CO129-251 - Acting Governor Barker - 1891 [9-11] — Page 378

Opium Farm which will take place in the Spring, introduces, however, an element of : uncertainty into the question,

and until it is seen whether

the result will be

an increase

or otherwise of revenue, it is impossible to state with certainty that a loan will not be required within the next year.

I have the honour to be,

My Lord,

Your Lordship's Most Fordient

Humble Servant,

Enclosure

Extract from the-

375

C. O

22991

IRECP

Red 30 NOV 91

SPEECH OF HIS EXCELLENCY MAJOR-GENERAL G. DIGBY BARKER, C.B., OFFICER ADMINISTERING THE GOVERNMENT, AT THE RE-ASSEMBLING OF THE LEGISLATIVE COUNCIL

OF HONGKONG, TH OCTOBER, 1891,

X

-nd

You will learn with satisfaction that as far as can be foreseen at present the ordinary Revenue of the current year together with Premia on Land sales will fully realize the original estimate, while the probable expenditure (ordinary and extraordinary) will fall short of the estimated sum by about $200,000. The originally estimated deficit, on the year, of $451,000 is therefore reduce:l to $250,000, a sum which so far as present estimates show can be defrayed out of existing balances.

It is a matter of congratulation that not only has the revenue of the thus

year been sufficient to cover the ordinary expenditure, including the increased Military Contribution both for this year and last year, and the increased salaries, but also to leave a balance of $250,000 towards defraying the cost of Extraordinary Public Works, now estimated to amount for the year to $500,000. I should mention that the probable revenue for the current year is now estimated at $2,039,042 or an increase of over $27,000 on that of the 1890.

year

It has been advocated for a considerable time past that, in view of the large number of Public Works in progress or in immediate contemplation, to the cost of the which future residents in the Colony might be fairly required to contribute, e.g. New Central Market, the New Gaol, New Roads, &c., a Loan should be raised, and the Secretary of State for the Colonies has intimated his readiness to consider the question. I have, therefore, fully considered the matter with this result.

The cost of the Public Works which are likely to be urgently required to be constructed during the next five years may be roughly estimated at two million and a half of dollars, or an expenditure of $500,000 a year. which is also. I have ascertained, about the limit which the Public Works Department have on the average the means of carrying out, though for various reasons it is often necessary to exceed that total in estimating for the year's services,

With a revenue already yearly increasing and likely to be considerably increased by works now in course of erection, or about to be erected, which will be of a remunerative character, as well as from causes which I have already tonched upon, we may fairly assume from the experience of the present year that a con- siderable proportion of this extraordinary expenditure may be defrayed out of the What that proportion may be, or ordinary revenue and premia on land sales. whether indeed the whole may not be so met, depends very much on the develop- ment of events during the next few months.

I, therefore, think it well to postpone taking any immediate action in this

direction.