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the whole area should be acquired by Government, that the value of the house and 30,000 square feet should be charged to Railway Capital Account for reasons into which I will enter more fully in a later paragraph and that the balance of land comprising 20,929 square feet should be paid for out of Colonial Revenue and held for sale when a suitable opportunity occurs.
Subject to your approval of the above proposal,
I would suggest that the ilanager should be charged 4 per centum on $25,000, the value of the house, which is as much as could be expected of him, that the necessary heavy furniture should be pro- -vided out of current revenue and that he should pay an annual rental of 10 per centum thereon.
8.
The question now arises how this additional expenditure should be met. You will have learnt from my Despatch No. 117 of 29th. March that last year's budget turned out to be more satisfactory than was anticipated. Instead of the estimated deficit of $298, 937 there resulted a surplus of $420,054 which added to the balance of assets accrued on 31st. December, 1910, gave a balance of assets on 31st. December, 1911, of $1,826,979. This balance will however if the Estimates for the current year are realised be reduced by a sun of approximately $175,000 or in other words by half the amount (8350,000) expected to be spent on the Typhoon Refuge during the year (see paragraph 12 of Sir F. D. 347 Lugard's Despatch No. 390 of 16th. November, 1911). Moreover in- -cluding this amount a total sum of $837,335 has been ear-marked for disbursement during the present and 3 succeeding years from the accumulation of these surplus balances for the construction of the Refuge made up as follows:-
Revised Estimate....
Expenditure to 31st.December,
1910.
Expenditure during 1911.
.82,301,600
.8306,610 320,325
626,935
$1,674,665
2 $837,333.
leaving a balance to be met in equal proportions from special Light Dues and from Surplus balances of
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