that for the future there would
be
a
If Revenue over Expenditure
Surplus of Revenue Amounting to £30,000 or £40,000.
Year.
Was
Since this Calculation was made
it has been decided to create a mint at the cost
when erected it will be equally to the advantage of the Colony and the Imperial Gov. During the year Ending last Oct
been
Some £15,000 has been Spent on the Mint and at least £35,000 more will be required to complete the building by the end of
1865.
in Estimated
The Revenue for the current year is £8,000 below the Expenditure And the Revenue for 1865 is £16,436 below the Expenditure (for the year) which includes the Military Contribution The Assets on the 1 Jan 1865
are estimated at £38,000.
Page 86
Unless therefore it is decided that for the first year
The Military Contribution shall come out of the Assets in hand - Some fresh tax will be necessary.
On the 24th Sir John Bowring will probably consider that the Community, Hongkong is heavily
"It is a free Port, the
trade of the wealthy Merchants Escapes all taxation
The taxes levied are
Police, Water & Lighting rates, and Ground Rent may be
considered as
a
Still it
must be remembered that 99 out of
100 inhabitants
are Chinese in more or less poor circumstances
whose Merchants are principally any
fresh taxation would fall - number
about 1300 souls.
It is for Sir John Bowring's consideration