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When the Estimates for 1894 were prepared - the last quarterly payment of the Military Contribution was made at 2/. I would point out to Your Lordship that but for the expenditure on account of the plague alone which amounted to some $150,000, there would have been a surplus of revenue over expenditure amounting to at least $100,000. The fact is that, whilst Expenditure was increasing, the revenue was suffering to a considerable extent owing to the ravages of the plague, and the serious blow which it dealt to the trade generally. The above Estimates, in my opinion, clearly indicate the satisfactory financial position of Hongkong, which, under similar circumstances, could, I think, be shown by many other Colonies.
5. As regards the Estimates for 1895 which are about to be laid before the Legislative Council and which, subject to Your Lordship's approval, will include a provisional sum of $80,000 for Exchange Compensation, a surplus of almost $40,000 is anticipated, this result being attained by the following additional taxation only, viz.:
An increase in the stamp duties, which it is calculated will bring in $40,000, an increase in the fees for Spirit licences estimated at $13,000, and an increase in the fees to pawnbrokers, bringing in about $24,000.
In spite of the falling off of the opium revenue, which, after the expiry of the present farm in March next, will amount to about $55,000 a year, with this slight additional taxation, the Colony will not only be able to meet the expenditure required for Exchange Compensation and for the fall in the value of silver, which largely affects the sterling payments of the Colony on account of Military Contribution, pensions, loans and other charges, but it will have a surplus of about $40,000, which will be sufficient to cover the interest on a loan, if it be considered advisable to raise one, in connection with the resumption of Taipingshan. I may add that the Unofficial members of the Legislative Council, whom I consulted regarding the financial affairs of the Colony, were quite prepared to agree to still further taxation if such had been found necessary, but I am glad to say that this was not required.
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When the Estimatio for 1894 torre prepared - the
and the last
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doller is low quoted at Juarterly payment of the Ruilitary Contribution was hade at 2/. I would point out to Your Lordship that but for the expenditure on account of the plaque alone which a
there would hmounted to some $150,000, have been a surplus of revenue our exfundiline
hot mikstadig amounting to at least $100,000. to fact hat, whilst Expenditure was sicreasing, the revenue was suffering to a considerable Ixtint swing to the ravages of the plague. and. He serious flow which it deall to
the
trade generally. The above Estimated bault
of
tie my opinion Clearly indicates the satisfactory a result which financial position of Hongkong, linder Similar liscunstances Could Lob, Kink, be shown by many other Colonies_
5. As regards to totematis
for 1895 which are about to be laid before the Legistative Council and which subject to Your Lordship's approval hill t'clude a provisional sure of $80,000 for exchange Compensation, a carplus of almost $40,000 to Anticipated, this result being attained by the following additional taxation only his:
au hidrease
An tincrease in the stamp duties, which it is Calculated will bring hi $40,000, an
Filmen
hin the fees for Spirit licences Iclinated at $13,000, and an increase to pawnbrokers
In spite fees, bringing in about $24,000-
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of the falling off of the opinx revenue, which! After the Expiry of the present farm in march hext, will amount to about $55,000
bilt
a year, with this slight additional laxation the only with the Colony will be able to meet the
Expenditure required for Exchange compensation and for the fall in the Falue of silver, which largely affects the sterling payments of the Colony on account of Military Contibution, pensions, bans and atter
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it will have a surplus of about $40,000, Which will be sufficient to cover the interest
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loan, if it be consident advisable.
to raise one, the connection with the resumption Taipingshan. I may add that the Unofficial members of the Legislative Council Whone I consulted regarding the financial Affairs of the Colony trine quite prepared to aque to still further taxation if such had been found hecessery, but I am glad to
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