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THE HONG KONG DAILY PRESS, FRIDAY, JUNE 24th, 1927. -
COLONY'S FINANCIAL POSITION.
SOUND, BUT ECONOMY ESSENTIAL.
OUTLOOK TO-DAY MORE HOPEFUL THAT FOR A LONG TIME PAST.
FACING THE FUTURE WITH THE UTMOST CONFIDENCE.
At the meeting of the Legislative Council yesterday afternoon the Colonial Secretary, in asking for a supplementary sum to defray the charges of 1926, gave an interesting review of the Colony's financial position.
Revenue up to the present this year has come in more slowly than was anticipated and to date is about $400,000 short of the estimatas. Unless there is a speeding up, the estimated deficit for 1027 of $1.307,305 will be increased by some nine. Inkhs. The Colonial Secretary stated his belief, however, that the revenue would improve in the latter half of the year. The Colony's finan rial position, he said, was sound and the outlook to-day more hopeful than it had been for a long time past.
At the beginning of the year the Colony had a surplus of assets aver liabilities of 83,480,200. Of this sum! $1,400,000 were liquid assets realizable for the balancing of a deficit. These liquid assets will be increased to $3,316,000 when the amount expended on the Shing Muni Water scheme from revenue is charged to loan necount. As is known, the Government propose in due course to Taisen lan to which will be charged the whole cost of the Shing Man Water scheme, the cost of purchasing the site of the old Diocesan Boys School, the cost of the Harbour dredging and the Colony's share of the cost of the Kai Tak aerodrome,
The Colonial Secretary said: now Inid before you, which disclose Sir, I rise to move the motion revenue of $21,131,882, show a standing in my name, r., a bill decided
to authorize the appropriation of revised supplementary sum of $1,083,892.42 to defray the charges of the year
1926.
improvement on
estimate but it must
THE LEUNG KWONG'
COLLISION.
CHINESE OILER'S
EVIDENCE.
ENQUIRY AGAIN ADJOURNED.
The enquiry into the death of the persons who were killed as a result of the collision between the Moon- shine and the s.s. Leung Kwong, at Capsuimun Pass on May. Oth,. was resumed at the Central Magis tracy yesterday morning before Mr. R. E. Lindsell, sitting as Coroner, with a special jury comprised of Messrs. F. C. Hall (forcmay), W. Logan and J. E. Joseph. The Harbour Master (Lieut.-Comdr. G. F. Hole, RN.) was also on the Bonch..
Mr. T. G. Bennett is appearing for the owners, coxswain, and crew of the Moonshine: Mr. G. K. Hall Brutton for Captain Wilson of the Leung Kwong, and also for Mrs Martin, widow of Mr. F. E. À. Martin, who was drowned; and Mr. G.S. Hugh Jones for the owners of the Leung Kwong,
Evidence WRS given by the Chinese oiler of the ill-fated vessel.
He said he had been on the Leung Kwong. two months prior to the our accident. He was in the engine room at 7.35 pim. on that day when he heard two blasts given on the Leung Kong's whistle, which were followed by the order for half speed. The ship was going at full speed when the signal was given. Witness turned one engine into half speed and the engineer attended to the other. A moment later the tele- graph rang rang for the engines to stop. This was immediately com- plied with and a few seconds after the engines had been stopped, a loud crash was heard.
be remembered that the differ. ence is more than accounted for by the two fortuitous items of The details of all items have been profits on exchange and profits on very fully supplied to honourable the sale of investments, which have members in Finance Committee been transferred to revenue account from time to time, and it is, I think, from our balances to meet the of the Accountant and annecessary to weary you with long views explanations now. The reasons for Auditor General. This is an adjust the excesses will be found in the inent covering several years and we Draft Appropriation account and in canot reckon on these as normat the Treasurer's report of the Fin sources of income. The deficits anees of the year 1926, copies of shown on page 9 of the Treasurer's which have been furnished to every report for 1928 are a sufficient justi- member. The items for which ficntion for our caution..
legislative sanction is now sought. Turning to expenditure, the are those which could not be met original estimate was $23,700,015. from already sanctioned votes. Our revised estimate (see Hansard Many of the items, particularly for 1928, page 80) was 24,957,786. those for the Royal Observatory, | The
actual expenditure was
Fire Brigade and Kowloon-Canton $23,524,710, being, in spite of the Railway are due to untstanding 1825 accounts which could not be -paid-till-1950. The largest-item-ia $623,116.80 for the Public Works
supplementary votes in the Biil now before you, $205,809 less than the original estimate...
