Under these circumstances, and having regard to the heavy unlooked for demands the Colonial Treasury have recently been occasioned by the Typhoon of the 5th Sept & 1 October last, their Lordships have no hesitation in consenting to the proposal of the Secretary of State that the Colony should be relieved from immediate payment of the arrears of Contribution; and that those arrears should be recovered by five instalments with Interest. It must be observed, however, that this proposal would only increase the Charge for the present year, unless it be extended from the amount of Contributions that will have accrued up to January next.
Taking the arrears on the 31st December last at $115,500 as given in the Government financial Statement, and adding the amount of the estimated contribution for 1860 $94,200, a total of $209,700 is obtained.
One fifth of this total amount, with interest at 4 percent, may be roughly stated at $50,000, which would be the amount to be provided out of the Revenue of 1868, in lieu of $94,200.
Their Lordship hope that in the following year, when the saving from the discontinuance of the Militia will probably have come into full operation, the Colony will be able to discharge the heavy sum that, according to the proposal...
In the reply to this Letter the following Number should be quoted, 308.