Estimates-1956 — Page 9

12.

4

For next year, the principal changes as compared with the revised estimates for the current year include an extra $331,000 for rent on buildings and furniture resulting from additional Government quarters, $2,000,000 for interest on larger balances invested, and $1,127,000 for resettlement tenancies in respect of the increased number of multi-storey blocks which it is expected will be erected during the year.

HEAD 10 - MISCELLANEOUS RECEIPTS

Estimate 1955/56

Revised estimate 1954/55

Approved estimate 1954/55

$15,827,000

19,750,000

17,692,000

14,642,635

13.

Actual revenue 1953/54

The revised estimate for the current year shows that receipts under this Head will exceed the approved estimate by more than $2,000,000. This includes an extra $1,000,000 for repayment of loans and $600,000 for royalty payable by the Kowloon Motor Bus Company Ltd. Other royalties also showed slight increases over the original estimate.

14.

Receipts in respect of repayment of loans will be considerably less next year since the current year's receipts are inflated by a large repayment from Japanese assets of an advance made to the University of Hong Kong.

HEAD 11-LAND SALES

Estimate 1955/56

$9,005,000

Revised estimate 1954/55

6,545,000

Approved estimate 1954/55

3,305,000

6,058,573

15.

Actual revenue 1953/54

The token estimates for premia on new leases are expected to be exceeded by $3,240,000 in the current year, revenue under this head being difficult to forecast. The in- creased revenue estimated for next year arises from the inclusion of an item of $4,000,000 in respect of land to be made available to the Housing Authority for building projects in view.

HEAD 12

COLONIAL DEVELOPMENT AND WELFARE SCHEMES

Estimate 1955/56

Revised estimate 1954/55

Approved estimate 1954/55

$1,583,000

1,791,000

3,367,000

740,193

16.

Actual revenue 1953/54

Revenue under this Head offsets equivalent expenditure under Head 43, Colonial Development and Welfare Schemes. Grants received from the Secretary of State are placed on deposit and credited to revenue as expenditure is incurred.

HEAD 13 – LOANS FROM UNITED KINGDOM GOVERNMENT

Estimate 1955/56

$8,000,000

Revised estimate 1954/55

1,600,000

2,000,000

17.

Approved estimate 1954/55

Actual revenue 1953/54

Her Majesty's Government has agreed to make an interest-free loan of £3,000,000 ($48,000,000) towards the cost of the new Kai Tak Airport and a first instalment of $1,600,000 has been received in the current year. It is proposed to meet the cost of this project half from current revenue and half from the loan as the work proceeds. The estimate of $8,000,000 for 1955/56 represents approximately half the anticipated expenditure on the project during the year.