Sessional_Paper_1892 — Page 191

187

No. 9

12

Estimated Revenue, 1892, ........$2,030,778 Estimated Ordinary Expen-

diture,.....

1,773,918

Estimated Expenditure Ex- traordinary Public Works, 1892, .

Estimated Surplus Revenue,

$_256,860

-$500,000

HONGKONG.

REPORT OF THE COMMITTEE OF THE LEGISLATIVE COUNCIL APPOINTED TO CONSIDER THE ADVISABILITY OF RAISING A PUBLIC LOAN.

Laid before the Legislative Council by Command of His Excellency the Governor, on the

28th March, 1892.

(1.) In pursuance of the order issued by His Excellency the Governor in his address to the Legislative Council on 25th January, 1892, "to "enquire into and consider the necessity of raising a Public Loan, &c.," the undersigned have the honour to submit the following Report.

(2.) The Committee met in the Council Chamber on Saturday, 14th February, 1892, when the Chairman intimated that the Surveyor General was now of opinion that not more than $500,000 can be expended on Extraordinary Public Works in any one year, and that to do more is beyond the capabilities of the Surveyor General's Department as now constituted.

*

(3.) According to His Excellency's address above referred to, the Revenue for 1892, owing to the diminution by $114,000 in the Opium "Farm Receipts, will be $2,030,178 instead of $2,144,178, and the ordi- nary expenditure $1,773,918 leaving an estimated Surplus of $256,260. "The balance of Assets over Liabilities is said to be $150,000 making "with that Surplus, of $256,260, $406,260. The proposed expenditure "for 1892 on Public Works Extraordinary is $680,000, which may per- haps be reduced to $640,000. The total sum required for all the Public "Works Extraordinary in contemplation is, say $2,680,000. Of this sum upwards of $900,000 was expended to the 31st December last, leaving "a balance of $1,780,000 to be provided in 1892 and subsequent years.'

(4.) The proposed expenditure for 1892, on Public Works Extra- ordinary being now reduced from $680,000 to $500,000, the ordinary deficit at the end of the current year will be $243,140, which will be still further reduced to $93,140 owing to the balance of Assets over Liabilities being, on the 1st January last, $150,000. For reference the figures are given in the margin.

&C.,

Deficit,

256,860

$ 243,140 150,000

Balance of Assets....

Total Deficit,...$ 93,140

(5.) Assuming that the Revenue and ordinary expenditure con- tinues on about the above basis, and that the expenditure on Extraordi- nary Public Works is $500,000 per annum, there will be a deficit on account of

1893, of say, 1894,

"J

during 1895,

>>

$250,000

250,000

125,000

Extraordinary Expenditure

Public Works,

Less-Surplus in Revenue

.$ 500,000

The figures are again given in the margin for reference, and it ap pears that when the Public Works Extraordinary in contemplation referred over Ordinary Expenditure, 256,860 to in His Excellency's Address viz., $2,680,000, are completed in 1895, the Colony will in respect thereof be in debt to the extent of about $750,000 made up as follows:-

243,140

or say a deficit of.

250,000

in 1893; a like sum short in

1894 of

250,000

and a sum of say short in

1895,

125,000

Deficit end 1892,...

93,140

say

750,000.

718,140

Deficit during 1892,

1893,

"

1894,

""

1895,

"

or say $750,000.

$93,000

250,000

250,000

125,000

$718,000