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the Legislative Council, but as I have shewn above, the adoption
of this course is imperative, unless all public works in Hong-
Kong are to be indefinitely postponed.
Even the additional revenue, which it is now pro-
posed to raise will fall short of our requirements by some
£178,000, but I do not propose at present to provide against
that deficit, which I hope will be wiped out in 1901, when
the Colony will be relieved of the extraordinary expenditure
in connection with the initial Public Works in the New Terri-
tory, which should be completed next year. In the meantime,
if money is wanted beyond our actual resources at the time a
temporary over-draft at the rate of 4 per cent per annum for
interest can be arranged with the Hong Kong and Shanghai Bank,
and I have no doubt that with the natural expansion of the
revenue and the development of the New Territory, the finan-
cial returns will in the course of the next two years shew a
balance to the credit of the Colony.
I have the honour to be,
Sir,
Your Most Obedient
Humble Servant,
Henry Arthur Blake
GOVERNOR &c.