ENG-1962 — Page 85

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PUBLIC FINANCES

unmanufactured tobacco of Commonwealth origin and to cigars, cigarettes and pipe tobacco of Commonwealth origin or manu- facture.

Duties on motor spirit and 'other light oils' are $1.50 and 10 cents a gallon respectively. Rates on heavy oils are 50 cents a gallon for diesel oil for public omnibuses, $1 a gallon for diesel oil for other road vehicles and 10 cents a gallon for other heavy oils not elsewhere specified. Hydrocarbon oils used for the bench testing of aircraft engines are exempted from duty. Table waters attract duty at 48 cents a gallon. The duty payable on methyl alcohol after the duty rate was increased on 28th February 1962, is $7.50 a gallon plus 30 cents a gallon for every one per cent by which the alcoholic strength by volume exceeds 25 per cent.

Toilet preparations and proprietary medicines containing more than two per cent proof spirit are dutiable on the alcoholic content at the rate appropriate to alcoholic liquors. Certain other imports, notably paints, are dutiable by virtue of their hydrocarbon oil content.

No duties are levied on exports. Drawback is paid, in certain circumstances, on duty-paid commodities used locally in the manu- facture of goods exported from the Colony.

RATES

Rates have been levied in the Colony since 1845 when an ordinance was passed to raise an assessed rate on lands, houses and premises 'for the upholding of the requisite Police Force'. The basis of rateable value is 'the annual letting value of a 'tene- ment', by which is meant any land or building (or part thereof) held or occupied as a distinct or separate tenancy or under licence from the Crown. The valuation list covers the rating areas of Hong Kong Island, Kowloon, New Kowloon and also a part of the New Territories adjacent to the main road from Lai Chi Kok to Castle Peak. In Hong Kong Island, Kowloon and New Kowloon rates are charged, with a few exceptions, at 17 per cent per annum of rateable value. In the New Territories (outside New Kowloon) the charge is 11 per cent. The valuation list is prepared by the Commissioner of Rating and Valuation and is frequently revised to bring it up-to-date. Rates are due quarterly in advance and demand notes are issued by the Accountant General and are