703031-1871-Legislative-Council-Proceedings-September-1- — Page 1

DIE

ROIT

THE HONGKONG

Government Gazette.

No. 37.

Published by Authority.

VICTORIA, SATURDAY, 16TH SEPTEMBER, 1871.

VOL. XVII.

VOTES AND PROCEEDINGS OF THE LEGISLATIVE COUNCIL OF HONGKONG.

No. 8 of 1871.

FRIDAY, 1ST SEPTEMBER, 1871.

PRESENT:

His Excellency Major-General WHITFEILD, Lieutenant-Governor. The Honorable the Colonial Secretary (JOHN GARDINER AUSTIN.) The Honcrable the Attorney General (JULIAN Pauncefote.)

The Honorable the Acting Colonial Treasurer (CECIL CLEMENTI SMITH.) The Honorable HENRY JOHN BALL.

The Honorable PHINEAS RYRIE.

The Honorable WILLIAM KESWICK.

The Honorable RICHARD ROWETT.

ABSENT:

The Honorable the Chief Justice (JOHN SMALE), absent on leave.

The Council meets this day at 2 P.M. by Special Summons,-the Meeting appointed for the 16th of June, having been postponed to the 23rd of June, and again adjourned by His Excellency the Lieutenant-Governor until further notice.

The Minutes of the Council held on the 5th June, are read and confirmed,

His Excellency lays on the Table the Supplementary Appropriation Bill for 1870, and the Appropriation

Bill for 1872, and makes the following Statement:-

I have the honor to lay before you the Supplementary Estimates of 1870, and the Estimates of 1872, with the Ordinances by which it is proposed to give legal effect to them.

Owing to the disallowance by the Secretary of State of the Estimates of 1870 as originally sent home, and their rectification very many months later than customary, the Supplementary Estimates of that year are unusually light, amounting to the comparatively small sum of $7,460.73, and comprising, with exception of the item of "Transport" which will be explained by the Colonial Secretary, but the moderate Votes which have already received your assent.

With reference to the Estimates of 1872, they are based to a great extent, as regards Ways and Means, on the actual results of 1870, and correspond very much in respect to charges with those of preceding years.

Apparently, as you will observe from the diminished Receipts estimated for 1872, as compared with those of the preceding year, there is in prospect a failure of some source or sources of Revenue.

Such is not the case, however, as although there has been a considerable diminution in the yield of the Stamp Ordinance during the first 7 months of 1871, still the Revenue has proved buoyant in other respects, and the great increase of the Receipts of 1870 is to be attributed to purely exceptional causes; viz:--the Sale of the Mint Buildings, and the Credit erroneously given to the Colony for Interest on the Special Fund deposits.

On the whole, the Financial position of the Colony is highly satisfactory, as, independent of the Special Fund which amounted on the 31st December last, to $394,323.86, there was at that date an excess of Assets over Liabilities of $154,117.19.