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THE HONGKONG GOVERNMENT GAZETTE, 26TH NOVEMBER, 1892.
1003
The value of land and house property is very low, and the price of shares in most of the local Companies and enterprises has fallen so heavily that large sums of money are locked up
and cannot be realized except at a ruinous loss. While the legitimate business of the Colony has not fallen off, a large portion of its capital has been transferred to other countries by somewhat reckless and certainly regrettable speculation.
Though there may be no immediate prospect of rapid improvement, we may look forward to the future hopefully.
The value of land and rents has begun to have an upward tendency. The large volume of trade which is ensured by the unique geographical position of the Colony is increasing. The population, perhaps one of the most industrious in the world, is growing daily, and the public Revenue, although it is not of a very elastic character, must be directly benefitted by the completion of the Praya, the Central Market, and other depôts which will at once be accelerated by the issue of the new Loan.
The frequent fluctuations in silver and eastern exchange are naturally creating great difficulties, and indeed consternation, in countries in which the silver standard is in force, as well as in one of the largest and wealthiest counties in England. It is sincerely to be hoped that the Monetary Conference which is about to meet will decide on some sort of bimetallism which will at all events give a fixity of value to silver coin, which appears to be the first consideration. If such should be the case the effect would be immediately felt by the energetic business community of this well-favoured Island.
The question of preferential duties in favour of Chinese Junks and to the detriment of European ships and steamers in the Canton River has been, as you are aware, satisfactorily settled at least for the present.
I had the pleasure of discussing this matter and the more important one, perhaps, of the contemplated Telegraph Convention with Her Majesty's Minister Plenipotentiary at Peking, Mr. O'CONOR, when he passed through Hongkong at the beginning of the month. I think we may safely anticipate that His Excellency will do all that he possibly can to prevent the ratification of that Convention.
The propriety of reorganizing and re-establishing the Volunteer Force was referred by me in May last to a representative Committee of citizens. They have reported strongly in favour of it, and have attributed the complete failure that has hitherto attended each successive effort to establish a permanent and effective Volunteer Force in Hongkong, to a want of inducement, encouragement, and sufficient liberality on the part of the Government. The scheme proposed by the Committee would involve an additional expense of at least $8,000 a year if adopted in its entirety. I propose to refer the matter to the Finance Committee by suggesting a specific grant of about $10,000 for the initial cost and $13,000 for the annual maintenance of the Corps. This appeal for support comes at a most inopportune moment, but some of the recommendations of the Committee are undoubtedly good, and others can be accepted with modifications. The Volunteer Force is entitled to favourable consideration on account of its past services. If it were to cease to exist it is possible that the Imperial Government might insist upon some pecuniary contribution in lieu of it. I therefore advise its maintenance on more liberal terms than now exist, if, by the 31st December next, 150 men have in writing stated that they are ready and willing to join the force and fulfil the conditions to be imposed upon them.
With reference to Education it is gratifying to observe that steady progress is being made. Over 10,000 scholars are under instruction. The Government in conjunction with a member of this Council, who is noted for his princely munificence in aid of this cause, is about to provide educational facilities for the hitherto neglected Eurasian girls, and when the New Girls' Central School is completed, it will at once be occupied by about 250 pupils, of whom 110 will be Eurasians, and 140 Chinese. Owing to the action of the Government, local missions are also bestirring themselves in the same direction. Out of a total of about $84,000 to be expended this year by the Government on education, Victoria College is responsible for no less a sum than $19,000. During 1893, I trust it will be possible for the Headmaster and Committee of the College to suggest a reduction in this charge, and also that the Chinese inhabitants of Hongkong, whose children principally benefit by this excel- lent Institution, will not be averse to the payment of a rather higher fee than that now imposed.
It may also be possible to reduce the expenditure in other ways.
Much remains to be done by Government in respect to elementary education, for which at present there are not sufficient funds.
The
There are, I regret to say, some 20,000 children who attend no school whatever. grant-in-aid system, which is a most admirable one, has been extended during the course of the year. No less than 14 new grant-in-aid schools have been started, indicating an extra-