Tue Municipal Report for the your just ended is more than usually into a rule it is difficult to imagi thing more intensely dry th the Council's trials and achievements, of the constant monetary difficulties by which they are. embarrassed, and the success with which they novorthe-Jess contrive, somehow or other, to avert an actual crisis. The threatened recall of the Tis, 75,000 loan from the Comptoir d'Escompte, seemed at first likely to prove the final straw. But we have every confidence that even this blow will somehow be sustained, and that the Report for 1867-8 will: congratulate the community on the satisfactory result of the arrangements made for itstepayment, However, the arrangements still have to be made; the debenture scheme is aa yet only a suggestion: and. if approved, as it no doubt will boo, has still to undergo the test of experience. To expect that the entire suin_ required will be at once forte coming, is perhaps to be too san; bat we anticipate little difielty. raising at least suficiont to appease the Bank, by the date fixed. The intended closure of the Municipal Savings Bank will no doubt throw a considerable amount into the new investment. 'The security offered—that of futare rove nuio—i8 not 80 good as that now enjoy-aby the, depositors, whose, cas has actual existed in' the Comptoir's Po%e collars, But it will, we think, be gonorally accepted as rolinble, The Council were acoused, on the establishment of th Savings Bank, of travelling out their Proper sphere; and to a certain extent, no doubt, the accusation was deserved. 'The rondinos however with which the Dank' was availed of, proved that it supplied a want. Tt will be missed when dono away with, but its working was not a fair tax on the Accountant's The recounts for the past year must be considered, on the whole, satisfac tory. Notwithstanding n deficit of Tis, 23,940 in Inst year's rovonuo, caused principally by disappointment {tealloction of Whariago Duos, a cash dalauco ig still shown of is. 23,808; a portion of which sui will be available to reduce the Comptoir d'Escompto debt. Tu nccordanco with the principlo on which debentures are to be oilered, a payment of 20 por cent., Ts, 15,000, is included in the nove esti mates, and the apparent expenditure is thus raised to Ins. 185,000 against is, 171,000 of revenue. The surplus from the prosont year, however, ro-stores the balance, and enables the Council to promise their successors Ins, 8,000 in hand, at the end of grant sources of rorenue—tho House First among the items of rucoipty the and Land taxes, claim attention. Last out, at the existing rates of four, and ano "sartor, por coat. rxpectivaly, those yielded Ins. 36,195. In consol quence however of the groat reduction in value of property, permission is asked to raise the rates to six por cent. ow houses, and to a half por cent on Ind, a, process which, it is estimated, will raise the revenue to nearly its previous level. This proposal is likely to give rise to some discussion, but the argument of the Council that, so long 'a8 the Land Renters decide to keep up an elliciont police force for the pence and good order of the sottlomont, sufficont funds inst be supplied to maintain them, appears incontrovor tible.
Wharfage duos, which have been fertile a source of deception to each succeeding Council, come next on the list, The revenue from this source is sot down at Tls. 50,000, including the $14,000. which the Taotai, contributes behalf of Chinese-owned goods. It is candidly confessed, however, that
perienced during the past your in the in consequence of the dillcultios ex.
Text read from the printed page and cleaned; old type leaves the occasional error.