T
:
their possession and which
they
will require them to draw up
to enable
the
prospectus of the loan.
I have the honour to be
My Lord,
n's Most Obedient Humble Servant,
Your Lordship's
Within Pobring y
Estimated Revenue. 1892,....$2,080,778 Batinated Ordinary Expen-
diture,.......
1,778,918
$ 256,860
Estimated Expenditure Ex- aordinary Public Works, 1892, .....
Estimated Sarpins Revenuc,
ko..
C. O.
10306
HONGKONG MAY J2
No. 92
12
REPORT OF THE COMMITTEE OF THE LEGISLATIVE COUNCIL APPOINTED TO CONSIDER THE ADVISABILITY OF RAISING A PUBLIC LOAN.
Laid before the Legislative Council by Command of His Excellency the Governor, on the 28th March, 1892.
to
(1.). In pursuance of the order issued by His Excellency the Governor in his address to the Legislative Council on 25th January, 1892, " "enquire into and consider the necessity of raising a Public Loan, &c.," the undersigned have the honour to submit the following Report.
(2.) The Committee met in the Council Chamber on Saturday, 14th February, 1892, when the Chairman intimated that the Surveyor General was now of opinion that not more than $500,000 can be expended on Extraordinary Public Works in any one year, and that to do more is beyond the capabilities of the Surveyor General's Department as now constituted. (3.) According to His Excellency's address above referred to, the Revenue "for 1892, owing to the diminution by $114,000 in the Opium "Farm Receipts, will be $2,030,178 instead of $2,144,178, and the ordi- nary expenditure $1,773,918 leaving an estimated Surplus of $256,260. "The balance of Assets over Liabilities is said to be $150,000 making "with that Surplus, of $256,260, $406,260. The proposed expenditure for 1892 on Public Works Extraordinary is $680,000, which may per- haps be reduced to $640,000. The total sum required for all the Public "Works Extraordinary in contemplation is, say $2,680,000. Of this sum "upwards of $900,000 was expended to the 31st December last, leaving "a balance of $1,780,000 to be provided in 1892 and subsequent years.'
46
(4.) The proposed expenditure for 1892, on Public Works Extra- ordinary being now reduced from $680,000 to $500,000, the ordinary deficit at the end of the current year will be $248,140, which will be still further reduced to $93,140 owing to the balance of Assets over Liabilities being, on the 1st January last, $150,000. For reference the figures are $ 500.000 given in the margin.
256,800
Deficit,.....$ 243,140 Halance of Asscis.... 150,009
Total Deficit,...$ 93,140
(5.) Assuming that the Revenue and ordinary expenditure con- tinues on about the above basis, and that the expenditure on Extraordi- nary Public Works is $500,000 per annum, there will be a deficit on account of
1893, of say, 1894,
>>
during 1895,
.$250,000 250,000 125,000
Extraordinary Expenditure
Public Works,
Loss Surplus in Revenue
..$ 500,000
The figures are again given in the margin for reference, and it ap- that when the Public Works Extraordinary in contemplation referred pears
over Ordinary Expenditure, 256,800 to in His Excellency's Address viz., $2,680,000, are completed in 1895,
$ 248,140
up as follows:-
the Colony will in respect thereof be in debt to the extent of about $750,000 made
or say a deficit of
$ 250,000
Deficit during 1892,
.$ 93,000
in 1893; a like sum short in
1894 of
250,000
1893,
250,000
and a sum of say short in
1894,
250,000
11
1895,
125,000
Deficit und 1892....
98,120
1895,
125,000
*
*..........$ 750,000,
$ 718.140
$718,000
or say $750,000.
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