October 27, 1897.]
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on 18th ulto. requested or directed the Reporter of the Daily Press and for the offloial Hansard report of the proceedings of this Connoil, to suppress any portion of the discussion on the subject of the Military Contribution which took place at said meeting, and if it was at his suggestion that a question put by me at that meeting with reference to the Military Contribution, the Honourable Mem- ber's reply thereto, and the Honourable the Co- lonial Treasurer's correction of an error into which the Honourable the Colonial Secretary had fallen in his reply, did not appear in the report of the meeting of the Finance Committee in any one of the three local newspapers and is not contained in the official Hansard report as sent round by the Daily Press to Honourable Members for revision.
THE CYPHER TELEGRAM: HIS EXCEL- LENCY EXPLAINS.
His EXCELLENCY the GOVERNOR-Before I submit the Estimates I wish to make a personal explanation. As there has been a great deal of misapprehension in regard to the cypher telegram which I forwarded to the Secretary of State I would remark that what I intended to say to him was that in case there was a deficit in the budget the Jubilee contribution would be made up by additional taxation and not by a loan. I am glad to say the Secretary of State read it in that light. Anybody knowing Mr. Chater must be aware that he could not make a promise of the nature which was ascribed to him and that I could not expect it or accept it because it would be impossible for him to fulfil it. Mr. Chater on that occasion Was accompanied by Mr. Thomas Jackson and the Hon. Colonial Secretary, the other principal executive officers of the Jubilee Committee. I take upon myself the entire responsibility of the telegram. I wrote it myself, and I admit it was unfortunate and unintentionally misleading. I am very sorry I mentioned Mr. Chater's name at all, as it has had the result of bringing upon him some very vulgar and scurrilous abuse, which must, however, be regarded with contempt, not to say disgust, by all those in Hongkong whose opinions are worth having. (Hear, hear. and Applause.)
HIS EXCELLENCY'S SPEECH, His EXCELLENCY the GOVERNOR then de livered his speech as follows:-
CHINA OVERLAND TRADE REPORT.
Stamps,
Medical treatment in the Civil Hospital, Official signatures, Queen's College, fees from scholars. Postage,
325
11,500 | The fund will then stand at the handsome 3,400 total of over $196,000, and it is proposed to 2,500 draw upon it to defray the expenditure on 3,500 those special works that may be incurred dur 14,700 ing 1898 and following years. It may interest 17,700 you to know that I have applied for the services 14,000 of three Sisters, who will be at the disposal of There are also minor increases under other the community ou fixed terms as soon as they headings, and two new items, viz :--
arrive early next year. (Applause.) Certificates to Chinese entering America, $20,000 Interest,
3,000
Leased lands, Water account,...
IT
The increase under the beading Assessed Taxes "is expected in view of the prospective re-valuation of all rateable tenements, which will come into force from the 1st July next, and the number of new buildings nearing com- pletion. The estimated increase in the receipts on water account is due to the additional revenue derived from the establishment of the new waterworks in Kowloon and elsewhere.
In 1896 there were no receipts on account of "Interest," the Government balances being exhausted by the expenditure incurred in con- nection with the resumption of Taipingshan, and in dealing with the plague epidemic during that year.
The principal items, which will probably show a falling off as compared with the receipts for 1896, are as follows:-
Light Dues, Fines,... Junk licences, Fees of Court, Miscellaneous receipts, Subsidiary coins, Land sales,...
$72,000
22,500
4,600
2,000
5,000
10,000 15,800
in addition to other minor decreases.
The Government intends to adopt a bold policy in regard to the supply of subsidiary coins, and it is probable that, if the demand for them con- tinues to be as brisk as it is at present, the result may be more gratifying than the estimated revenue from this source would lead me to conjecture. The Government is much indebted to the Chief Manager of the Hongkong and Shanghai Bank for his assistance and with this subject. advice in connection (Applause.)
As regards land sales, I should not be sur- prised if, for reasons which I have already stated, instead of falling short of the somewhat exceptional figures for 1896, the revenue from this source for. 1898 actually exceeded the receipts for the former year.
The total estimated expenditure, including publie works extraordinary, for 1898 amounts to $2,770,706. Of this sum $137.830 is charge. able to the Loan, leaving a balance of $2,632,876 to be defrayed from current revenus. This gives an estimated surplus of revenue over expenditure of $61.992. (Applause.) In estimating the expenditure the rate of exchange, for the purpose of sterling payments, has been taken at the low value of Is, 9d.
