CO129-291 - Governor Sir Blake - 1899 [5-6] — Page 112

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the Legislative Council, but as I have shewn above, the adoption

of this course is imperative, unless all public works in Hong-

Kong are to be indefinitely postponed.

Even the additional revenue, which it is now pro-

posed to raise will fall short of our requirements by some

£178,000, but I do not propose at present to provide against

that deficit, which I hope will be wiped out in 1901, when

the Colony will be relieved of the extraordinary expenditure

in connection with the initial Public Works in the New Terri-

tory, which should be completed next year. In the meantime,

if money is wanted beyond our actual resources at the time a

temporary over-draft at the rate of 4 per cent per annum for

interest can be arranged with the Hong Kong and Shanghai Bank,

and I have no doubt that with the natural expansion of the

revenue and the development of the New Territory, the finan-

cial returns will in the course of the next two years shew a

balance to the credit of the Colony.

I have the honour to be,

Sir,

Your Most Obedient

Humble Servant,

Henry Arthur Blake

GOVERNOR &c.