Estimates-1958 — Page 156

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HEAD 10. - MISCELLANEOUS RECEIPTS

Estimate 1957/58

Revised estimate 1956/57

Approved estimate 1956/57

Actual revenue 1955/56

$18,634,800

20,820,806

17,495,000

20,936,550

The revised estimate for 1956/57 is $3,325,806 in excess of the approved estimate. This is due mainly to a credit of $2,500,000 under repayment of loans. This sum represents a loan made from revenue to the Hong Kong Anti-tuberculosis Association in March 1952. With the institution of the Local Loans Fund the amount has now been debited to this Fund and repayment made to General Revenue. Royalty from the Kowloon Motor Bus Company Ltd. shows an increase of $800,090. There is a drop of $355,720 under other miscellaneous receipts and a further fall in this subhead is shown in 1957/58 as a sum of $480,000 will be included under Head 5-A-Fees, subhead 6, "Buildings Ordinance”.

HEAD 11 — LAND SALES

Estimate 1957/58

$13,505,000

Revised estimate 1956/57

14,705,000

10,005,000

13,673,932

Approved estimate 1956/57

Actual revenue 1955/56

An increase of $4,700,000 is shown in the revised estimate for 1956/57 as compared with the approved estimate. Premia on new leases in Hong Kong and the New Territories show an increase of $4,500,000 and $200,000 respectively. The $4,500,000 includes land valued at $4,000,000 which was granted to the Housing Authority by private treaty.

More land sales and grants of new leases in Kowloon and New Kowloon are expected

in 1957/58 and this is reflected in the increased figures in the estimate for this year.

HEAD 12 - ·COLONIAL DEVELOPMENT AND WELFARE GRANTS

Estimate 1957/58

Revised estimate 1956/57

Approved estimate 1956/57

Actual revenue 1955/56

$2,804,900

4,036,900

4,211,750

681,990

Revenue under this Head offsets 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. The latest grants made from Colonial Development and Welfare Funds provide reimbursement of only a portion of the expenditure, the remainder of the costs being met locally. The percentages of such contributions vary and full details are shown in the footnotes to the Estimates.

HEAD 13. - LOANS FROM UNITED KINGDOM GOVERNMENT

Estimate 1957/58

Revised estimate 1956/57

Approved estimate 1956/57

$12,800,000

10,336,000

14,878,250

8,035,903

Actual revenue 1955/56

The estimate of $12,800,000 represents half of the cost of the work on the new Kai Tak Airport anticipated during the coming year. Her Majesty's Government has agreed to make an interest-free loan of £3,000,000 ($48,000,000) repayable over 15 years towards the cost of the airport, the remaining half of the costs being met from current revenue.