CO129-311 - Acting Governor Major Gen Sir Gascoigne - 1902 [5-7] — Page 587

COPY.

Enclosure No. 1 to Despatch No.

30

33803

the

10th July, 1908.

13 AUG C

585

REPORT.

We have examined into the question of increasing the taxation more particularly with regard to the Estimates for next year and beg to report as follows:-

We calculate that at the end of the year there will be a balance of a little over $100,000.

Whether this will be so or not depends partially upon the date of completion of the large sale of land amounting to some $384,000 premium, to the Hongkong and Whampoa Dock Company for the extension of their premises.

For the purposes of this minute we may safely assume that the balance at end of the year will be $100,000.

The ordinary expenditure (exclusive of excess Military Contribution) next year will exceed the Estimate for 1902 by about $410,000, on account of Plague ($240,000) and fall in exchange ($170,000). If the increase to the Staff of the Public Works Department ($23,000) is sanctioned and the new Education Scheme ($34,000) is adopted, this excess will be increased to $488,000. Against this must be set a reduction of $33,000 on the expenses of the Land Court leaving a total of $444,000.

The total ordinary expenditure for 1903 may therefore be taken as follows:-

Estimate for 1902 ... $3,781,888
Additional ... $444,000
Total ... $4,225,888.

The ordinary Revenue for 1903 without additional taxation will exceed the Estimate for 1902 by $315,000 - Crown Rents ($25,000); Taxes ($170,000); Crown Rent on leased lands in New Territory $50,000; Water Account $50,000; Other items ($20,000).

The ordinary Revenue may therefore be taken to amount to

Estimate for 1902 ... $4,105,965
Additional ... $315,000
Total ... $4,420,965.

As however $315,000 has been estimated for increase of Revenue a sum of $63,000 (likely a miscalculation as the numbers don't directly correlate in the original text; however, following the original text) has to be added to the Expenditure on account.