CO129-545-1 Estimates 1934 4-10-1933 - 17-4-1934 — Page 172

2

-

212

buildings. This sale as Honourable Members are aware

constitutes the first stage in a new development scheme

embracing all the Government property lying between Queen's

Road and Upper Albert Road on the North and South and

Garden Road and Ice House Street on the East and West.

A tentative lay-out for this scheme is shewn on the

plan which is among the papers I have just laid on the

table. It is a scheme of the first magnitude involving

inter alia the removal of the present Government House

and the erection of a new Government House at Magazine

Gap.

I shall deal later with the reasons for this

particular step in the scheme. For the moment I am

only concerned with the Government's views for its

finance which are, subject to the observations of Honour-

able Members, that it is desirable to treat the scheme

as a separate and self-contained financial unit hold-

ing on the credit side the $1,254,000 I have just

mentioned and the proceeds of the future sales of the

Beaconsfield Arcade and Government House sites while

on the debit side will appear the cost of forming new

sites and roads and of building the new Government

House, new City Hall, new Government offices and

similar outgoings. This however is a somewhat un-

usual procedure in respect of schemes financed out

of revenue and before it can be definitely adopted

it will be necessary to obtain the special sanction

of the Secretary of State. For the present therefore

the item of $1,254,000 is being retained as ordinary

revenue for 1933 and the first item of expenditure,

$100,000 for the preparation of the new site for Govern- ment House, is shewn as a separate Head (No.35) of

expenditure for 1934. Nevertheless we must be pre-