412
expenditure would amount to $550,000, or allowing for contingencies, say $600,000. It is of course probable that Government may not carry out in their entirety the whole of the works now proposed. The question arises how is this large expenditure to be met. I observe in the Estimates of past years it is stated that the outlay on "Extraordinary Public Works" is to be defrayed from balances, and premiums on Land Sales. It is, I think, my duty to call special attention to this matter. When the question of meeting the cost of the proposed works is under consideration it is safer to over-estimate, rather than under-estimate the probable expenditure. I venture to recommend to the consideration of His Excellency the Officer Administering the Government what I can but regard as the inexpediency of depending, to a large extent at least, on the sale of Crown Lands in order to meet the heavy outlay to which Government is more or less committed. If land be forced upon the market, or sold during a season of financial depression, it is certain it will not realize anything like its real value. The Colony would probably gain greatly in the long run, by raising money on loan to cover any surplus required for extraordinary expenditure that cannot be paid from balances in hand, or ordinary revenue. This would enable the Govern- ment to choose the best time for disposing of those Crown lands which yet remain in its possession.
28. It may be well to add that among the works included in the Estimates now submitted some of the more costly should prove highly rumunerative, and the cost of others will be repaid by special rates. Of these I may enumerate the following:-
COST TO BE REPAID.
Gap Rock Lighthouse,
Stores Account,...
Remunerative Works.
$ 150,000 25,000
$ 175,000
Central Market.
Praya Reclamation,
Site for Western Market,
270,000
419,323
91,000
Expenditure on Kennedy Road sites,
Cattle, Sheep and Pig Depôts and Slaughter-House,
15,000
100,000
Kowloon Slaughter-House,
Public Laundries,
Public Latrines,.......
Magazines for Explosives,
Shaukiwan Market,
6,500
25,000
17,000
17,625
3,000
964,448
1,139,448
Total,...............$
29. It will thus be seen that among the works included in the Estimate I have now the honour to submit, amounting altogether to $1,823,737, there are included works of a remunerative nature, or of which the cost will be repaid to Government amounting to $1,139,448, i.e., nearly two-thirds of the total Estimate.
I have the honour to be,
The Honourable
Sir,
Your most obedient Servant,
THE ACTING COLONIAL SECRETARY,
HONGKONG.
S. BROWN,
Surveyor General.