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?
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THE CHINA MAIL.
NEW
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and
OLD FAVOURITES
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S. MOUTRIE
The China Mail
(Every evening except Sunday. Annual subscription, excluding postage abroad, H.K. $36, payable In advance. Local delivery free.)
COLONY'S LOAN.
DEFRAYING COST OF BIG SCHEMES.
FRIDAY, JUNE 24, 1927.
ferred will be a brief review of GUARDING REVENUE
KEEPING NEW TAXES A SECRET.
NEW BILL 1ST READING.
►
the position as disclosed by the! final accounts for 1926 and a reference to its bearing on the current estimates and on those which will be presented to you: a few months hence. PROPOSED AERODROME.
When the Budget for 1926 was framed shortly after the begin- References to the financial posi-ning of the boycott, the Revenue In moving at the Legislative tion of the Colony to date were was estimated at $21,367,743, and Council meeting yesterday, the made in the Legislative Council expenditure at $23,790,615, a de-first reading of an Ordinance to yesterday by the Hon. Mr. W. T. ficit of $2,422,872, to meet which protect the Revenue of the Colony, Southern Colonial Secretary, after we actually had at the end of the Attorney-General, Sir Jospeh his review of last year's position 1925 a surplus balance of $8,113,- Kemp. KC, and that the Bill might as seen in the light of further sup- 482. When I introduced the 1927 with considerable appropriateness plementary votes.
The Colony's balances, he in- Budget last October the state of be called a Bill to protect the com- dicated, would no longer permit of affairs was such that we did not munity against the activities of Individuals who would otherwise expenditure from Revenue on the feel justified in estimating our be able to avoid paying duties they Shing Mun Scheme for supplying 1926 revenue at more than were intended to under the legis the peninsula with water and in $19,486,657. due course it was proposed to raise
a loan to which the cost of the
revenue
Inture. A Decided Improvement.
Such avoidance of payment
whole scheme cou ́i be charged,
The figures now laid before you, might in certain cases be perfectly To this loan would also be which disclose a
of legal, and justifiable from the point charged the cost of purchasing the $21,181,582, show a decided im- of view of the person who avoided
Bnid payment,
the. Attorney- old Diocesan Boys' provement on our revised estim- General, but it was undesirable site of the School, the cost of the Harbour ate but it must be remembered from the point of view of the com-. dredging and the Colony's share of that the difference is more than munity, and none the less undesir- the cost of the Kai Tack, Aero-accounted for by the two fortul-able because there was no means tous items of Profits on Exchange of ensuring that the duties or taxes Hopes for Future. Revenue up to date had come in and profits on the sale of invest-avoided would be avoided for the slowly, sald Mr. Southorn and atments, which have been trans- benefit of the consumer.
The benefit of such avoidance. or essential development works, the end of the twenty-third week ferred to Revenue account from
the Attorney-General, of this year, with nearly half our Balance to meet the views of continued such financing to be done by way year gone, they were $400,000 short the Accountant and Auditor Gen- might be taken entirely by the im- of loans--short term, loans for de- of Estimates. Should this con-eral. This is an adjustment porter, though of course one knew velopment works which would, tinue, throughout the year they covering several years and we of many cases where importers gave consumers the benefit of
come to seek elsewhere for the money to finance certain desirable
drome.
Overland China Mail.when completed, pay for them- by some nine inkbs, but there was, sources of income.
would find their deficit increased cannot reckon on these as normal higher exchange or of lower duties.
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SOLONICA CIGARETTES CO.,
Hong Kong, Friday, June 24, 1927.
Melek Amber Gold
50's $2.25
Elmas Plain
100's
4.25
Elmas Plain
20's
1.00
Elzas Gold
100's
4.50
SIMON ARZT.
Simion Arzt No. 70 P 100's $2.90 Simon Arzt No. 70 P 50's 1.50
50's Simon Arzt No. 40 P
1:35 Simon Arzt No. 40 P. 50's 1.45
(Straw Tipped) Extra Fine
50's
1.75
12, Queen's Road C.
Tel. C. 2801.
DAIRY FARM ICE CREAM
able to announce that
caution.
The deficits
are a
and
for full discussion amongst the community, the Press and in the Council of the new proposals.
