Conetosure
C. 0.
437
moving
on
Colonial Secretary's speech
the first reading of : the Supply Bill for 1874.
I have the honour to be, My Lord Marquess, Your Lordship's Most Obedient
Humble Servant,
William Rebung s7
THE APPROPRIATION BILL, 1894.
255
¡RECR
Rat 15 JAN 94
The COLONIAL SECRETARY-Sir, I beg leave special sources were all bat exhausted, and that to move the first reading of the Appropriation Bill we were about to go on to the London market for 1894 The revenue for 1892, which is the last for a loan; and I remarked that in the absence year for which we have the completed transao- of unforeseen circumstances I anticipated that my iious, amounted to the unprecedentedly large estimate would be exceeded. The Council must sum of $2,236,933. It not only exceeded the have been very glad, sir, to hear the announce- estimate for the year, but it very considerably ment in your Excellency's opening address that exceeded the revenue of any previous year, As my anticipations have been fully realised. The the sources of revenue remained practically anal- revenue for the first ten months has produced tered (the small additions to the rates of assess- $1,700,455 as against an estimate of $1,906,396 ment in the Hill District and Kowloon for police, for the whole year. The last two months of the water and gas, and the other small additions year are generally below the average under most to revenue for fresh services rendered, such heads of receipt, but on the other hand they in- as the rent of public laundries, being compara- elude the profit for the whole year on sales tirely insignificant), this result is very satisfac- of subsidiary coins-which is not brought tory. But at the same time I must repeat to account until the close of the year what I have already mentioned to the Council, and although the Council has already agreed that the revenue included several exceptional to a supplementary expenditure of some windfalls and that therefore it cannot be au- $350,000 chargeable against current revenue, capted as a safe guide to the near future. The mostly for public works extraordinary, and will ordinary expenditure for 1892 amounted to be asked, as soon as the transactions of the year 1,882,474 and there was thus a surplus of cur- have been ascertained, to vote a further sum to rent revenue over ordinary expenditure of meet the addition, caused by the fall in exchange, $354,459. But during the year there was expanded to the cost of our sterling payments, it may on public works extraordinary a sum of $460,363, now be confidently predicted that the estimated bringing the total expenditure of the year to surplus of $7,021 of current revenue over all $2,342,807, or $105,904 more than the revenue. expenditure chargeable against it will be sub- Of the expenditure on public works extraordin- stantially increased. In connection with the fall try the sum of $223,983 has, in pursuance of the in exchange I may take this opportunity of in- instruction of the Secretary of State, been charged forming the Council that, in spite of the terrible against the loan which was raised after the depre- ciation in the value of silver, the Colony is cose of the year, and the apparent deficit still benefiting by having raised its recent loan of $105,904 is thus converted into a surplus in gold in London in preference to raising it in co the revenue of the year as compared silver in Hongkong, and that it will continue 30 with the expenditure (including the expenditure to benefit unless during the whole period of the public works extraordinary chargeable against Jenerenoy of the loan the dollar averages nearly it of $118,079. We began 1993 with a surplus 61. less than the rate ruling at the data d $35,106 of assets over liabilities, and an esti- of the issue of the loan, which. I may mention, mate of revenue and expenditure which showed was, taking the average rate at the dates on a balance of estimated current revenue over which the several instalments were received by expenditure chargeable against it of $7,621. the Crown Agents, 28. 774, or a little under I speaking to the Supply Bill I stated to 2/74. to the dollar. The Colony has also gained the Council that I had estimated the revenue in prestige by having been accepted in the Lon- with extreme caution, as I was bound to don market as a borrower on singularly favour in the fan of the facts that our accumula- able terms, a circumstance for which we are Hons derived from our previous loan and other largely indebted to the Crown Agents, and
Conetosure
C. 0.
437
moving
on
Colonial Secretary's speech
the first reading of : the Supply Bill for 1874.
I have the honour to be, My Lord Marquess, Your Lordship's Most Obedient
Humble Servant,
William Rebung s7
THE APPROPRIATION BILL, 1894.
255
¡RECR
Rat 15 JAN 94
The COLONIAL SECRETARY-Sir, I beg leave special sources were all bat exhausted, and that to move the first reading of the Appropriation Bill we were about to go on to the London market for 1894 The revenus for 1892, which is the last for a loan; and I remarked that in the absence year for which we have the completed transao- of unforeseen ciroamstances I unticipated that my iious, amounted to the unprecedentedly large estimate would be exceeded. The Council monst sum of $2,236,933. It not ouly exceeded the have been very glad, sir, to hear the announce- estinate for the year, but it very considerably meat in your Excellenny's opening address that exceeded the revenus of ang previous year, As my anticipations have been fully realised. The the sources of revenus remained practically anal. revenue for the first ten months has produced terad (the small additions to the rates of assess- $1.700,455 as against an estimate of $1,906,396 ment in the Hill District and Kowloon for police, for the whole year. The last two mouths of the water and gas, and the other small additious year are generally below the average under most to revenue for fresh services rendered, such heads of receipt, but on the other hand they in- as the rent of public laundries, boing compara-elude the profit for the whole year ou sales tirely insignificant), this result is very satisfac-of subsidiary coins-which is not brought tory. But at the same time I must repeat to acconut until the close of the year what I have already mentioned to the Council,nud although the Council has already agreed that the reveno included several exceptional to a supplementary expenditure of some windfalls and that therefore it cannot be au- 350.000 chargeable against curront revenue, capted as a safe guide to the near future. The mostly for public works extraordinary, and will ordinary expenditure for 1892 amounted to be asked, as soon as the transactions of the year 1,882.474 and there was thus a surplus of cur- have been ascertained, to vote a furthor sum to rent revenue over ordinary expenditure of meet the addition, caused by the fall in exchange, $354,459. But during the year there was expanded to the cost of our sterling payments, it may on public works extraordinary a sum of $460.363, now be confidently predicted that the estimated bringing the total exposditure of the year to sarplus of $7,021 of current revenne over all $2.342,807, or $105,904 more than the revenue. expenditure chargeable against it will be sub- Of the expenditure on public works extraordin-stantially increased. In connection with the fall try the sum of $223.983 has, in pursuance of the in exchange I may take this opportnuity of in- unction of the Secretary of State, been charged forming the Council that, in spite of the terrible against the loan which was raised after the dopraoiation in the value of silver, the Colony is cose of the year, and the apparent deficit still benefiting by having raised its recent loan of $105,904 is thus converted into a surplas in gold in London in preference to raising it in co the revenue of the year as compared silver in Hongkong, and that it will continue 30 with the expenditure (including the expenditure to benefit unless during the whole period of the public works extraordinary chargeable against Jenerenoy of the loan the dollar averages nearly it of $118,079. We began 1993 with a surplus 61. less than the rate ruling at the data d $35.106 of assets over liabilities, and an esti-of the issue of the loan, which. I may mautiou, mate of revenue and expenditure which showed was, taking the average rate at the dates on a balance of estimated current revenne over which the several instalmenta were received by expenditure chargeable against it of $7,621. the Crown Agents, 28. 774, or a little under I speaking to the Supply Bill I stated to 2/74. to the dollar. The Colony has also gained the Council that I had estimated the revenue in prestige by having been accepted in the Lon- with extreme caution, as I was bound to don market as a borrower on singularly favour in the fan of the facts that our accumula-able terms, a circumstance for which we are Hons derived from our previous loau and other largely indebted to the Crown Agents, and
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