Estimates-1960 — Page 163

HEAD 7— POST OFFICE

Estimate 1959/60

$34,350,000

Revised estimate 1958/59

33,105,000

Approved estimate 1958/59

31,219,000

29,787,572

163

Actual revenue 1957/58

The revised estimate for 1958/59 shows an increase of $1,886,000 over the approved estimate partly offset by a considerable reduction in revenue under Head 5A, Subhead 37, Fees, Official Signatures. Many fees formerly payable in cash to the Commerce and Industry Department are now paid by stamps. Postage accounted for $1,500,000 of the increase; Parcel post for $200,000; Conveyance of foreign airmails for $100,000 and Rent of private boxes and bags for $71,000. The estimate for 1959/60 shows an increase of $1,245,000 over the revised estimate for 1958/59, the largest anticipated increase being Postage which accounts for $1,000,000.

HEAD 8

KOWLOON-CANTON RAILWAY

Estimate 1959/60

Revised estimate 1958/59

Approved estimate 1958/59

Actual revenue 1957/58

$6,535,000

6,919,000

6,900,000

8,104,208

The revised estimate for 1958/59 shows a slight increase of $19,000 over the approved estimate.

A decrease in 1959/60 is anticipated due to road and water competition.

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

Estimate 1959/60

$50,103,900

49,741,600

47,325,200

42,453,784

Revised estimate 1958/59

Approved estimate 1958/59

Actual revenue 1957/58

The revised estimate for 1958/59 shows an increase of $2,416,400 over the approved estimate, the largest increase being Interest which accounts for $1,716,000. Revenue from this source is likely to decrease in 1959/60 due to lower bank interest rates. Rents on Buildings and furniture bring in an excess of $725,000 of which $554,000 is from arrears of rents in respect of fisheries and vegetable markets.

HEAD 10-LAND SALES

Estimate 1959/60

Revised estimate 1958/59 Approved estimate 1958/59 Actual revenue 1957/58

$17,525,000

26,046,600

16,005,000

26,244,376

The revised estimate for 1958/59 shows an increase of $10,041,600 over the approved estimate, the increase being attributable to sale of two lots of Crown land, one at North Point and the other at So Uk Village, to the Hongkong Electric Co., Ltd., and to the Housing Authority respectively. Less land sales are expected in the ensuing year and the estimate for 1959/60 shows a decrease of $8,521,600 as compared with the revised estimate for 1958/59.

HEAD 11 — COLONIAL DEVELOPMENT & WELFARE GRANTS

Estimate 1959/60

Revised estimate 1958/59

Approved estimate 1958/59

Actual revenue 1957/58

$ 857,300

1,267,300

1,723,300

1,313,202

Receipts under this Head represent proportionate reimbursement of expenditure on the schemes concerned as detailed fully in the foot-notes on expenditure under Head 44-Colonial Development and Welfare Schemes.

HEAD 12 · LOANS FROM UNITED KINGDOM GOVERNMENT

Estimate 1959/60

$ 5,824,000

Revised estimate 1958/59

8,650,900

8,650,900

12,800,000

Approved estimate 1958/59

Actual revenue 1957/58

The figures given above reflect the extent of the assistance given and proposed by Her Majesty's Government, by way of an interest-free loan, towards construction of the new airport.