If the proposals were adopted, the new duties remained in force,
paid in excess would be refunded.
The Bill was read a frst time.
warns us that the most careful/published to-day, the South the Estimates amounted to $767,-ed call for $1,000,000 for the of the cost of the Kai Tak Aero-
·
Helping the Public selves and possibly yield a profit: however, reason to believe that re-shown on page 2 of the Trea-
It seemed to be thought by some long term loans for development venue would improve in the latter surer's report for 1926
half of the year and that death sufficient justification for our people that the present Bill was works which would not bring any duties alone would wipe out a large
an abridgement of the rights of the public in some way. On the appreciable return but which part of the deficit.
Turning to expenditure, the contrary, it was the speaker's con- The Colony's financial position, would prove of equal, if not of said the Colonial Secretary, was original estimate was $23,790,615 tention that it was an enlargement - the most careful Our revised estimate (see Han- of the opportunities of the public greater value to future genera- sound, but Itions. This policy was received economy was essential and would aard for 1926, page 60) was for the proper discussion of the be essential for a year or two more $24,857,786. The actual expen-proposals to increase duties and with considerable favour at the if the necessity for Increased taxa-diture was $28,524,716, being, in taxes.
the tion was to be avoided. The out-japite of the supplementary votes At present, it was essential that time because it promised
look to-day was, however, more in the Bill now before you, any proposal to increase auch taxes Colony immunity from increased hopeful than it had been for a long $265,899 less than the original should be introduced suddenly and without any previous publicity. taxation-even if the opium sales time and if resources were hus-
estimate.
otherwise, of banded they could look forward to
course, importers should cease to figure in the re-the future with the utmost con- Departmental Savings,
might clear stocks in bond and venue returns-and it meant alsojfidence.
For the full details of the so avoid payment of the increased Closing 1926 Accounts. savings I would refer Honourable duties. The result was that when that posterity would carry the
At the outset of his speech, the Members to the Treasurer's re- the proposal came before Council. burden of expenditure designed Colonial Secretary said: I rise to port and the draft Appropriation everyone felt that the matter must chiefly to benefit posterity. Sir move the motion standing in my account. My thanks are due to be disposed of immediately, Edward Stubbs enunciated his name, viz, the first reading of Heads of Departments for the there was a temptation to give the matter less careful consideration policy at a time when the Colony a Bill to authorise the Appro-care taken to restrict expendithan if ample time had been avail-
prison of a Supplementary Sumture with the amounts voted; able. was free from all thought of of $1,089,892.42 to defray the the sum of the small savings Bo The proposal of the BI was that. PUBLIC FINANCE...
That these Charges of the year 1926. atrike or boycott.
effected is considerable. Of the when any, scheme of increased The details of all items have larger departmental savings a duties was to be put forward, the two disturbances should have had The statement made in the so little effect on the soundness of ourable Members
been very fully supplied to Hon- few items, e.g. under Police De-Governor could bring the increased in Finance partment and Medical Depart-duties into operation at once. Such Legislative Council yesterday by our financial position reflects the Committee from time to time, and ment, have to be carried forward order of the Governor was not per- the Colonial Secretary regarding greatest credit on our adminis- it is I think, unnecessary to weary to 1927 accounts owing to late de-manent, but provisional and tem- the Colony's finances will give trators. The public, while feeling you with long explanations now. livery of stores; some are due to porary, and before it ceased to general satisfaction. The Hon. grateful for this care and fore-be found in the Draft Appropria- for Sanitary Department.
The reasons for the excesses will postponed works e.g. Refuse barge have effect, there was ample time Mr. Southorn, it is true, was not sight, will cordially approve the tion account and in the Treasur- Rainstorm Damage Met. the decision to act upon the policy cr's report of the Finances of the
Public Works Extraordinary Colony is yet out of the woods, of raising loans, not so much be- been furnished to every member. requires special mention. There if they were not then the former year 1926, copies of which have' but he was able to assure us that cause it will avoid increased taxa- The items for which legislative was an under expenditure on the look to-day is more hopeful than big factor) as because it will still wich could not be met from al-which will be found in the papers October last, said the Attorney- our position is sound. The out-tion (though that, of course, is a sanction is now sought are those original vote of 1925 of no less position was restored and any duty than $1,746,195, full details of The Ordinance was suggested in ready sanctioned votes. Many it has been for a long time past, further strengthen the soundness of the items, particularly those for in Honourable Members' hands. General in conclusion. at a time Sole Agents:
and if we husband our resources of our financial position, which, the Royal Observatory, Fire It was necessary for us to restrict when the liquor duties were raised Kowloon-Canton Public Works Extraordinary to but it had now been made more GRÆCO EGYPTIAN TOBACCO STORE LTD. carefully we can look forward to without question, is a general Brigade and
the future with the utmost con-asset not to be valued in terms of Railway are due to outstanding essential works and to works to general to include all forms of re-
1925 accounts which could not be which the Government was com- venue. fidence. This satisfactory posi- dollars and cents.
