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331 (separate head 'Fanling Branch Line'). The sum to be debited to Public Works Extraordinary (X18,900) was for widening the road constructed by that Department to 14 feet. I have, however, decided that there is no necessity for this widening to be done except in the case of the three bridges over the large streams between Fanling and Au Ha Gap which have already been built to the full breadth of 14 feet as throughout the entire length of the road from Castle Peak. From Fanling, therefore, to Shataukok the light line will run on an eight foot track (slightly broadened at the cuttings) and in order that an identical work may not be simultaneously in charge of two separate departments, I have entrusted the completion of the road-way to the Chief Resident Engineer. He estimates a sum of $21,495 for the road-way, and this will be debited to the Public Works Extraordinary for the year under the head "New Roads, New Territories", Vote $60,000 which was provided for this purpose.
3.
The purely Railway Estimate submitted in my last Despatch was 886,940 (8105,890 - 818,950) and this has now been reduced to $54,107 of which $28,000 will be a book credit to the Kowloon-Canton Railway for old materials taken over, and $26,107 will be cash expenditure chargeable to the Construction Account (sub-head Fanling Branch). Disregard- -ing therefore the value of old materials which would have realised next to nothing if sold in the open market and putting aside the cost of road construction which was separately pro- -vided from Revenue, the cost of the light line in additional cash outlay may be said to be $26,107 only. This will I trust be very remunerative expenditure. I attach revised estimate and a statement prepared by the Chief Resident Engineer compar- -ing the estimate of the 3rd. December, 1910, with the revised estimate.
4.
In paragraph 3 of your Despatch you ask on what principle it is proposed to add to the working expenses
interest at the rate of 7 per centum upon the capital cost of
the
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