467
At the present rate of expenditure the funda
already sanctioned will be exhausted at latest by the end of June
next and I therefore propose with your sanction to take the
necessary steps for appropriating from Government Funds the sum that is estimated to be required for the remainder of the year.
This sum is 8486,144 and is arrived at as follows:-
Yield from the loans of £1,100,000
and £250,000.
Expenditure to 31st. December, 1914,....
Balance available..
Estimated expenditure during the year 1915.
Deficiency.
...14,301,489 14,095,661
$205,828
691,972
$486,144
5.
It is hoped that in the near future it will be
possible to sell the sites of the old Supreme Court and Post
Office Buildings in Victoria. These sites cover an area of 36,775
square feet, and they are valued at $25 a square foot. In addition
there are the lots north of Salisbury Road, Kowloon, which were
resumed in the years 1909 and 1910 as a site for the terminal
station. These lots have a total area of 262,389 square feet and
are at present valued at $4 a square foot. There is little doubt,
however, that during the next few years the value of this land
will appreciate considerably and with these prospects in view I feel that the financial operation for which I have asked your
samction will only result in a temporary reduction in the assets
of the Colony.
I have the honour to be,
sir,
Your most obedient,
humble servant,
Homag
Governor,&c..