COLONY'S BUDGET FOR 1928.
NO NEW BURDENS IMPOSED
ON COMMUNITY..
GOVERNOR.
THE HONGKONG TELEGRAPH,
means confined to Hongkong, but it was aggravated here by the dis- turbed state of the neighbouring province of Kwangtung and of China generally.
Eventually, however, this very state of chaus and anarchy in China
Revenue from Land.
ECONOMY AND OPTIMISM.9 Revenue from land-
The Budget was introduced into the Legislative Connell yester day afternoon when His Excellency the Governor prefaced the Budget Speech made by the Colonial Secretary by a comprehensive review of the Colony's financial history, during the past thirty
years.
His Excellency explained how there had been three setbacks to the steady expansion of the colonial revenue, and referring to the boycott said in one way it did good, uniting the Chinese and European communities" of the Colony in a fixed determination to destroy the menace of Bolshevism and to root out communism.
sales
1920 revenue from land-
sales
from land-
1921 revenue
sules
unles
from land-
from land-
1922 revenue
'sules 1023 revenue 1924 revenue from land-
sales... 1925 revenue
from land- sales 1926 revenue from land-
sales We were, therefore, last year
FRIDAY, SEPTEMBER
re- venue,
to dedust from Ingt year's opium revenue the cost of manufacture, namely $690,918; adt! the maining $2,140,392 can then pro- perly be compared with the net revenue of $236,000 derived by this Government from oplum in
1897.
tion
are
2. 1927.
topmont in the Kowloon peninsula has been paid for from current re- This development has been nothing less than the transforma- tion of a rural district into a large modern town, where in years to Hon or more persons will reside.. come it is not unlikely that a mil
Kowloon Development.
realizable for current expenditure. money left after provision had It is a splendid record and may heen made for these works has well inspire us with confidence been devoted to some of the most and give panse to those who talk urgent of the minor works which wildly of making Hongkong onte are awaiting attention.. again "the barren island" it was before the Treaty of Nanking.
No Additional Burdens.
means in our two
development of commercial avia- power, Consequently with tion, by further improving our small exceptions to which I shall water supply to meet the needs of refer later it is not proposed to our increasing population and byaiter any of the existing sources
whereof revenue, dredging the harbour,
We have not however necessary to a greater depth.
But we think that future gen-tooked the possibility of pro
by means of a Jonn erations of colonists, who will ceeding with works of develop- benefit from the schemes now in- ment itiated, ought to share with us and I shall at a later point in our We propose, there-proceedings this afternoon move in the cost.
the future
heavily on the community.
over-
Hongkong was a marvellous exemplification of the results which back again at the pre-booth figures 1901, in 1911 and 1921: but materially assisted in the Kowloon on the now loan will not weigh nearly $2,000,000 of this amount is
for
It would of course be possible No Halt In Development.
to increase taxation and so to raise reacted beneficially upon the re- venues of Hongkong, because the So it results that the Colony'a Chinese realized that this Colony opium revenue last year was 10.1
Gentlemen, we have no intentionsutllcient money to pay for some income, afforded a safe refuge from the
total per cent. of our
This town has been provided with of calling any halt in the develop- of the works we have felt obliged storm and they, therefore, became while in 1897 it was
10.6 per an ample water supply, with a ment of Hongkong. On the conto postpone. But it would be uny
wise to lay additional burdens on anxious in increasing numbers to cent, and the apparent relative splendid rond system, with drain- trary, we have it in mind to make the community just when trade is find some foothold within it. There increase vanishes. Moreover, this age, with a hospital, with fine police further progress by constructing beginning to pick up. It must STRIKING SPEECH BY H. E. THE folowed a land-boom in Hongkong Germont is very willing to pro-stations at Yaumati, Shamshulpo an nerodrome, which will enable at duty to foster that re- and Kowloon: and the recent sta-hibit the consumption of opium and Kowloon City and with a break- tistics of the revente of this Colony in the Colony and to forego its water and typhoon shelter at Mong- us to participate in the world-wide covery by every From land-sales are so significant revenue from this source as soon, koktsuie. All public works in the that give them in full:
as the production and consump- New Territories, except the rail- China way, have been paid for out of of opium in
Until then current revenue. suppressed.
