CO129-282 - Acting Governor Major Gen Black - 1898 [3-4] — Page 75

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11. To this sum of $1,500,000 should be add-

ed accordingly the value of about two thirds of the Reclama

tion Marine Lot now abandoned as a site for Govt. Offices

viz,,$200,000, and the $200,000 being the value of the aban-

doned site for a store house opposite the Sailors' Home. The

combined values of these two sites amount to $400,000 which

added to $1,500,000, gives a sum of $1,700,000 as the pro-

bable result of all land sales in the course of the next

four years.

12. As against the receipts from Land sales,

the Director of Public Works in his said report estimates

the expenditure necessary to complete works in hand not

chargeable against the Loan and other projected works to be

$751,500. He also estimated that a sum of $500,830 would be

required to complete Public Works now in hand and chargeable

to the Loan, and that the balance of the 1893 Loan amounted

to $412,965. That balance was calculated up to the end of Oc-

tober last and was correct for that date. Subsequent charges

have however diminished the balance which on the 31st. Decem~

S

5

ber 1897 stood at £25,048.17.10 or $262,091.95 at 1

1/2018.

Moreover,subsequent to the date of the report, the Govern-

ment has by private generosity,been relieved of the cost of

a new reformatory, the proposed expenditure on which of

$27,000 will now come off the total of $300,850 and reduce

that figure to $273,830,to meet which there is a balance

on the loan of only $262,091 leaving a deficit of nearly

$12,000