C. J.
195
458
Enclosure 3.
322
A
12 JAN
The Daily Press.
HONGKONG, November 23rd, 1899.
HONGKONG LEGISLATIVE COUNCIL.
MEETING OF THE FINANCE COMMITTEE.
Yesterday afternoon a meeting of the Finance Committee of the Hongkong Legislative Council was held for the purpose of considering the estimates for the year 1900. The Colonial Secretary (the Hon. J. H. Stewart Lockhart) presided, and there were also present:
Hon. H. E. POLLOCK (Acting Attorney-General).
Hon. R. MURRAY RUMSEY (Harbour Master).
Hon. F. H. MAY, C.M.G. (Captain Superintendent of Police).
Hon. A. M. THOMSON (Colonial Treasurer).
Hon. R. D. ORMSBY (Director of Public Works).
Hon. Dr. HO KAI
Hon. T. H. WHITEHEAD.
Hon. E. R. BELILIOS, C.M.G.
Hon. WEI A YUK.
Hon. J. J. KESWICK.
Mr. R. F. JOHNSTON (Acting Clerk of Councils).
...revenue and expenditure are omitted. These items revenue and expenditure will come in and have been taken into account in the estimated revenue and the estimated expenditure of the current year—the first two items in this calculation on the front page. It would be utterly impossible to have them coming into the balance of assets for 1898, as in that case they would appear twice over in the calculation. I think honourable members may take it that on the date this statement was made up $376,618 was a fairly correct estimate, as far as estimates can be correct, of the position of the colony at the end of the year.
The CHAIRMAN—I thought it as well this statement should be made, as some misunderstanding seemed to exist.
The Hon. T. H. WHITEHEAD—Even that statement still leaves the return incomprehensible and unintelligible.
The CHAIRMAN—To you, Sir.
The Hon. T. H. WHITEHEAD—To us. One shows a balance of assets of $251,000 and the other a balance of assets of $213,000. Now either one or the other must be correct.
The COLONIAL TREASURER—I have already said that the return dated 13th March, 1899, is the correct one. The other one must not be taken by itself but in conjunction with the calculation on the front page, as explained in my covering letter.
The CHAIRMAN—Has any other honourable member any questions to ask in regard to this statement? If not, I take it that you comprehend the matter and are satisfied. That completes the business, gentlemen.
The meeting then separated.
AN EXPLANATION FROM THE COLONIAL TREASURER.
The CHAIRMAN—Gentlemen, we have now been through all the Estimates and we have considered them item by item, and every item is recommended and will be brought up to-morrow in the Council, but before we break up the meeting to-day there is one subject to which reference was made at the early part of the meeting—the statement of assets and liabilities. I shall be glad if the Colonial Treasurer will give some explanation, as there seems to be some misunderstanding with regard to the statement.
The COLONIAL TREASURER—The misapprehension has arisen from the difference between the statement of assets and liabilities dated 13th March, 1899, and Statement A, which is dated 29th September, 1899. The correct statement of assets and liabilities of the colony on the 31st December, 1898, is the one dated 13th March, 1899. That is a statement which stands by itself. The other statement is one which can only be taken in conjunction with the calculation on the front page. You will observe that the balance $251,000 is carried over and amalgamated in this calculation. Statement A is exactly similar to the statement dated 13th March with this exception—that items of revenue and expenditure are omitted...