29th Feb.
Tue annual meeting of ratepayers takes place this morning, and we propose as a preliminary to run rapidly through the accounts for 1891 and the budget for 1892, First we take up the statement of assets and liabilities, and we find that the former are valued at Us, 341,786, the first item being Land, Buildings, and Property Account 'T'ls. 275,259. his is the cost as it stood in the books, less depreciation, on 31st December last, the engineer and surveyor's estimate of the value of the land and buildings in 1890 being more than Ts, 100,000 above this. Various funds and cash in the hands of the compra-dare and the Hongkong and Chartered Banks make up the total amount of Us. 341,786. The liabilities include sundry municipal loans 'I'ls. 180,000, deferred pay due the police fs. 18,337, sundry deposit accounts Tls. 15,277, outstanding accounts Tls. 20,816, making the total liabilities Tls. 229,430, the surplus of assets over liabilities being Ts, 112,356, so that there can be no question of the solvency of the municipality.
It is satisfactory to see again, on turning to pages 288/9 of the Report, that there was an increase last year under nearly every head of revenue over the estimates in the last budget. Land tax—we mention only those which gave an increase of over 'I'ls.1,000—increased!fls. 1,068, General municipal rate, foreign, Tls. 1,836, Dues on merchandise, Tls. 7,792, and jinricsha licences 'I'ls. 2,892. The decreases altogether only amounted to Tls. 1,685 and were quite unimportant. Nor do the increases and decreases in the expenditure call for any special comment. The expenditure for the year, Ts. 425,398, may seem large; but it may be confidently asserted that no town of the same size in England iis governed so well for the same sum. In the Council's remarks on the budget for 1892 the total income is estimated at Tls. 493,514, of which 'I'ls. 6,704 is the surplus of 1891, 'I's. 70,000 debentures for the new Central Station, and Ts. 10,000 to be withdrawn from the sinking fund to repay part of the 1883 joan, ~The expenditure recommended is Ils. 492,594, including is. 70,000 for the new Station, and ''is. 10,000 to sinking fund, leaving a balance unappropriated of Tls. 920. The revenue derived from the Land tax and Foreign house tax is taken at almost the sume as in 1891, but the constant increase in the Chinese population of the settlements is expected to make the revenue from the Native house tax about Tls. 1,100 larger. Dues on merchandise are expected to give nearly 'I's. 6,000 less this year than last, which is treated as an exceptional year; and licence fees are also reduced some 'l'ls. 2,000, though these sources of revenue ought not to decline if the population continues to increase. The other differences in the ordinary receipts are unimportant. In the remarks as to the expenditure recommended, it is stated that, excluding Tls. 3,000 to the Deferred pay fund, Tls. 100,714 is to be expended on the Police, against 'I's, 95,682, an increase of Ils. 5,100, "which is rendered necessary by the additional pay granted to the European members of the force at the beginning of 1891. Provision has also been made for 17 additional native constables." On turning, however, to the comparative statement on pages 30/1 of the budget, we find that the total cost of the police in 1891, including deferred pay, was Ils. 92,330, so that the estimated increase this year is really Tls. 11,384. No one will question the advisability of spending Ins. 4,000 more on the Nuisance department. 'I'he expenditure proposed on public works is about the same as last year, and it is unfortunately inevitable that the new cemetery should be enlarged. Perhaps we may have before long a council that will recommend the construction of a crematory; cremation would surely be a more satisfactory way of disposing of our dead, than placing them 2s we do now in shallow graves, which have often two or three inches of water in them when they are just newly made. The miscellaneous grants are taken at about the figures of last year's expenditure, though the grant to the Shanghai Public School might well be increased, Roads and road materials lin the settlements are reduced some Tls. 10,000 from the actual expenditure 1891, while for outside roads there is an increase of over'l'ls. 3,000. 'I'he provision for stock and stores is 'I'ls. 16,020, against Us. 11,000 estimated, and Us. 15,315 spent, in 1891; and we learn that the Works department require another steam roller and a traction engine, besides drain pipes, nuisance carts, etc., these being all items of expenditare with which no fault can be found, When the loan for the new central station is issued, the municipal indebtedness will amount to Tis, 240,000, and we should have liked to see a larger sum put to sinking fund than the Ts. 10,000 which is to be paid away. There is no finality in expenditure for permanent improvements in a continually growing town like this; and while we may justly leave some portion of our present work to be paid for by those who come after us, they, it must be remembered, will find new work to be undertaken, The Council do not propose to make any change in the present, scale of rates, taxes, licence fees, or dues on merchandise; whether they propose to make any change in the authority that grants the licences we have not heard,
Text read from the printed page and cleaned; old type leaves the occasional error.