Estimates-1959 — Page 157

158

HEAD 1- DUTIES

$108,850,000

106,000,000

Estimate 1958/59

Revised estimate 1957/58

Approved estimate 1957/58

Actual revenue 1956/57

96,200,000

97,299,299

The revised estimate for 1957/58 shows an increase of $9,800,000 over the approved estimate. There was an increase in every item, the greatest gain being duty on tobacco, which shows an excess of $6,000,000 over the approved estimate. Duty on hydrocarbon oils was up by $1.5 million and locally manufactured liquor showed an increase of $1 million. The increases are expected to be maintained in 1958/59 with the one exception of duty on table waters where a fall of $50,000 is expected.

Estimate 1958/59

Revised estimate 1957/58

HEAD 2- RATES

$70,070,000

64,480,000

63,400,000

56,706,452

Approved estimate 1957/58

Actual revenue 1956/57

The continuing building development resulting in more properties being assessed to rates is reflected in an increase of $1,080,000 in the revised estimate in 1957/58. The next year should show a further increase of $5,590,000 over the revised estimate for the current year.

Estimate 1958/59

HEAD 3

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- INTERNAL REVENUE

$164,000,000

170,500,000

154,250,000

164,424,637

Revised estimate 1957/58

Approved estimate 1957/58

Actual revenue 1956/57

The revised estimate shows an increase of $16,250,000 over the approved estimate. Earnings and profits tax is expected to show an increase of $10 million over the approved estimate. Entertainments tax and estate duty show increases of $1 million each. Stamp duty is expected to bring in an additional $4 million over the approved estimate. The estimate for the next financial year shows an increase over the approved estimate for the current year but is below the total of the revised estimate.

HEAD 4 FINES, FORFEITURES & LICENCES

Estimate 1958/59

Revised estimate 1957/58

Approved estimate 1957/58

Actual revenue 1956/57

$19,255,200

20,369,000

18,389,000

19,869,718

The revised estimate shows an increase of $1,980,000 over the approved estimate for 1957/58. Fines show an increase of $366,200 while the increase in forfeitures was $606,800. Vehicles and drivers licences increased by $615,000 over the approved estimate. The drop in the estimate for this head of revenue in 1958/59 is mainly due to the transfer of $1,050,000 payable by Rediffusion (Hong Kong) Ltd., previously included under subhead 19 Wireless, receiving, to Head 5A: Fees subhead 34.