paid till 1926. The largest item mitted, and it was well that we tion has been reached, however,
is $628,116.80 for the Public did so, for, as Honourable Mem- Works Recurrent vote. Items bers will remember, we were only with the greatest financial South Africa's Flag.
According to a Reuter cable charged to this vote in excess of suddenly faced with an unexpect- dredging and the Colony's share vigilance, and Mr. Southorn
African Flag Bill has passed its 929 of which $744,810 represents rainstorm damages. Some of the drome. From this loan a sum of expenditure represents $1,916,406 expended on the water economy is still essential, and will third reading, which means that excesses on the vote for Typhoon under
savings on the estimates, some scheme prior to December 31 be essential for a year or two General Hertzog and his Govern- and Rainstorm damage.
represents only payments defer-last will be credited to revenue as Rainstorm Legacy. more, if we are to avoid the neces- ment have so far succeeded in
red, some works postponed, some foreshadowed by Sir R. E. supplanting the Union Jack, or a Almost the whole of this works for the present abandoned, Stubbs in 1925, increasing our sity for increased taxation.
As flag embodying the Union Jack, amount was due to the great and awaiting better times for the total balances as at December 31, it is Mr. Southorn's figures make as the national emblem of the storm of July 19 last, and as resumption of a forward policy. 1926, to $5,402,696 and our liquid it clear that we should already be Union. The flag favoured by the Honourable Members are aware Against this under expenditure assets to meet a deficit on 1927 shouldering extra financial bur-Government takes the design of a there are several lakhs of addi-weha this over expenditure
deep red cross, edged with white, tional expenditure on dens but for the Government's and four quarters of green, count which are being charged to nett result being that the Depart-
this ac- on other items of $1,477,695 the working to about $3,816,000. decision to follow the policy of though it has been conceded that the 1927 votes. There were ment spent on Public Works Ex-Estimates for this year will turn raising loans for certain public the Union Jack may be flows on savings, mostly small, on most of traordinary only $268,499 less
special official days of the year. the subheads of works laid down by Sir Edward This determination of the Gov-amounting in all to $144,812
this vote, than its original total estimate.
Our expenditure we hope by rigid economy and in the $2,393,134 Deficit. Stubbs in his Budget speech three ernment to foist a flag of entirely leaving a nett deficit, of the
absence of any cataclysm of na- The year's working resulted in ture to keep within the total- years ago. The items for which new design on the Union is op-amount appearing in the Bill.
posed by the majority of the The increase in the vote for the a deficit of $2,393, 184 against an amount voted, viz, $22,314,702 as the Government proposes to raise white population of South Africa, Kowloon-Canton Railway is more estimated deficit when the Budget although various items of supple- loans are the whole cost of the and has already led to the display than accounted for by the neces-was introduced of $2,422,872 and mentary supply have been found Shing Mun Water Scheme, the of a certain amount of racial feel-sity of paying in 1926 for the a revised estimated deficit of recessary, there are inevitable cost of purchasing the site of the ing. We have waited 17 years new carriages for which it was $5.371,129, the difference being savings due to lapsing salaries for this" was a significant utter-intended to pay in 1925, Apart accounted for by the unexpected and under expended votes which old Diocesan Boys' School, the ance of General Hertzog when the from this the savings were far and somewhat fictitious increase will go far to meet them. cost of harbour dredging and the Bill was undergoing its second more than adequate to cover the in revenue account already refer- Revenue up to date has come in Colony's share of the cost of the reading, & remark regrettably cost of reopening the Fanling red to, by the delay in the com- slowly and we were at the end of
illustrating that old hatreds die
of the public our 23rd week, with nearly half Kai Tak Aerodrome. Besides hard and that all is not well with Branch. The increase on the pletion of some saying the taxpayer from much South Africa racially. The South Churitable Services vote repre- works for which funds had been the year gone, about $400,000 by unexpected short of our Estimates, and sents almost entirely the special provided, and heavy expenditure, this loan will African flag issue, however, is Grant to the Little Sisters of the savings on certain votes & should this continue throughout
$200,000 on the sinking fund the year should find our
de- result in bringing him a windfall purely a domestic one. The out-o
come of the aquabble will un-)
..vote.
