CO129-421 - Governor Sir May - 1915 [3-4] — Page 473

467

At the present rate of expenditure the funda

already sanctioned will be exhausted at latest by the end of June

next and I therefore propose with your sanction to take the

necessary steps for appropriating from Government Funds the sum that is estimated to be required for the remainder of the year.

This sum is 8486,144 and is arrived at as follows:-

Yield from the loans of £1,100,000

and £250,000.

Expenditure to 31st. December, 1914,....

Balance available..

Estimated expenditure during the year 1915.

Deficiency.

...14,301,489 14,095,661

$205,828

691,972

$486,144

5.

It is hoped that in the near future it will be

possible to sell the sites of the old Supreme Court and Post

Office Buildings in Victoria. These sites cover an area of 36,775

square feet, and they are valued at $25 a square foot. In addition

there are the lots north of Salisbury Road, Kowloon, which were

resumed in the years 1909 and 1910 as a site for the terminal

station. These lots have a total area of 262,389 square feet and

are at present valued at $4 a square foot. There is little doubt,

however, that during the next few years the value of this land

will appreciate considerably and with these prospects in view I feel that the financial operation for which I have asked your

samction will only result in a temporary reduction in the assets

of the Colony.

I have the honour to be,

sir,

Your most obedient,

humble servant,

Homag

Governor,&c..