Estimates-1958 — Page 155

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An excess of $4,172,536 is shown in the revised estimates as compared with the approved estimate. The notable increases are air services, up $90,000, Hong Kong companies registration, $170,000, official certificates, $356,240, and passports, $964,475. One new item, Buildings Ordinance Fees, is expected to produce $480,000. Sale of sand is expected to bring in an additional $1,500,000 over the approved estimate of $4,500,000.

Revenue for 1957/58 is expected to show a further increase.

HEAD 6- WATER REVENUE

Estimate 1957/58

Revised estimate 1956/57

Approved estimate 1956/57

$12,609,000

9,109,000

9,058,800

9,376,970

Actual revenue 1955/56

The increase in the revised estimate over the approved estimate for the current year

is only $50,200.

The estimate for 1957/58 is increased by $3,500,000 to allow for increased sales of water becoming available from new sources of supply.

HEAD 7-POST OFFICE

Estimate 1957/58

$27,551,000

Revised estimate 1956/57

26,948,000

Approved estimate 1956/57

25,085,000

24,470,773

Actual revenue 1955/56

The continued increase in postings and greater use of the parcel post service is shown in the excess of $1,863,000 in the revised estimate over the approved estimate for 1956/57.

It is expected that the increase will continue over 1957/58.

HEAD 8

Estimate 1957/58

Revised estimate 1956/57

Approved estimate 1956/57

KOWLOON-CANTON RAILWAY

$5,978,000

6,969,500

4,726,000

5,592,150

Actual revenue 1955/56

The increase of $2,243,500 in the revised estimate over the approved estimate in the current year is due principally to the greater volume of passenger traffic between China and Hong Kong in the first half of 1956/57, as a result of the relaxation of control of entry and exit of passengers.

It is not expected that there will be the same rush of traffic in 1957/58.

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HEAD 9- REVENUE FROM INTEREST, LANDS, RENTS, ETC.

Estimate 1957/58

$40,590,700

Revised estimate 1956/57

Approved estimate 1956/57

Actual revenue 1955/56

34,529,544

32,038,500

31,445,353

The revised estimate for 1956/57 shows an increase of $2,491,044 over the approved estimate. The largest single increase is $2,000,000 in respect of interest, due to higher interest rates and more investments. Another increase is resettlement permits, $502,200.

In 1957/58 the revenue from interest is expected to show a further increase of $4,000,000 over the revised estimate for 1956/57, and resettlement tenancies should bring in $5,866,000 as more multi-storey buildings will be completed.

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