No. 74, Financial

Referring to my Despatch No 73 dated 8th September 1866, I have the
honor to enclose the Report of a Board of Officers consisting of the
Colonial Secretary, the Treasurer, and the Auditor to whom I referred
the consideration of the probable condition of the finances of this
Colony at the close of the year 1866.

It appears from this Report that the Board anticipate that the
current payments will exceed the receipts during the remainder of
this year by $15,878 (£3273).

In addition $77,824 (£16,045) are due to the Bank of British North
America besides a present debt of about $20,000 (£4123) to the Crown
Fund and the liability of the Colony to the Imperial Government on
account of the erection of Lighthouses. On the other hand the sums
which have been claimed from the Colony of British Columbia on
account of the conveyance of Mails and maintenance of Lighthouses are
also left out of consideration.

Foreseeing that the Ways and Means would not meet the expenditure I
had, prior to the receipt of this report, effected certain reductions
of expenditure, and I trust by further reductions to be able to bring
the payments for the remainder of the year within the receipts.

I should have been prepared to enter upon these reductions at a much
earlier period of the year had the financial proceedings of the
Legislative Assembly (which extended over the
first eight months of the year) been sooner brought to a close.