1923-10-05

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THE HONGKONG DAILY PRESS, FRIDAY, OCTOBER

THE COLONIAL BUDGET. (Continued from page 8.) ·

THE LAND BOOM, 12

In the case,” also, of another very im- |portant source of revenue, the political sitaation in China is a factor" of very great importance..

The estimate of the probable revenue from land sales is « matter largely of fconjecture at the best of times. In preli sent circumstances, it is the merest guess-work. The demand for land is enormous and much in excess of the supply, as it takes time, considerable timo, to open up new areas and to pre- pare them for building purposes, with roads. undlah-training. water supply. lighting and so on. It is agreed on all sides that this demantt is the direct result of the unfortunate dissensions. in' South China, which have resulted in great sums of money being brought to the safe refuge of Hongkong instead of being employed, as they should be and in normal times would he, in the operations of trade. It is, therefore, by no means a healthy development and, useful though we find the large sants, which accrue from Maxamar & SOEKARAIA and sales in present circumstances, we should be glad to see falling off in the 'démand if it meant that money were flow- ing back into the channels of legitimate. trude.

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There can be no donht that this boom in land cannot last indefinitely. The question is whether it will end during the coming your. The end may come for tiro reasons. Order may be restored in the neighbouring provinces of China and tende may resmine its normal course. This is what we all hope may happen, but if, on the other hand, the present deplor Able state of disorder continnes it cannot be long before Southern Chins reaches n stage of complete exhaustion, with the result, not only that no more Chinese money will seck investment in Hongkong but that the prosperity of this Colony, whose interests are indissolably bound up with those of its neighbour, will suffer a: severe check. Optimistic and pessimistic views alike, therefore, lead us to place the revenue from Land Sales in 1024 at: a considerably lower figure than will be realized in 1923.

THE HOUSING PROBLE

I have already exercised the patience of this Council for so long that I will not now discuss the interesting subject of the bearing of high prices for land on the question of housing accommodation, which is one of the most important probi leins of the Colony at the present day.

A report by the Commission which I Appointed earlier in the year to consider this question has been laid on the table to-day, and I am sure that Honourable Members will join with me in expressing on behalf of the community great appre ciation of the arduous work of Mr. Pollock, Mr. Kotewall and Mr. Bailey. The report will be arost carefully con- sidered, but I may say that while the Commission has been busy the Govern inent has not by any means been idle. I will not occupy your time by specifying the various measures which have been devised to alleviate the difficulties of the situation, but I would refer in passing to the experiment known as the "forty years lease scheme," which OTEX its origin to the fertile brain and inexhaust- ible activity of the Acting Colonial Secre tary and from which we hope great things, as the demand for land in 'accord- ance with its provisions has exceeded our most sangcine expectation. The primary object of this new method of: leasing is to put land at the service of the community generally without the burdensome conditions of an excessive competitive price, while at the same time) the investor who is willing to build is assured of a safe and reasonably profit- able investment.

THE MILITARY LANDS QUESTION.

This

la conclusion, I would refer to that percating and troublesome subject of discussion-the Military Lands. question is still, i regret to say, un settled, but I believe that, there is now a real prospect of an early solution In! the spring of mast year an agreement was come to between this Government und the local Military Authorities as to the value of the lands to be surrendered, but, while the matter was still under conside ration at the War Office, the land boom. supervened and for the time being values. have risen greatly. In these circum-. stances, the Army Council have decided that the figures need further considera tion and they hare accordingly sent out. Sir John Oakley, an eminent authority such matters, to investigate the situation. Sir John Oakley arrived re- cently, and every facility is being given him to pursue his enquiries. If a price is fixed which the Colony finds itself able to accept, z commencement will forthwith

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Omia Hotel

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Gun Club Hill for the British battalion, and, as soon as these barracks are ready, Murray Barracks and Murray Parade Ground will be handed over to the Colony. I feel now, what, I confess F have never felt before, that I am not taking too optimistic a view, in thinking; that my term of office may be marked by the removal of this serious, obstacle to the proper development of the City of Victoria(Applause.).

Aftor other business had been trans- acted,

HE T GOVERNOR said:

It is customary to allow some time for the adequate consideration of the Finance Bill, before it is read a second time. A fortnight is the usual time, but there in no objection to three weeks if Honour able Members wish it. There is quite an amount of minor business to be disposed of and I anggest that we meet at 2.30 this day week. The Fraudulent Transfer of Businesses Bill will be ready for con- sideration next week.

Hon. Mr. POLLOCK intimated that a fortnight would be a sufficient adjourn ment for the Finance BI

HIS EXCELLENCY accordingly deferred the second reading of the Finance Bill a fortnight, and adjourned the Council for the transaction of other busincar until Thursday, next..

5TH, 1929.

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