For the full details of the savings Recurrent vote. Items charged to I would refer honourable members this yote in excess of the Estimates to the Treasurer's report and the amounted to $767,929 of which draft appropriation account. My $714,810 represents excesses on the thanks are due to Heads of Depart vote for typhoon and rainstorm ments for the cure taken to restrict damage. Almost the whole of this expenditure within the amounts was due to the great stort of July voted; the sum of the small savings 19th last, and as honourable me so effected is considerable. Of the bors are aware there are several Lakhs of additional expenditure on this account which are being charged to the 1027 votes. There were savings, mostly small, on most of the sub-hands of this vote, amounting in all to 8141,812 leaving n nett deficit of the amount appear ing in the Bill
The increase in the vote for the Kowloon-Canton Railway is more than accounted for by the necessity of paying in 1928 for the new cars riages for which it was intended to pay in 1925. Apart from this the savings were far more than. ade quate to cover the cost of re-opening the Fanting Branch,
larger departmental savings a few itema, c, under Police Depart ment and Medical Department, have to be carried forward to 7 account owing to late delivery of stores; some are due to postponed works, eg, refuse barge for Sani. tury Department.
An
4.1$1
No Orders, Witness and the chief engineer stood by waiting for orders to come through, but
доде came.
The water then began to rush into the engine-room, and when it was Blooded to the depth of several inches they all hurried to the upper deck. The witness remained on the upper deck until the water reached that level, when he stepped over to the steam launch Moonchine which was lying alongside the Leung Konig on the part side. The wit- nes saw some people in the water. He also noticed one or two rafts floating about with some people hanging on to them.
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HONG KONG.
We budgetted this year for a de- feit of $1,307,305 exclusive of the ex- penditure of the Shing Mun Water scheme. As our balances no longer permit us to finance the Shing Mun. Scheme from Revenuo, the Govern ment proposes in due course to raise a loan to which it is proposed to charge the whole cost of the Shing Public Works Extraordinary re- Man Water Scheme. To it will also quires special mention. There was be charged the cost of purchasing
under expenditure
the the site of the old Discesan Boys original vote of 1926 of no less than School, the cost of the Harbour $1,740,195, full details of which dredging and the Colony's share of will be found in the papers in the cost of the Kai Tak Arrodzone. honourable members' hands. It was From this loan a sum of 21,918,406) necessary for to restrict Public expended on the Water scheme works and to works to which the will be credited to revenue as fare. prior to the 31st December last Works Extraordinary to essential The increase on the Charitable Government was committed, and it shadowed by Sir. R. E. Stubbs in Services vote represents almost was well that we did so, for, as 1925, increasing our total balances: Poor. The in- we were suddenly faced with an un-0,403,308 and our liquid assets to crease in the Miscellaneous Services expected call for $1,000,000 for the meet a deficit on 1997 working to vote is due mostly to the Emergency rainstorm damages. Some of the about $3,318,000. Expenditure connected with the under expenditure represents sav. It remains to be seen how the strike and boycott with the needings on the estimates, some repre- Estimates for this year will turn for which members have been made sents only payments deferred, sorue out. Our expenditure we hope by acquuntad in Finance Committee works postponed, some works for rigid eonomy and in the absence from time to time. Increased rent the present abandoned, and await of any cataclysin of nature to keep of Fublic Telephones, against which ing better times for the resumption within the total amount voted, 'piz., must be set the increased royalty of a forward policy. Against this 822,314,702, as although various the vote to close the accounts of under expenditure we had an over items of supplementary supply have the British Empire Exhibition, and expenditure on other items of been found necessary, there are in the increase in cost of transport, $1,477,095 the. nett result being that evitable savings due to lapsing account, for practically the whole of the Department speat on Public salaries and under expended votes the balance of the increase on this Works Extraordinary only $283,400 which will go far to meet them.
less than its original total estimate. Revenue up to date has come in yote.
