Estimates-1960 — Page 161

PART I — EXPLANATORY NOTES ON REVENUE ESTIMATES

Estimate 1959/60

Revised estimate 1958/59

Approved estimate 1958/59

Actual revenue 1957/58

GENERAL

$600,632,500

615,774,970

554,054,300

584,185,187

509,682,510

Actual revenue 1956/57

For the forthcoming financial year the estimate of recurrent revenue is $576,426,200 compared with $579,810,170 (revised) and $527,675,100 (approved) for 1958/59. The revised estimate is thus $52,135,070 higher than the approved.

The following table gives a breakdown of this figure:-

Approved Revised

Estimate

Estimate Difference

1958/59

1958/59

$m

$m

$m

Duties

Rates

108.9

110.6

+ 1.7

70.0

74.2

+ 4.2

Internal Revenue

164.0

191.9

+27.9

Fines, Forfeitures and Licences

19.3

20.3

+ 1.0

Fees of Court or Office

65.3

78.3

+13.0

Water Revenue

14.7

14.8

+ 0.1

Post Office

31.2

33.1

+ 1.9

Kowloon-Canton Railway

6.9

6.9

Revenue from Interest, Lands, Rents, etc.

47.3

49.7

+ 2.4

527.6

579.8

+52,2

The 1959/60 revenue estimates have been framed in the light of these revised figures. The total estimates for recurrent revenue $576,426,200 represents a decrease of $3,383,970 when compared with the revised estimate 1958/59. This decrease is due to the abolition of the duty on proprietary medicines and toilet preparations.

Revised

Estimate

Estimate 1959/60

Difference

1958/59

$m

$m

$m

Duties

Rates

110.6

110,4

―

0.2

74.2

79.0

Internal Revenue

191.9

187.2

-

+ 4.8

4.7

Fines, Forfeitures and Licences

20.3

20.3

Fees of Court or Office

78.3

73.7

I

4.6

Water Revenue

14.8

14.9

+ 0.1

Post Office

33.1

34.3

+ 1.2

Kowloon-Canton Railway

6.9

6.5

―

0.4

Revenue from Interest, Lands, Rents, etc.

49.7

50.1

+ 0.4

579.8

576.4

3.4

Estimate 1959/60

Revised estimate 1958/59

Approved estimate 1958/59

HEAD 1- DUTIES

$110,400,000

110,632,000

108,850,000

105,722,731

Actual revenue 1957/58

The revised estimate for 1958/59 shows an increase of $1,782,000 over the approved estimate. Import duty on hydrocarbon oils under subhead 1 accounted for $1,500,000 of the increase. There are increases in all items except subhead 3, Import duty on liquor other than intoxicating liquor and subhead 4, Import duty on tobacco, both of which show decreases. It is expected that revenue from duties will be maintained and the estimate for 1959/60 is $110,400,000, although the duty on proprietary medicines and toilet preparations has been abolished.