74
11. To this sum of $1,500,000 should be add-
ed accordingly the value of about two thirds of the Reclama
tion Marine Lot now abandoned as a site for Govt. Offices
viz,,$200,000, and the $200,000 being the value of the aban-
doned site for a store house opposite the Sailors' Home. The
combined values of these two sites amount to $400,000 which
added to $1,500,000, gives a sum of $1,700,000 as the pro-
bable result of all land sales in the course of the next
four years.
12. As against the receipts from Land sales,
the Director of Public Works in his said report estimates
the expenditure necessary to complete works in hand not
chargeable against the Loan and other projected works to be
$751,500. He also estimated that a sum of $500,830 would be
required to complete Public Works now in hand and chargeable
to the Loan, and that the balance of the 1893 Loan amounted
to $412,965. That balance was calculated up to the end of Oc-
tober last and was correct for that date. Subsequent charges
have however diminished the balance which on the 31st. Decem~
S
5
ber 1897 stood at £25,048.17.10 or $262,091.95 at 1
1/2018.
Moreover,subsequent to the date of the report, the Govern-
ment has by private generosity,been relieved of the cost of
a new reformatory, the proposed expenditure on which of
$27,000 will now come off the total of $300,850 and reduce
that figure to $273,830,to meet which there is a balance
on the loan of only $262,091 leaving a deficit of nearly
$12,000