ficit-increased by some nine lakhs, to the tune of nearly $2,000,000, doubtedly be felt throughout the Emergency Expenditure.
The financial position of the There is, however, reason to be- The increase in the Miscellane Colony at the opening of 1927 was lleve that revenue will improve în the sum expended on the water British Empire, but it is a matter scheme prior to December 31 last, in which the Home Government, ous Services vote is due mostly to therefore rather better than we the latter half of the year and at this stage, cannot interfere. It the Emergency Expenditure con anticipated when we framed our that death duties alone will wipe which will now be credited to the certainly would not be politic to do nected with the strike and boycott Budget for the current year. We out a large part of the deficit. Colony's revenue. All these items so. We can only say it is very un- with the need for which members estimated our surplus of assets Colony's Position Sound. come under the terms of the policy fortunate for South Africa that have been made acquainted in over liabilities at $2,742,868. We The Colony's financial position
had a surplus of laid down in the Budget of thres it should be threatened with the Finance Committee from time to
Sir, is sound, but the most careful raging and tearing controversy time. Increased rent of Public actually
economy is essential and will be years ago. As Sir Edward Stubbs which is likely to attend all the Telephones, against which must $8,486,290, of which a suni of not himself explained it, that policy further expected stages of this be set the increased royalty, the more than $1,400,000 can be re-essential for a year or two more was to press forward develop miserable affair. Now that the vote to close the accounts of the garded as liquid assets realisable if we are to avoid the necessity for the balancing of a deficit. for Increased taxation. The out- Bill has passed the Assembly, it British Empire Exhibition, and ment works with all speed, even has to go before the Senate, the increase in cost of transport,
look to-day is more hopeful than We budgetted this year for alit has been for a long time past if this entailed a deficit for the which will probably reject the account for practically the whole year, each year the deficit to be measure. Then there will be a of the balance of the increase on deficit of $1,807,805 exclusive of and if we husband our resources the expenditure on the Shing Mun carefully we can look forward to joint session of the two Houses, this vote. met from our cash balances, care and then the final referendum Three main items alone which Water scheme. As our balances the future with the utmost con- being taken, of course, not to de- which General Hertzog promised could not have been foreseen, viz. no longer permit us to finance fidence. plete these beyond a point-Sir last year. Truly a sad business, typhoon damages, the payment of the Shing Mun Scheme from Re- I now formally move the first Edward Stubbs suggested $5,- for which the Government must the 1925 account for railway car-venue, the Government proposes reading of an Ordinance to 000,000-where any sudden call accept at least some of the blame, riages and the Emergency Ex-in due course to raise a loan to authorise the Appropriation of a as they have insisted in again penditure account for almost the which it is proposed to charge the Supplementary Bum of One mil could dislocate our finances. Once raising the lesue of a national flag whole amount, asked for in the whole cost of the Shing Mun llon and eighty-three thousand Water Scheme. To it will also be eight hundred and ninety-two the high cash balances Wo had at a time when the country is Bill
80 tossing on the stormy seas of What Accounts Reveal, charged the coat of purchasing Dollars and forty-two Cents to far enjoyed had been
en reduced in paxelcu, mistrust and racial sus. More interesting, perhaps, than the ate of the old Diocesan Boys defray the Charges of the year this way, the time would have picion,
the detalls to which I have. re School, the cost of the Harbour 1926.
the creamp
You can taste
Pints 80 cents
Quarts $1.50
PURE WHOLESOME AND FLAVOURY.
Raising a Loan.
·
out.
Prospects For Future,
It remains to be seen how the