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THE HONGKONG GOVERNMENT GAZETTE, 18TH SEPTEMBER, 1886.
3. The financial position of the Colony at the beginning of the present year was bette than had been anticipated. The Revenue of 1885, which had been estimated at $1,137,558 yielded $1,251,890, besides $66,659 for premia on sales of land. The only year when the Revenue has been larger was 1883 when, owing to exceptional circumstances, a very large amount was received from licences for boiling opium for exportation. The marked increase of receipts over 1884 is due no doubt to the termination of the hostilities recently carried on in this part of the world.
4. In consequence of this improvement in the Revenue of 1885, the balance of assets at the commencement of the present year was $427,692 instead of $190,088 as estimated in October last.
5. I am happy to inform you that the receipts during the first quarter of the present year have been about $17,000 in excess of the Estimates, and $27,642 in excess of the receipts during the first quarter of 1885, thus exhibiting a continued healthy development of commerce.
6. In consequence of this satisfactory condition of the finances, it will probably. not be necessary for the Colony to borrow any money until towards the end of the year, and I de dc not anticipate that a larger amount than $300,000 will be required this year.
7. Before this satisfactory condition of the finances had been ascertained by the closing of the accounts of the past year, it was thought that it would be necessary to raise extr Revenue for the purpose of defraying the interest and sinking fund on the loan, which wil amount to about £15,000 a year, when the whole £200,000 has been borrowed; and the Council, being consulted on the means to be devised for providing more funds, unanimously recommended "that the best means of doing so would be chiefly by an increase of the stamp duty."
8. A Special Committee of this Council, to whom the question of details of extra stamp dues was referred for consideration, reported after careful investigation that no urgency exists for extra taxation at the present time, and recommended that the consideration of increase ” to Revenue should be postponed. I accordingly announced to the Council that I would not proceed any further this session with the measure proposed for this purpose. It does not seem probable that any extra taxation will be necessary until the whole amount of £200,000 has been borrowed. One of the Un-official Members has even expressed the opinion that the ordinary Revenue which we shall receive will, through the progressive development of our commerce, be sufficient to meet all calls made upon it. I should be glad if this forecast were to prove correct.
9. I thank you in the name of Her Majesty's Government for your loyal vote of a furthe sum of £60,000 for the completion of the Military Defences of the Colony. These works are proceeding as fast as is possible, and I have been informed by the Secretary of State for the Colonies that the greater part of the armament will probably be consigned to Hongkong during the current year. The mountings of the breech-loading guns are of new pattern, and require to be specially tested, and this of course to some extent retards the supply.
10. The small though powerful ironclad Wivern, two first class and two second class torpedo boats are already stationed here, and four more first class torpedo boats are to be sent out, two of which I am, informed are now on their way. When the forts have been completed, and they are being pushed forward by General CAMERON as vigorously as the nature of the work will allow,-the Colony need be under no serious apprehension of foreign attack.
11. I informed the Council on the 17th March last that Her Majesty's Chargé d'Affaires at Peking had made strong representations to the Ministers of the Tsungli Yamên on the- unwarrantable action of Chinese Officials in seizing a Chinese subject, accused of piracy, who had taken refuge in this Colony. The Ministers, as I have already stated, expressed their regret for what had occurred, and satisfactory excuses have been made by the Viceroys of Fokien and of the Two Kwang.
12. The Commission provided for under Article 7 Section 3 of the Chefoo Convention for the purpose of considering the establishment of some system that shall enable the Chinese Government to protect its revenue without interfering with the junk trade of this Colony, has at length been appointed. Mr. JUSTICE RUSSELL has been selected by me to represent the Hongkong Government on this Commission. The other Commissioners are Mr. BRENAN, Consul at Tientsin, and Shao, Taotai of Shanghai.
13. The Law Revision Commission has been very diligent in the performance of important duties with which it has been entrusted. Ten Ordinances prepared by hi Commission, have been passed by the Council since the beginning of the year, and a number of other Draft Bills will be ready for the next Session of Council.
14. I have appointed a Commission to inquire into the system of land-tenure and mto the disposal of Crown Lands, with a view to the adoption of such improvements as may faci- litate the transfer of allotments held from the Crown; an inquiry which I believe will, when completed, be of great practical utility both to the Government and to the community!!
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