Estimates-1965 — Page 197

Revised

Estimate

estimate

Difference

1964-65

1963-64

$M

$M

$M

Total Recurrent Revenue

1,121.6

1,191.3

+ 69.7

Internal Revenue (Estate and Excess

Stamp Duties)

31.0

26.0

5.0

Fees of Court or Office (Repayments of

Loans)

0.4

0.2

0.2

Land Sales

190.2

154.5

―

35.7

Colonial Development and Welfare Grants

0.6

1.6

+

1.0

World Refugee Year Grants

2.2

3.5

+ 1.3

Contributions towards projects

Total Revenue

8.1

4.6

3.5

1,354.1

1,381.7

+ 27.6

HEAD 1- DUTIES

Estimate 1964-65

Revised estimate 1963-64

Approved estimate 1963-64

Actual revenue 1962-63

$237,500,000

222,500,000

203,400,000

199,944,345

The revised estimate for 1963-64 shows an increase of $19,100,000 over the approved estimate and the estimate for 1964-65 shows a further increase of $15,000,000 over the 1963-64 revised figure. All revenue subheads share in the increase but the main contribution is from import duties on hydrocarbon oils, intoxicating liquor and tobacco, as a result of expected increased consumption and also of certain adjust- ments to tobacco duties and the enactment of Dutiable Commodities (Marking and Colouring of Hydrocarbon Oils) Regulations, 1963.

HEAD 2- RATES

Estimate 1964-65

Revised estimate 1963-64 Approved estimate 1963-64

Actual revenue 1962-63

$156,100,000

141,950,000

141,050,000

128,454,527

The continued expansion of private building development in the Colony is the reason for the increase of $15,050,000 in the estimate for 1964-65 compared with the approved estimate for 1963-64.

HEAD 3- INTERNAL REVENUE

Estimate 1964-65

Revised estimate 1963-64

Approved estimate 1963-64

Actual revenue 1962-63

$424,100,000

405,450,000

346,400,000

348,827,301

The estimate for 1964-65 shows increases of $77,700,000 over the approved estimate for 1963-64 and $18,650,000 over the revised estimate for 1963-64. 'Earnings and profits tax' accounts for most of the increase and anticipates continued expansion of trade, building development and a high level of employment.

HEAD 4— LICENCES AND FRANCHISES

Estimate 1964-65

Revised estimate 1963-64

Approved estimate 1963-64

Actual revenue 1962-63

$68,698,000

66,518,000

60,771,000

58,029,880

The revised estimate for 1963-64 shows an increase of $5,747,000 over the approved estimate for 1963-64, the largest contribution coming under the subheads "Licences-Vehicles and drivers”, “Fran- chises Airport concessions" and "Royalty-Hong Kong and Yaumati Ferry Co. Ltd."

As noted in the footnotes to the Estimates, certain revenue previously credited to this head is now credited to a new head "Kai Tak Airport and Air Services". Two comparative tables are therefore