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I consider the present Estimates in detail – as to Revenue, Sir Arthur Kennedy is confident as to its healthy & prosperous condition, I do not altogether share this opinion: the actual Returns for 1871 shew a slight decrease over those of 1870 under the 14 heads in the abstract which are the main & legitimate sources of Revenue; these same heads are expected to realize $3,434,000 in 1873, actually received in 1871, $3,431,000 and in 1872, $3,410,000.
I can only suppose that the very favorable returns for the 4 or 5 months of 1873 have been the basis of the present Estimates.
Two important taxes are certainly progressive; the opium monopoly, which is expected to yield $122,000 or an increase of $9,000, & the spirit tax which shews an expected rise of $15,000 : there has also lately been a sudden impetus in the passenger traffic, which is expected to yield in full $6,500 : but against these there are several important decreases.
About $4,000 - owing to reduction of Rent to prevent landholders kroning up their purchases; $1,000 under the licenses for 5 different trades. $400 under Police Assessment, which is a House Rate, and this decrease is said in the 4th Enclosure to be due to a reduction in the value of House property occupied by Europeans in the city; these are not altogether healthy signs.
In the more casual sources, Sir S. Kennedy explains that he will not receive $5,000, the last instalment for the sale of the mint having been repaid; & that the aid from the special fund will be reduced from $50,000 to $20,000, which he reckons will be the amount of the interest of late fund available for Police Purposes. With reference to both these points I think it will be as well to explain definitely that there can only be credited to General Revenue that part of the interest of the special fund, which is over after the special expenditure (defrayed from it) is provided & which is not to be entered at all in the Colonial Public accounts; these have been slightly alluded to lately by Lord Kimberley and reckon that the balance of interest will not amount to more than $15,000.
On the whole the Revenue shews a decrease of $6,000, as compared with 1872.
MINUTE PAPER.