HEAD 10— KOWLOON-CANTON RAILWAY
Estimate 1969-70
$16,894,000
Revised estimate 1968-69
14,150,600
Approved estimate 1968-69
16,116,500
11,533,339
299
Actual revenue 1967-68
"Goods services" receipts for 1968-69 were estimated on the assumption that with the cessation of civil disturbances goods traffic would rapidly resume its former pattern. This resumption was, however, slower than expected during the earlier months of the year which is the main reason for the downward revi- sion of the 1968-69 estimate. The 1969-70 estimate anticipates that goods traffic will be back to the level originally estimated for 1968-69; the difference of $500,000 in the "Goods services" estimates for 1968-69 and 1969-70 is due to a change in the accounting treatment of the charges which, from 1969-70, will be debited to the new Kowloon-Canton Railway expenditure subhead "Payment to contractors for goods services". Also anticipated for 1969-70 is a moderate increase in passenger traffic.
HEAD 11 — REVENUE FROM LANDS, INTEREST, RENTS, ETC.
Estimate 1969-70
Revised estimate 1968-69
Approved estimate 1968-69
Actual revenue 1967-68
$205,939,400
196,475,400
168,928,000
170,710,244
The revised estimate for 1968-69 is $27,547,400 higher than the original and the estimate for 1969-70 is for an increase of $9,464,000 on the revised 1968-69 figure. The following are the subheads mainly responsible for these increases:-
Subhead
Approved Estimate
Revised Estimate
Estimate
Interest
Leased Lands
Buildings and furniture
Low cost housing rents Resettlement rents
1968-69
$68,377,000
6,470,000
13,550,000
12,000,000
53,800,000
1968-69
$90,393,900
7,677,100
14,170,900
11,171,400
58,000,000
1969-70
$85,896,000
6,680,000
14,719,700
16,268,000
67,750,000
The high revised "Interest" figure estimated for 1968-69 is due mainly to the existence through- out the year of larger balances and higher interest rates than were anticipated. There were also some changes in the composition of the balances to take advantage of the higher rates. A much less important factor was the additional interest yield from land premia in arrear. The 1969-70 estimate anticipates some fall in interest rates and takes account of the lower interest element in the land premia instalments which fall due. Under "Leased lands” the recovery of arrears from three major lots largely accounts for the higher revised figure for 1968-69. The "Buildings and furniture" figures reflect the rent increases on Government quarters introduced from the 1st April, 1968. The flats in the Ngau Tau Kok and Shatin Pass Low Cost Housing estates were rather slower in letting than expected and the 1969-70 estimate includes rents from the additional estates at Un Chau Street and Yau Tong Bay which will be completed during the year. The variations in the "Resettle- ment rent" figures arise partly from under-estimation in the 1968-69 estimate and partly to the earlier than expected completion of several blocks of the Ngau Tau Kok and Sau Mau Ping estates.
Estimate 1969-70
Revised estimate 1968-69 Approved estimate 1968-69 Actual revenue 1967-68
HEAD 12 — LAND SALES
$55,230,000
51,433,600
40,490,000
42,445,806
It is extremely difficult to estimate with any certainty the revenue under this head owing to the prevailing uncertainty in the property market. However, there have been some indications of an improve- ment and "Premia on new leases-sales by public auction and tender" is, therefore, expected to be higher in 1969-70. The increase in the revised 1968-69 estimate for "Premia on modification of existing leases, ex- changes and extensions" arises from exchanges in Tsuen Wan and Kwai Chung areas.
HEAD 13 — WORLD REFUGEE YEAR GRANTS
Estimate 1969-70 Revised estimate 1968-69
Approved estimate 1968-69
Actual revenue 1967-68
$ 39,500
21,800
69,800
401,687
These receipts represent re-imbursement of expenditure on the projects set out in Expenditure
Head 83.
HEAD 14 — CONTRIBUTIONS TOWARDS PROJECTS
Estimate 1969-70
$19,028,000
Revised estimate 1968-69
7,482,600
Approved estimate 1968-69
15,530,000
Actual revenue 1967-68
3,079,983
The receipts under this Head represent donations towards expenditure on the works listed.
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