§ (PRESENTED TO PARLIAMENT BY HER MAJESTTS COMMAND.)
§ 1. The total estimated cost of the 70 vessels to be built under the New Programme is £21,500,000, including armament and all warlike stores, with the necessary reserves. Thirty-eight of the vessels will be built in Her Majesty's Dockyards at an estimated cost of £8,650,000 for Hulls, Machinery, &c, and £2,850,000 for Armament, all provided under the ordinary Estimates. The remaining 32 vessels are to be built by contract, at an estimated cost of £10,000,000, including armament, &c., to be paid for out of the proposed Naval Defence Account.
§ 2. It is proposed to provide the funds to defray the cost of the above in the following manner: The increase in the total amount proposed to be voted for Naval purposes in the ordinary Estimates of 1889–90 over the Estimates for 1888–89, is £602,600; this it is assumed will be continued in each of the four succeeding years.
§ 3. In addition to the increased annual provision thus made in the Navy Estimates, it is proposed to provide a further sum of £10,000,000 from a Naval Defence Account, payable in seven annual instalments of £1,428,000 each, making, with the £602,000 already mentioned, an increase in the annual charge for Naval purposes of £2,030,000. The Treasury are to be empowered, under the Bill creating the fund, to make advances in anticipation of the annual instalments, charging Navy Funds for interest thereon.
§ 4. Vote 8, which includes, besides Shipbuilding and Repairs, the Maintenance of the Fleet in Sea Stores and Coal, together with the cost of the Dockyards at Home and Abroad, amounts to £4,659,000. In this amount an expenditure of £2,650,000, excluding incidental charges, is provided for the special purpose of constructing and completing the vessels now in process of construction as well as those to be laid down under the New Programme in the Dockyards, except only as regards their Armament and Warlike Stores.
§ 5. Vote 9, for Ordnance and Warlike Stores, amounts to £1,463,500, and includes the amount requisite for the equipment of the vessels built out of the funds provided under Vote 8.
§ 6. The following Tables show the anticipated Annual Expenditure on the Programme, together with the provision to meet the same, on the assumption that the Estimates for Votes 8 and 9 remain unchanged:—
§ Thirty-eight Ships intended by the New Programme to be Built in Her Majesty's Dockyards, the Cost of which is to be included in the Ordinary Estimates.
| — | 1889–90. | 1890–91. | 1891–92. | 1892–93. | 1893–94. | TOTAL. |
| Vote 8. | £ | £ | £ | £ | £ | £ |
| Amount appropriated to New Construction | 2,650,000 | 2,650,000 | 2,650,000 | 2,650,000 | 2,650,000 | |
| Less,—Amount re-required to complete Ships in progress | 1,290,000 | 256,000 | — | — | — | |
| Amount available for New Programme | 1,360,000 | 2,394,000 | 2,650,000 | 2,650,000 | 2,650,000 | |
| Vote 9. | ||||||
| Ordnance Amount appropriated for Armaments of New Vessels | 450,000 | 600,000 | 600,000 | 600,000 | 600,000 | |
| Total | 1,810,000 | 2,994,000 | 3,250,000 | 3,250,000 | 3,250,000 | =14,554,000 |
| Estimated Expenditure on New Programme, including Ordnance and War like Stores | 1,810,000 | 2,940,000 | 3,160,000 | 2,250,000 | 1,340,000 | =11,500,000 |
| Difference | £3,054,000 |
§ The difference between the amounts available for New Construction, &c., viz., £14,554,000, and the sums required to complete the New Programme, viz., £11,500,000 can be either utilised in laying down New Vessels, or in reducing the Estimates for the years 1892–93, 1893–94.
§ Thirty-two Ships included in the New Programme to be Constructed by Contract and paid for out of the Naval Defence Account.
| — | 1889–90. | 1890–91. | 1891–92. | 1892–93. | 1893–94. | 1894–95. | 1895–96. | TOTAL. |
| £ | £ | £ | £ | £ | £ | £ | £ | |
| Amount available out of the proposed Naval Defence Account | 1,428,000 | 1,428,000 | 1,428,000 | 1,428,000 | 1,428,000 | 1,428,000 | 1,432,000 | 10,000,000 |
| Estimated Expenditure | 2,845,000 | 4,415,000 | 1,900,000 | 740,000 | 100,000 | — | — | 10,000,000 |
§ The Excess Expenditure in some years over the instalment payable from the Naval Defence Account will, as already explained, be met by Temporary Advances out of the Consolidated Fund, the interest thereon being charged to the ordinary Navy Estimates.