338
been $7,098,395 so that the estimate of the present year shows a reduction of $550,370, which is more than accounted for by the absence of any profit on subsidiary coin ($120,000), the decline in land sales ($100,000), and the reduction in the rent of the opium farm on the new contract ($490,000), all these being clearly matters beyond the control of the Government.
There are a few increases in minor sources of revenue to counterbalance these losses, but there is nothing in the estimates of Revenue needing special comment.
The Estimated balance for the year in favour of Revenue is only $16,285, but as the dollar is taken at 2/- the expenditure is probably rather overestimated.
The figures of expenditure are:
1905 (Actual) $6,431,740 1906 (Probable) about $7,076,000 1907 (Estimate) $7,056,955 $5,277,834.45(* It would have been about $6,750,000 but for the typhoon.)
About $350,000 of the reduction is due to economy in Public Works; the rest appears to be mainly the result of converting the dollar at 2/- instead of last year's figures of 1/8. The result of the higher exchange shows in the case of every Department, e.g., in the Post Office, the saving on the contribution to the Peninsular and Oriental subsidy is sufficient to cover the cost of the Agency at Tientsin, to which we have agreed as a temporary measure, and of a new branch office in Hong Kong. The same factor coupled with a number of small economies has reduced the Ordinary Expenditure to $274,000 less than the Estimate of 1906, and
338
been $ 7,098,395 so that the estimate of the present
year shews a reduction of $550,370, which is more than
accounted for by the absence of any profit on subsidiary
coin ( 120,000) the decline in land sales ($100,000)
and the reduction in the rent of the oplum farm on the
new contract ($ 490,000) all these being clearly matters
beyond the control of the Govemrent.
There are a few increases in minor sources of
revenue to counterbalance these losses, but there is
nothing in the estimates of Revenue needing special
comment.
The Estimated balance for the year in favour
of Revenue is only $16,285 but as the dollar is taken
at 2/- the expenditure is probably rather overestimated.
The figures of
expenditure are
* 5,277,834. 45
$ 7,056,955
X
1906 (Probable) about $ 7,076,000
1907 (Estimate)
does not
1905 (Actual)
1900 (Estimate)
Pwε-if
т свидет
Bactrial
275
+20/14/07
6,431,740
(* It would have
been about
$6,750,000
but for the typhoon.)
About $350,000 of the reduction is due to
of
economy in Public Works, the rest appears to be mainly
the result of converting the dollar at 2/- instead
last year's figures of 1/8. The result of the higher
jexchange shews in the case of every Department, e.g. in
the Post Office the saving on the contribution to the
Peninsular and Oriental subsidy is sufficient to cover
the cost of the Agency at Tientsin, to which we have
agreed as a temporary measure, and of a new branch
orrice in Hong Kong. The same factor coupled with a
number of small economies has reduced the Ordinary
Expenditure to 7 274,000 less than the Estimate of 1906,
and
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