Hong Kong Annual Administration Reports, 1841-1941
PAPERS RELATING TO
foundation; but as the premiums per acre received since the change was effected have, in most instances, been higher than they have ever been before for land in the same localities, I am disposed to think that a further advance may safely be made in the same direction. In view of the financial difficulties which have arisen elsewhere from the reckless sale of the Crown Lands and the use of the proceeds as ordinary Revenue, and bearing in mind the precarious nature of some important items of our present receipts, I cannot but think that it would be worth while, even at some sacrifice of present advantage, to apportion a larger share of the proceeds to permanent income.
10. This consideration will be kept in view; and if it should be found inadvisable, for the reason above indicated, to further increase the rent fixed in connection with the auction sales, it may perhaps be expedient to attain the same object by giving purchasers the right of commuting the premiums for increased rent on terms which would be likely to induce its exercise.
Expenditure.
11. Though the total expenditure of the year 1888, $1,992,329, was somewhat smaller than that of 1887, $2,023,002, this was entirely due to a large decrease in "Extraordinary Expenditure on Defence" and other permanent works, the aggregate cost of which in 1888 was only $530,870 as against $744,820 in 1887. Ordinary Expenditure, however, increased from $1,278,181 in 1887 to $1,461,459 in 1888, a result which might be expected from the demands of our rapidly increasing population. It is at the same time satisfactory to note that even this increased expenditure was exceeded by Ordinary Revenue to the extent of some $95,000.
12. The decrease in Extraordinary Expenditure is chiefly accounted for by the fact that our Defence Works were approaching completion and cost only $62,115 as against $258,444 in 1887. The Tytam Waterworks, moreover, cost only $51,150 as against $230,811 in 1887. This great enterprise, (which comprises the confinement of some 350 millions of gallons of water by a dam constructed of granite and concrete at a distance of five miles from the City of Victoria, and the conveyance of the supply by means of a tunnel 2,450 yards in length, and a cut granite aqueduct for the remaining distance,) was so far completed that the water was let into some of the existing "Mains" in October 1888. But as the "Distribution Works" which are required in connection with the new supply are not commenced, it has not been possible to obtain any return in Revenue for this improvement in supply, and the large expenditure on the works, which up to this date amounts to $1,137,315, is as yet pecuniarily unremunerative.
15. Not only for this reason, but chiefly because this magnificent supply of water is, and for some time to come must remain, comparatively unavailable, it is unfortunate that provision for "Distribution" was not made at an earlier period during the progress of the main works. The delay in this and various other