940. THE, HONGKONG GOVERNMENT GAZETTE, 6TH NOVEMBER, 1897.
Coin
The Government intends to adopt a bold poliey in regard to the supply of subsidiary and it is probable that, if the demand for them continues to be as brisk as it is at present, the result may be more gratifying than the estimated revenue from this source would lead me to conjecture. The Government is much indebted to the Chief Manager of the Hongkong and Shanghai Bank for his assistance and advice in connection with this subject.
As regards Land Sales, I should not be surprised if, for reasons which I have already stated, instead of falling short of the somewhat exceptional figures for 1896, the revenue from this source for 1898 actually exceeded the receipts for the former year.
The total Estimated Expenditure, including Public Works Extraordinary, for 1898 amounts to $2,770,706. Of this sum $137,880 is chargeable to the Loan, leaving a balance of $2,632,876 to be defrayed from current revenue. This gives an estimated surplus of revenue over expenditure of $61,992. In estimating the Expenditure the rate of exchange, for the purpose of sterling payments, has been taken at the low value of 1s. 9d.
The difference between the estimate of expenditure for 1898 and the total sum expended in 1896 is $295,796. Of this increase no less than $270,906 is on account of the more extensive programme for Public Works Extraordinary which it is proposed to carry out in 1898, and which includes several works of pressing importance to the sanitary well-being of the Colony and of a remunerative nature. Some of these are destined for the general benefit and con- venience of the community. Amongst the latter I may mention the Improvement of the Recreation Ground at Wongneichong, which will be partly paid for in 1898; the extension of the new road, known as Chamberlain Road, at the Peak; the extension of certain streets in Kowloon; and the proposed new road from Plantation Road to Magazine Gap. This road, whilst improving the means of communication between the Hill Districts, will open up several very desirable building sites for private residences.
You will, probably, have observed that no provision has been made in the Estimates for the new Victoria Road, Victoria Hospital, and Nursing Institute, which are intended to. commemorate the completion of the sixtieth year of Her Majesty's reign. This loyal com- munity having subscribed $98,000, the Government, in accordance with its promise, proposes to add a like sum. The Finance Committee will therefore be asked to-day to vote that amount. When the vote is passed it will be charged to the revenue for the current year. The Fund will then stand at the handsome total of over $196,000, and it is proposed to draw upon it to defray the expenditure on those special works that may be incurred during 1898 and following years. It may interest you to know that I have applied for the services of three Sisters who will be at the disposal of the community on fixed terms as soon as they arrive early next year.
Having explained the greater part of the estimated increase of expenditure for 1898 as compared with that incurred in 1896, it remains to point out the most noticeable increases under other heads, viz. :—
Public Debt,
Pensions,.....
Post Office,.....
Sanitary Department,............
Public Works Recurrent,
$48,970
26,950
23,500
10,000
13,500
The increased expenditure on account of Public Debt is partly due to the contribution to the new Sinking Fund, which only commenced in October 1896, and partly to the depreciation of the dollar. An increase for Pensions is only to be expected as the Colony grows older and the number of pensioners increases.
The increase for Public Works Recurrent is explained by the general extension of works and the consequently increased cost of maintenance. The other increases are accounted for in the foot-notes contained in the Estimates.
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