Estimates-1956 — Page 6

PART I EXPLANATORY NOTES ON REVENUE ESTIMATES

Estimate 1955/56

Revised estimate 1954/55

Approved estimate 1954/55

Actual revenue 1953/54

GENERAL

$413,681,000

405,594,000

389,480,000

396,881,966

384,590,446

1.

Actual revenue 1952/53

The estimate of recurrent revenue for the forthcoming financial year is $395,093,000, compared with the approved estimate of 380,808,000 and revised estimate of $395,658,000 for 1954/55. The increases comprising the total of $14,850,000 indicated by the revised estimate for the current year are shown in the following table:

Approved Revised

Estimate

1954-55

Estimate 1954-55

Difference

$m

$m

$m

Duties

Rates

69.9

75.6

+ 5.7

39.1

38.5

0.6

Internal Revenue

156.8

158.9

2.1

Licences, Fines and Forfeitures

15.8

13.6

2.2

Fees of Court or Office

30.4

34.2

Water Revenue

8.0

7.2

Post Office

18.1

21.2

+ │+

+ 3.8

0.8

3.1

Kowloon Canton Railway

5.9

4.6

1.3

Revenue from Land, Rents etc.

19.1

22.1

+ 3.0

Miscellaneous Receipts

17.7

19.8

+ 2.1

380.8

395.7

+14.9

The net excess of $14,850,000 comprises Heads underestimated totalling $19,750,000 less Heads overestimated totalling $4,900,000. These differences are explained in the following paragraphs.

2.

The estimates for 1955/56 have been framed in the light of these revised figures. The total estimate for recurrent revenue, $395,093,000 represents a decrease of $565,000 over the revised estimate for the current year, as follows:

Revised

Estimate Estimate

1954-55 1955-56 Difference

$m

$m

$m

Duties

Rates

75.6

74.1

1.5-

38.5

44.0

+ 5.5

Internal Revenue

158.9

158.5

0.4

Licences, Fines and Forfeitures

13.6

14.0

+ 0.4

Fees of Court or Office

34.2

28.1

6.1

Water Revenue

7.2

8.1

Post Office

21.2

22.2

+ +

0.9

1.0

Kowloon Canton Railway

4.6

4.6

Revenue from Land, Rents etc.

22.1

25.7

+ 3.6

Miscellaneous Receipts

19.8

15.8

4.0

395.7

395.1

0.6