Three main items alone which The year's working resulted in a slowly and we were at the end of could not have been foressen, deficit of 32,903,134 Rguinst an cati. our 23rd, week, with nearly half the typhoon damages, the payment of mated defeit when the Budget was year gone, about 8400,000 short of the1025 account for railway car introduced of $2,422,872 and a re- our Estimates, and should this con- tinue throughout the year we riages and the emergency expendi-vised estimated deficit of $5,371,129, taro account for almost the whole the difference being accounted for should find our deficit iurceased by
by the unexpected and somewhat some nine lakhs. amount asked for in the Bill.
There is, how. ever, reason to believe that. re actitious increase in revenue ac..
venue will improve in the latter. count already referred to, by the More interesting, perhaps, than delay in the completion of some of half of the year and that death the details to which I have referred the Public Works for which funde duties alone will wipe out a large will be a brief roview of the pos- had been provided, and by unex purt of the deficit. tion as disclosed by the final: acpected savings on certain votes, counts for 1928 and a reference, to its bearing on the current, ustimates, $200,000 on the shinking fund
A General Review.
vote:
Wo
and on those which will be present-
The Loan Proposal. ed to you a few mouths hence,
When the Budget for 1928 was
The financial Dos
position of the framed shortly after the beginning Colony at the opening of 1927 was, of the boycott, the revenue was therefore, rather better than we estimated at 221,367,743, and ex- anticipated when we framed our penditure at 223,00,618, a deficit Budget for the current year. of 89,192,872, to meet which we estimated our surplus of asnote over actually had at the end of 1925 liabilities at $2,748,353. We actual surplus balance of 88,113.482. When 15 had a surplus of 83,480,290, of I introduced the 1027 Budget last which a sum of not more than October te state of affairs was 81,400,000 can be regarded as liquid such that we did not feel justified assots realizable for the balancing in estimating, our 1926 revenue at of a deficit. more than $19,488,857. The figures (Continuer on next.Column.)
14
The Colony's financial position Sir, is sound, but the most careful economy is essential and will be essential for a year or two more if wo are to avoid the necessity for increased taxation. The outlook to-day is more hopeful than it has been for long time past and if we husband
our resources carefully we look forward to the future with the utmost confidence.
can
I
now, formally move the first reading of an Ordinance to author- ize the Appropriation of Supple montary Sum of $1,093,802.12 to defray the charges of the year 1920.
The Attorney-General seconded; and the Bill was read a first time.
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Hong Kong Weekly Press
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ALTHOUGH THE YANGTSZE AREA IS STILL IN THE GRIP OF CIVIL WAR, TRADE CONDITIONS IN THE SOUTH'. HAVE BEEN SLOWLY BUT STEADILY IM- PROVING FOR SOME TIME PAST.
Friends at Home fail to realise how marked may be the contrast between conditions prevailing in different parts of China.
The HONG KONG WEEKLY PRESS, which gives general review of the whole situation, should be mailed to England regularly to keep those with personal and business associations in the Far East, in touch with affairs. The important cables from the North are supplemented by the detailed accounts from our own correspon- dents of happenings in Hong Kong and Canton.
During the past week one of the most interesting developments in the relationship between this Colony and Kwangtung was the social gathering arranged to celebrate the renewal of co-operation between the Chinese and British sections of the Kowloon-Canton railway.
Later comes the news of the attempt of some dissatisfied seamen to interfere again with the river traffic.
The WEEKLY gives the facts impartially and concisely. It is the paper which friends at Home would welcome; put them on the mailing list.
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