CONFIDENTIAL.
Hongkong.
Foo
Sir.
C. O.
8514
Government House.
Hongkong, 8th February, 1904.
163
I have the honour to acknowledge the receipt of your Confidential Despatch of the 18th December last, and in reply to state that in my opinion there is at present no necessity for arranging the raising of a loan for Public Works, but that the matter should not be lost sight of in considering the Estimates for next year.
2. With reference to the 1st paragraph of the Despatch, I may state that it would now appear that the financial position of the Colony at the end of 1903 was much better than was anticipated.
3. This is chiefly owing to the fact that Exchange kept up at comparatively high rate and that Land Sales realized more than the revised Estimate (the figure reached was $510,000) owing to a better premium being received in one case and to another sale taking place that was not expected before the end of the year.
4. When the Accounts for 1903 are closed, detailed information as to differences between the actual and the estimated figures will be furnished as usual.
I have the honour to be, Sir,
Your most obedient Humble servant,
A. May
Officer Administering the Government.
THE RIGHT HONOURABLE
ALFRED LYTTELTON, K.C., M.P.
&c. &c. &c.
7.
CONFIDENTIAL.
Hongkong.
Foo
sir.
C. O.
8514
Government House."
Hongkong, 8th. February, 1904.
163
I have the honour to acknowledge the re-
ceipt of your Confidential Despatch of the 18th. December last,
and in reply to state that in my opinion there is at present
no necessity for arranging the raising of a loan for Public
Works, but that the matter should not be lost sight of in con-
sidering the Estimates for next year.
2.
With reference to the 1st. paragraph of
the Despatch, I may state that it would now appear that the
financial position of the Colony at the end of 1903 was much
better than was anticipated.
3.
a
A
This is chiefly oving to the fact that
Exchange kept up at comparatively high rate and that Land
Sales realized more than the revised Estimate (the figure
reached was $510,000) owing to a better premium being received
in one case and to another sale taking place that was not
expected before the end of the year.
4.
When the Accounts for 1903 are closed
detailed information as to differences between the actual and
the estimated figures will he furnished as usual.
I have the honour to be, Sir,
Your most obedient Humble servant,
Amaz
Officer Administering the Government.
HE RIGHT HONOURABLE
ALFRED LYTTELTON, K.C., M.P..
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