Honourable Gentlemen of the Legislative Council, I have much pleasure in laying upou the table the Estimates for 1898. These Estimates have been in your hands for the last fortnight. You have therefore had sufficient time to give them your careful attention, except in one important item which will neces- sitate a change in the figures of these Estimates. Before proceeding to deal in detail with those points which call for special remark, it affords me satisfaction to announce that, in deference to the wishes of the shipping community, the
The difference between the estimate of ex- charge for light dues has been reduced from penditure for 1898 and the total sum expended 24 cents to 1 cent per ton. Whilst I am glad in 1896 is $295,796. Of this increase no less to be able to redeem the promise of the Govern- than $270,906 is on account of the more exten- ment in this matter. I would remind you that, sive programme for public works extraordinary if hereafter necessity should arise for increas-which it is proposed to carry out in 1898, and ing the revenue, it may be necessary to again raise the shipping charges. I trust that this contingency may not occur.
|
Having explained the greater part of the estimated increase of expenditure for 1898 as compared with that incurred in 1896, it remains to point out the most noticeable increases under other heads, viz. :-
Public debt Pensions... Post Office
Sanitary Department
$48,970
26,950
23,500
10,000
13,500
Public Works recurrent The increased expenditure on account of Public Debt is partly due to the contribution to the new sinking fund, which only commenced in October, 1896, and partly to the depreciation of the dollar. Au increase for pensions is only to be expected as the colony grows older and the number of pensioners increases.
The increase for public works recurrent is explained by the general extension of works and the consequently increased cost of maintenance, The other increases are accounted for in the foot-notes contained in the estimates.
The following substantial decreases, on the other hand, as compared with the expenditure for 1896, should be recorded :—
Legal departments, Magistracy,
Police and Gaol, Miscellaneous services,
Military expenditure,
$ 6,600
3,200
10,100
66,200
26,800
I have now, I think, dealt as fully as time permits with the Estimates for 1898 and any further information that may be desired will be furnished in Finance Committee.
As regards the financial prospects of the current year, you will observe that the revised estimate of revenue only amounts to $2,446,065. The revised estimate of expenditure, on the other hand, is put at $2,590,670, giving an estimated excess of expenditure over revenue of $144,805. Since the revised estimate of revenue was prepared, the financial barometer has risen considerably and the depression, which was likely to affect the items "land sales" and "subsidiary coins," has disappeared. I have now good reason for stating that the revenue from land sales is almost certain to double the amount estimated, i.e., $200,000 instead of $100,000-(applause),- whilst if exchange maintains its present higher rate, it is not too much to expect a profit of 4 per cent. from subsidiary coins, which, on the total consignments ordered for the year, should bring in some $100,000 instead of $65,000 as previously estimated. This disposes of $135,000 of the anticipated excess, and the remaining $9,800 is more than covered by the balance in hand at the end of 1896 (exclusive of loan monies) amounting to $13,486. An estimated deficit of over $144,000 will thus be converted into a surplus of $3,686. I am hopeful of even a more favourable result. The prospect may, I think, be considered satisfactory, especially when it is borne in mind that over $98,000 will have been contributed from current revenue to the Jubilee Fund, and that public works have by no means been neglected.
which includes several works of pressing im- portance to the sanitary well-being of the colony and of a remunerative nature. Some of these It gives me equal pleasure to inform you that are destined for the general benefit and con notwithstanding the reduction of the light dues,venience of the community. Amongst the latter which will involve a decrease of some $70,000 in I may mention the improvement of the Recrea And here, gentlemen, I will briefly review the receipts from this soarce, and the unprece- tion Ground at Wongneichong, which will be the position of the colonial finances. At the time of my arrival the colony was reaping the dentedly low value of the dollar, taken at ls. 9d., partly paid for in 1898; extension of the I do not.propose to levy any additional taxation. new road, known as Chamberlain Road, at the inevitable results of over-speculation and la The deficiency, if any, will be fully met by large Peak; the extension of certain streets in Kow-bouring under the weight of severe financial receipts from land sales during the coming year, loon; and the proposed new road from Plantation depression. The outlook was anything but as well as by the increased value of the opium Road to Magazine Gap. This road, whilst im-bright; business was dull, and the revenue suf- farm. The estimate in the first case is based proving the means of communication between upon the fact that the Government has a very the Hill Districts, will open up several very valuable asset in Taipingshan, a large portion desirable building sites for private residences. of which will almost certainly be recovered in 1898, as well as in valuable sites in other much sought-after localities.
I would now invite your attention to the fol- lowing points.
The revenue has been cautiously estimate.l, and is expected to amount to $2,694,868 as against $2,609,878 collected in 1896, or an esti- mated increase of $84,990 on the total receipts for the latter year. The most noteworthy in. oreases (in round numbers) are as follows: Opium monopoly,
Issessed taxes,
$71,680 57,700
+
fered accordingly. On the other hand, there were public works of pressing importance to be carried on, eg, the Praya Reclamation, the Central Market, the extension of the Gaol, and the water, drainage, and sewerage works. It was evident that the revenue was insufficient to meet the demands made upon it.
You will, probably, have observed that no provision-I call the hon. Mr. Whitehead's attention to this part- has been made in the Estimates for the new Victoria Road, Victoria Hospital, and Nursing Institute, which are However, I awaited the financial results of intended to commemorate the completion of the my first year of administration; and those re-
This anlts, gentlemen, convinced me of the necessity" sixtieth year of Her Majesty's reign. loyal community having subscribed $98,000, of raising a loan, and if you will refer to my the Government, in accordance with its promise, speech to this Council on the 25th January, proposes to add a like sum. The Finance Com- 1892, you will recollect that I then approached mittee will therefore be asked to-day to vote you on the subject with an expression of regret that amount. When the vote is passed it will that it should have fallen to my lot to make be charged to the revenue for the current year.' such a proposal to you in my first address.