21
Endlos no 55
not
appropriately be charged to Revenue than to Loan Funds,
almost exactly the same as that forecasted when I last
addressed you on this matter, with one important difference,
at any rate so far as budgetting for next year is concerned,
viz., that more of the balances, chiefly from repayment of
Building Loans, have become liquid and available during the
present year.
4.
It is estimated that at the end of this year
the liquid balances will be about $500,000, a figure which
is necessarily approximate only. To this will be added the
sum of $1,916,406, being the refund from loan to revenue of
the amount already spent on the Shing Mun Water-works Scheme.
This brings the total of liquid balances at the end of this
year to $2,416,406; a position which, whilst still calling
for caution and economy, cannot, in view of all that has
happened during the past two years, be described as other
than satisfactory.
5.
This is
In pursuance of our policy of caution,
Revenue for next year is estimated at $20,103,390.
conservative, and it is hoped, though it would be unwise to
place too much reliance on the hope, that this figure will
be exceeded. There are few changes in revenue and the
details of these will be found on page 4 of the Colonial
Secretary's speech.
6.
In framing the estimates of expenditure
economy has been the keynote, for I consider it essential
that (apart from loan works) the expenditure should be kept
well within the estimated total of revenue and visible liquid
balances without any serious increase of taxation.
chief item of expenditure is Public Works Extraordinary, and
here the Colony is handicapped by having to carry to
The
completion