of
that the position at
2. With reference to the balance of the table
Faculty of Arts
7th par of this Report,
Liabilities show that the
unspent balance of the Loan
of 1895
at the end
amounted to nearly $200,000 more
than the balance of Assets over
Liabilities. In other words, the
Colony has in effect been spending
on general purposes part of the
Loan money raised for specified
Public Works, which have not
yet been completed, and there was
really a deficit.
This arose from extraordinary
expenditure caused by the
resumption and demolition of
Taipingshan, and the amount
of $175,000 will, I trust, be recovered
before long
mostly by the resale of
Taipingshan building sites. But in the meantime, expenditure should be watched very carefully.
3. I take this opportunity of reminding you that, in future, the Annual Estimates should, as laid
down in Paragraph 35 of the 'Instructions for the preparation of Colonial Estimates', enclosed in
Lord Knutsford's Circular of the
4th February, 1889, be accompanied
by a table of the Assets
and Liabilities of the Colony for the
past year, and one, partly estimated,
for the current year, and especially to the
account of compensation paid for the
and the statement of
the Assets and Liabilities
at the close of the current year.
4. With regard
to the