K
As regards the Estimates of 1870, they are of those which met you approval in September last. There are, however, some very many respects but a reprint notable variations to which your attention should be drawn. Thus, you will perceive that in the Financial Estimates. Fol. 3, the Assets on the 1st January are declared to be $123,031.88 as against $120,176.58 assumed last year, and that the revenue for 1870 is estimated at $841,535 in lien of $781,665; as also that the expenditure is now apparently increased to $916.568.45 from $790,720.45.
The increased Revenue is accounted for as follows:-
1st. By receipt of the instalment for the sale of the Mint, which yielded
$40,000.
2ndly. By the contribution of $50,000 from the Special Fund, us
authorized by the Secretary of State.
3rdly. By an increased allowance of $11,000 for Stamps, and the Opium
Monopoly.
4thly. By a rectification of the previous omission of $4,000 for Medical
Fees on Examination of Emigrants.
Sthly. By an allowance of $9,000 for Departmental savings, that is, for charges placed on the Civil List and Estimates which caunot well be withdrawn, and which will nevertheless remain unpaid.
You will observe that by reason of the transfer to the Special Fund of the interest arising from those deposits, the credit taken for interest in the preceding Estimates has been reduced by $5,000 in these.
The increased expenditure provided for in the present Estimates in seeming excess of that contemplated by the Estimates of September last has been caused by the credits then taken for aid from the Special Fund, by which it was proposed to reduce Departinental charges to the extent of $96,460, say: Harbor Master's Department $10,000, Educational Department $4,448, Police $82,012.
Had these sums been added to the Estimates laid before you in September last, the present increase would have amounted but to $29,388, which considering the provision of $40,000 made for the purchase of Mr. DroDent's lots, would not appear to be in any way excessive.
On the whole, I think you may safely congratulate yourselves on the sound financial position of the Colony, as independent of the Special Fund and other liabilities which are amply covered by Bank Deposits amounting to
is date 430,000).
It is
you had available Assets on the 1st of January amounting to $123,031.88. much to be regretted that you are not at present at liberty to employ a portion of these great resources in works of pressing public necessity, such as the erection of a new Civil Hospital, and Sanitary improvements in the Chinese portion of the Town.
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