ENG-1953 — Page 54

PUBLIC FINANCE AND TAXATION

$22,577,006. Details of the main heads of Expenditure are given in Appendix IV.

The largest increase came under the head, Miscellaneous Services and amounted to $36,554,003. Of this total, a sum of $6,323,154 was charged to expenditure, having previously been charged to an advance account, pending the raising of loan money. Two contributions of $10,000,000 each were made to the Development Fund and the Revenue Equalization Fund, $5,000,000 was spent in purchasing Lai Chi Kok Coalyard and $2,050,000 was applied in loans to schools.

Among other large additional items were a special gift of $8,000,000 to Her Majesty's Government, in addition to the contribution towards the cost of reinforcing the garrison, which was charged to Defence Miscellaneous Measures; an additional contribution of $2,000,000 to the Sinking Fund for the 31% Rehabilitation Loan; and an excess of $1,152,965 in the Social Welfare vote which was the result of emergency measures and welfare work for fire victims.

Expenditure amounting to $7,489,653 was charged to the Development Fund, including $5,872,187 in respect of the Tai Lam Chung water supply scheme and a loan of $2,136,851 to the Hong Kong Housing Society.

Public Debt

The Public Debt of the Colony at the 31st March, 1953, was as follows:-

4 % Conversion Loan (raised in 1933 and repayable not later than 31st August, 1953)

$ 4,838,000

34% Dollar Loan (raised in 1934)

3,720,000

31% Dollar Loan (raised in 1940)

6,130,000

34% Rehabilitation Loan (raised in 1947/48).

46,666,000

$61,354,000

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