CO129-313 - Governor Sir Blake - 1902 [10-12] — Page 103

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are only productive in the sense in which it is to be

hoped that all public works are, and the same applies to Public Fountains. The other items may be "produc- tive", in the sense in n ich railways and telegraphs are (which I suppose is the sense in which the

Governor uses the word); but we do not know how. At

any rate, the raising of the loan might be postponed

for a year.

I do not think there is any case for a silver loan. Mr May is not in touch with the Chinese, as lir Lockhart was; and the ground is cut from under his feet by Mr Playfair's second letter (of 18th October). in 48590 My Mr Playfair did not consult his compradore before

scale

writing his first letter of 18th October is not evi-

dent.

I have minuted above on the details of the

revenue estimates. The only thing left to note is

that the increase of $62,100 in the Water Account receipts is due to "new valuation and new Water Ordinance". The latter is under Mr Chadwick's consi-

deration in connection with a protest from the Chinese. Charge on Account of Public Debt. Estimated increase $27,585, due to fall in exchange (The in- crease is 18%)

Pensions, increase $20,400. $7,000 of this is to meet the fall in exchange.

Governor; total increase $21,727. Of this $9,000 is to meet the fall in exchange so as to make up the Governor's own salary to £5,000. $1,740 is due to the new private Secretary and Aide-de-Camp being on ster- ling salaries instead of the old dollar. This is not