers, seem to be falling off. Minor adjustments have been made in certain other sub-heads.

Licences, Fines and Forfeitures.

The estimate of $12,899,700 is $3,253,250 higher than the original estimate for 1950/51 and $1,922,508 lower than the revised estimate. The yield from licences generally was higher than anticipated as fears regarding the effect of outside factors on the prosperity of the Colony were happily not realised. The revenue from fines and forfeitures was again exceptionally high, and this position is likely to continue owing to the various restrictions in force and the consequent seizures of goods which are being exported without proper licences.

Fees of Courti

The estimate of $15,993,200 is $984,630 lower than the original estimate for 1950/51 and $5,631,089 lower than the revised estimate. Included under this Head is a sub-head "Works executed on Private Account", which also appears on the expenditure side under Public Works Recurrent. Owing to a reduction in building activity this sub-head has been reduced by over $2 million. Moreover, in the 1950/51 estimates, reimbursements by the Supplies & Distribution Department were provided for in respect of the years 1948/49 and 1949/50. The arrangement was that expenditure on staff and Other Charges of this Department (now incorporated in the Commerce & Industry Department) which carries out certain trading activities on behalf of Government, should be reimbursed in arrears from profits earned. As however the accounts are now up to date reimbursements in future will be possible in respect of the current year, and a payment on account will probably be made in respect of 1950/51 before the 31st March.

Water Revenue.

The estimate of 7,126,400 is 1,340,000 higher than the original estimate for 1950/51 and 39,464 higher than the revised estimate. It is therefore based on the assumption that consumption will remain at approximately the same level as for the current year.

Post Office.

The estimate of 14,100,000 is 4,005,000 higher than the original estimate for 1950/51 and $493,500 lower than the revised estimate. This increase in the revenue estimate is partly offset by increased charges on the expenditure side for the conveyance of mails, as more and more transit mail is now passing through Hong Kong. Some falling off in local postage during the coming year is allowed for, but this will be offset to some extent by proposed adjustments in air mail postage rates, following the devaluation of the £l sterling.