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Margin remained and meeting its necessities for works by
& Loan? The reply to this question appears to me to be as
follows:- No Colony can raise a Loan without the sanction
of the Secretary of State
(a) If in his judgment the object is for a work wholly
outside the ordinary development of a Colony, the interest
and Sinking Fund for the service of the Loan would be
debited to Ordinary Expenditure. This would leave the
Margin unaffected, for additional kevenue of an equal amount
would have to be raised to meet the new charge. For
example, suppose the Crdinary Revenue to be $6,000,000 and
Ordinary Expenditure to be $4,000,000. The Margin is
$2,000,000 (of which (say) half goes to Public Works and
half to Military Contribution). The Colony, with the
aanovion of the Secretary of State, raises (say) a loan of
$10,000,000, either as was done by Hongkong to enable ■
Chinese Voceroy to redeem a Chinese concession, or to buil
Railway which has Imperial results. The Interest and
Sinking Fund amount to (say) $400,000 per annum. The
Colony has to put on extra taxes to meet this charge, and
increases ite Revenue to $8,400,000 while it expenditure
rises to $4,400,000 on account of this liability. The
The Margin remains $2,000,000.
(b) But if the Colony's Ordinary Revenue decreases
expenditure increases till they nearly balance and instead
of raising more Revenue the Colony raises a Loan to meet th
cost of carrying on its necessary works, as was the case in
Hongkong in 1902 and 03, the annual charge for the service,
of such a Loan would not be chargeable to Ordinary Expen
diture, and in future years the Revenue must therefore be
increased by double the amount required to meet the charge,
with a consequential permanent increase in the Military
Contribution,