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9.
In view of the foregoing fi, ares 1 trust you
will agree that even if the authorised Loan of 260,000 is not raised the financial position of the Colony is far from unestis-
-factory.
247
I would remind you that the existing deficit
is entirely the result of expenditure out of ordinary revenue on Public Works kxtraordinary and of the redemption of subsidiary
coin, an item which may disappear in the near future, and that the
debt of the Colony owing to the pursuit of the sound policy of not borrowing is only £250,000 in round figures.
The ordinary revenue of the Colony for 1415
will exceed the ordinary expenditure by considerably over
$1,000,000. I would add that in the site of the old Supreme Court
and Post Office the Goverment possesses land which is valued at
$920,000. It is at present leased for 3 years but I am consider-
-ing a scheme for a fresh laying out which wil largely enhance
the value and I have no doubt that in 1919 the land can be sold
for over 1,000,000.
Again in connection with the Railway Terminus
at Kowloon the Government acquired land which is worth 1,120,000
excluding considerable areas reserved for Jovernment purposes. 1
am considering the offer at auction of some of these lots now an:
it may be that they will find a ready sale even this year.
10.
I should like before concluding this Despatch
to refer to the overdraft with the Hongkong and Shanghai Bank ing
Corporation to which you referred in your telegram of the 16th.
December. As the loan of £250,000 was not available, it became
necessary to overdraw the Government account at the sank, in
addition to this the monthly withdrawal of 4400,000 in subsidiary
coin caused a temporary increase in the overdraft pending the
receipt of persia-ion from the Crown Agents to tree on them oll
account of the sales of the subsidiary coin at bullion
vilus. On the 31st. December the
soffered pur sem snowba moi se to suen})
overdraf