Annual report on the Falkland Islands and Dependencies / Colonial Office.

  • Great Britain. Colonial Office.
Date:
[1947]
Catalogue details

Licence: Public Domain Mark

Credit: Annual report on the Falkland Islands and Dependencies / Colonial Office. Source: Wellcome Collection.

    9/38 (page 7)
    The remarkable increase in revenue from 1944 is attributable to sales of new issues of Dependencies’ postage stamps wrongly credited to the Colony and subsequently refunded. Compensatory expenditure is accounted for by payments to the Revenue Suspense Account, now liqui¬ dated, and the Dependencies Postal Account. There is no public debt. The excess of assets over liabilities shown in Capital Account (Land Sales Fund) on 31st December, 1946, was .£275,675. On the same date, the Reserve Fund amounted to £9,052. The principal heads of taxation are customs import and export duties, and income tax. (i) Duties were payable at the following rates : Import Wines : 55. per gallon in bulk, Empire 3s. per gallon. 5s. 6d. per dozen bottles, Empire 35 3d. per dozen. Spirits : 26.9. per gallon. Malt liquors : is. per gallon in cask, is. per dozen pints. Tobacco : 5s. per lb. Matches : 10s. per gross boxes, British made 5s. per gross. Export Wool: is. per 25 lb. Whale and seal oil: is. 6d. per barrel (6 barrels equal 1 ton). Whale meat meal, etc. : 3d. per 100 lb. (ii) Income Tax. Maximum rate 2s. 6d. in the pound. The revenue from these duties were : imports . . . £11,009 exports . . . 9,983 income tax, including company tax . . 11,913 £32.905 There were no excise or stamp duties. Chapter 4 : Banking and Currency There are no banks other than the Government Savings Bank which pays interest on deposits at .2J per cent per annum. The sum on deposit on 31st December, 1946, was £449,431 and the number of depositors was 1,591 ; the average for each depositor being £282. This is equivalent to £198 per head of the population. Remittances by any person or firm can be made through the Com¬ missioner of Currency and the Crown Agents for the Colonies at a charge of 1 per cent. The Falkland Islands Company and the Estate Louis Williams who act as bankers and financial agents for the farms undertake a similar service.