Sessional_Paper_1885-1886 — Page 17

14

C.5.0.

2012 of 18NZ.

C.S.0.

2525 of 1885.

C.S.0. 1255 of 1885.

Roads, Streets and Bridges.

(8.) For compensation to the Peninsular and Oriental Steam Navigation Company, for removal of their pier in 1878, when constructing the Praya-wall. (Re-vote, see Legislative Council, 20th July, 1883),

Miscellaneous Services.

(9.) For contribution towards the expenses connected with the Indian and

Colonial Exhibition,

Colonial Defences.

.$ 800.00

.£500@3/5-$ 2,926.82

(10.) For cost of 7,680 rounds of Ammunition for the Nordenfeldt Gun on board

the Charles May,

£378.16.114 @ 3/8=$ 2,066.44

C.S.0.

1665 of 1885.

(11.) For fitting Nordenfeldt Guns into the boats of the Hongkong Auxiliary

Flotilla Corps,

.£165.5.0 @ 3/61=$

941.48

C.S.O.

1705 of 1885.

(12.) For making 3 Trollies for the conveyance of Nordenfeldt Guns from Steam-

launches to store,

.$

120.00

C.S.0.

2400 of 1885.

(13.) For fitting machine gun to Police Steam-launch, No. 2, £72.0.6 @ 3/5ž=$

415.28

C.8.0.

2400 of 1885.

(14.) For flags supplied by the Naval Yard, for the Auxiliary Flotilla, £8.0.6

@ 3/5g=$

46.27

C.S.O. 1874 of 1885.

C.S.0.

2369 of 1885,

C.S.O.

1725 of 1885.

EXTRAORDINARY WORKS.

(15.) For repairs to damages caused by the Rainstorms of the 8th and 12th

June, 1885,

(16.) For building of a retaining wall to prevent landslip at the rear of Inland

Lot 696, East of the Government Civil Hospital,

.$ 9,695.35

$ 945.00

(17.) For resumption by the Crown of Marine Lots 192, 230, and Sections A and

B of Lot 193, in connection with the proposed New Central Market, ...$37,000.00

Seconded by the Colonial Treasurer.

Question-put and passed.

REPORT OF THE FINANCE COMMITTEE ON THE BILL ENTITLED THE LOAN ORDINANCE, 1885.-The Acting Colonial Secretary read the following report of the Finance Committee on this Bill :—

The Committee reports-

<<

That, considering the present unsettled value of silver, and more especially the steady depreciation of it which has taken place during the last twenty-five years, it is highly danger. ous and inexpedient for this silver-using Colony to contract any debt re-payable in gold, in connection with which, judging from the experience of the past, a heavy loss in exchange is almost sure to be sustained.

That instead of adopting such a course, it is desirable that the Government should raise money for its requirements by issuing, from time to time, from the Treasury in Hongkong, Debentures bearing interest at the annual rate of five per cent., thus avoiding costs and commissions of every kind, as well as the risk of loss on exchange.

That the raising of a loan in Hongkong, besides being free from all the expenses connected with the issue of Debentures or Stock at home, except for printing and stationery, will add to the Revenue of the Colony in Stamp Duty and in other ways; and moreover the Government will be in a position, from time to time, to redeem its own Debentures in any number, and to fix a much shorter period for the ultimate redemption of the loan than would be possible under the proposed Ordinance. The charge for interest will also be minimised; as the Debentures will be issued only as funds may be required.

The Committee therefore resolve that it is undesirable to proceed further with the Loan Bill in its present shape."

HONGKONG, 4th November, 1885.