The only other point in the memorandum which requires remark is para 4.
The works at present required for the new Territory are not of sufficient importance to make it worth while raising a loan to carry them out. In a very few years, if not immediately, the Revenue of the new Territory should suffice to cover the cost of the works needed.
As a matter of fact, it may be said that the present moment is utterly unsuitable for borrowing.
The only one of the recent proposals for increased Expenditure that for increasing the Salaries of Chinese Employees is still unsanctioned (see 3411/98). The additional annual Expenditure involved is reckoned at $17,000 a year.
I think the Report of the Committee shows that these increases should be granted.
I wrote a short minute on the above paper when it was first received but on reading the paper through in connection with the Estimates now disposed of, I have made up my mind to approve this.
4994.
L(x)—12435--2000-1-99
22317--3000-10-99
381 my present minute refers to para 16 of Despatch No. 25775-98, where we authorised increases of Salary to those of the poorly paid Chinese Employees who received no increase in 1890. I ask why no action was apparently taken on that despatch.
With the above remarks, I approve the Estimates and sanction the appropriation.
T.C.M. 25/1. I do not quite see the immediate necessity of an increase in taxation, for the following reasons:
The Estimated Revenue for next year, excluding Water Account and Land Sales, is $2,943,479, but from this there should be deducted about $50,000 owing to Land Receipts in the New Territory (see 38918); therefore the ordinary revenue is not more than $2,900,000 at most.
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