J
250
t
question as to the form was subsequently raised eitner by the
Director of Colonial Audit or the Colonial office it did not
occur to the Colonial Government that it was not strictly in accord
-ance with the Financial Instructions.
3.
After the recent criticism by the late Mr. E.
A. Hewett in Legislative Council it was decided to revise the
form for September last so as to show the reimbursement in a foot-
-note as formerly, although it should be noted that Mr. Hawett's
criticism was directed against the non-appearance of the total
loans of the Colony in the list of Liabilities as well as that of
the Sinking Fund among the Assets, and not particularly against
the matter under discussion,
The amount of reimbursement now due since the
repayment or the last instalment of the Fuchang Loan in October
last stands at $2,790,698, being the equivalent of £250,000 to be
raised under authority of the Loan Ordinance No. 1 of 1913, and
the Statement of Estimated Assets and Liabilities should as on the
31st. December, 1915, be modified accordingly to show a debit
balance of $927,865, although the necessary foot-note would have
shown the balance to be a credit one of the amount given in the
published statement.
But I anticipate that when the accounts for
the year 1915 are closed the position will be much more favourable
for it is already found that the revenue exceeds the revised
the
Estimate by $297,000 while expenditure will probably be less than
the revised Estimate by 128,000. The debit balance will therefore
be reduced to about 8505,000.
5.
Turning now to the financial position during the current year it is necessary to revise to some extent the figures which were submitted to the Legislative Council. The Estimates contemplate a deficit of 8473,764, but a sum of only $58,000 has been entered for the maintanance of the prisoners of
war. Their removal from the Colony will, however, result in a reduction in the vote for "other items of expenditure" $90,000 of about $12,000, making a total of $70,000. It is estimated that