Estimates-1933 — Page 117

HONG KONG.

TREASURER'S MEMORANDUM ON REVENUE.

1929.

The total Revenue for the year amounted to $23,554,475 being $1,275,875 more than the estimate and $1,413,924 less than the Revenue in 1928. The Re- venue for 1928 included, however, a sum of $1,963,358 representing expenditure on Loan Works during the years 1923 to 1926 which was recovered from the funds of the Public Works Loan (1927).

A

The completed accounts for 1929 showed that there was a surplus balance of $9,662,852 which exceeded the estimated surplus by $1,950,587.

The principal heads showing excess over the estimates were as follows:

Rent of Government Properties, &c.

Interest

Miscellaneous Receipts

Land Sales

$101,333

182,838

458,477

936,171

The increases in Interest and Miscellaneous Receipts were mainly due to the fall in exchange. Sterling investments and deposits realised during the year showed a considerable dollar appreciation for the same reason.

Revenue derived from Land Sales for the year was $1,936,171. Of this sum the Island of Hong Kong was responsible for $533,537, the balance representing sales in Kowloon and New Territories. These figures indicate in no uncertain terms the rapid development on the Peninsula

Licences and Internal Revenue showed a deficit of $498,585 and Fees of Court $65,595 as compared with the Estimates. Regarding the former the revenue derived from Opium Monopoly and Stamp Duties fell considerably short of the amount estimated.

1930.

When the estimates for 1930 were revised the Crown Agents' Accounts for the months of May and June were not available; consequently the actual collection for the 1st half of the year 1930 under the heads Interest, Other Miscellaneous Re- ceipts, Widows' and Orphans' Pensions Contributions are only approximate. The total Revenue for the first six months amounts to $12,317,814 which exceeds six twelfths of the year's estimate by about $961,354. The revised estimated revenue for the 2nd half of the year is $11,748,186 bringing the revised estimated total Revenue for 1930 to $24,066,000 or about $1,353,080 in excess of the estimate

Receipts from Land Sales in the 1st half year 1930 amounted to $1,079.407 and the sum of $420,593 has been inserted for the 2nd half year, but it is anticipat- ed that this figure will be exceeded if the present active demand for land continues.

Appendix "B" shows the estimated financial position of the Colony at the close of the year 1930.

By resolution made and passed by the Legislative Council on the 19th day of June, 1930, under the provisions of Section 7 of the Tobacco Ordinance 1916 cer- tain duties on tobacco were increased.