is not
a practi- In broad outline this means that, prohibition $263,900 Fal proposition in Hong without raising any loan, we have kong, and all we can do is to keep made a detailed cadastral and con- 556,349
the price high enough to make tour survey of the New Territories, so showing every paddy field and every 1,634,098 opium a luxury and yet not
house contained therein; we have high as further to encourage
built the Taipo Road and the road 2,21,804 smuggling,
via Castle Peak to Fanling and fore, soon to raise a loan by means the first reading of a Bill authoriz
we have of which to finance these new ing the provision for a loan of The Colony's" Population.
across to Shathukok: 3.488,797
Turning now to the statistics of erected all the police stations and schemes, and if, as I for one fully $5,000,000. to carry out the Shing progress of Mun Water Scheme, the, Harbour 1,909,236
the Colony's population, it is neces-public buildings in the New Ter-expect, sary first of all to observe that these ritories; we have extended the Gov Hangkong is such as to rival its Dredging and the Colony's share 670,243
figures have by no means the same ernment telephone system through progress in the past, the burden of the Kai Tak Aerodrome. It degree of accuracy as the financial put the Territories; we have made of the interest and sinking fund must be remembered however that 286,342
required to pay back to our bal- There was a census in the Shamshuipo reclamation "and
ances suma already expended on returns,
Tong Development Scheme.
This the waterworks scheme. Confidence in Future. years the intervening
On the Island,
sum is expected to be available total Civil population is
The stability of our financial before the end of this year and is estimate based upon
Meanwhile on Hongkong Island itself we have constructed a system position has been amply tested by duly taken into account in con- the excess of births over deaths and of immigration over emigration.
Towards the end of an inter-cen- of first class motor roads. We have the events of the past thirty years.sidering the money available for sal period these figures are apt to built the magnificent Tytamtuk At the beginning of that period expenditure next year.
We have participated the Boxer year came and went be wide of the mark, and this fact waterworks.
The Russo-Japanese no doubt accounts for the sharp in the original Praya Reclamation without any check to the Colony's
Before proceeding with the de The land-boom was already on the decline, when Bolshevik incri rises in 1911 and 1921, when the and the Praya East reclamation. progress.
corrected by actual enumeration, barbour dredging work. We have development in Hongkong. Even deal briefly with the general fin. the anti-British boycott which u figures are given in the ses built the Wireless Station at Cape the Chinese Revolution of 1911.ancial position of the Colony, and 1914-18, and succeeded by disas Honourable Members to refer to began in June. 1925. It is in-signal na zur No. 4 of 1927, to which d'Aguilar, the Blake Pior and the followed by the Great War of in this connexion I would ask teresting in retrospect o observe I have already referral. The figures Queen's Pier.
We have also erected a large trous years of civil war in China, my remarks when introducing the how little injury that buy it out for the census years are: to Hongkong. In one way it even 1901 to civil population: 290,124 number of excellent and spacious continuing to this day, has not im-Supplementary Supply Bill for 461.277 buildings, chief among which are peded the advance of this Colony, 1926 on 23rd June last. We start did good, for it unlled the Chin 1911
686,680 the Supreme Court, the Post Office which finds itself stronger nowed this year with a Surplus Bal- ese and European communities of foei
ance of $3.486,290 of which we this Colony, as they had never Consequently the rate of increase Building with the Government than when the cataclysin began.
ás liquid been united before, in a fixed de- in the population during the first Offices therein, the Fire Brigade We have, therefore, every right regarded $1,400,000 termination to destroy the mince decade was 68 per cent, and during Station with the Government Offices to look into the future with per assets. We badgetted for a delicit of Bolshevism and to root out the second decade 17 per cent. We therein. the King's College, the feet confidence. This is a mar- of $1,307.505 to be met from the Communism from among us.
are now in the middle of an inter-Victoria Hospital extension, the unal period and it is difficult to Bacteriological Institute, the Cen-vellous exemplification of the re-surplus balance. The Estimates what degree of reliance can be tral Police Station, the new Magis-sults which can be achieved when of Revenue and Expenditure for placed on the estimate of 874,120 tracy, the Harbour Office and the Britons and Chinese collaborate in
Such collaboration has done won-pages 5 to 12 of the draft Estim souls as the total civil population
the development of a country.fully revised and are shown on
of the year 1926. But it is certain that our population is larger now
ders for the Far East in years ates now in Honourable Members the future holds even better things gene by and I am quite sure that hands. than in 1921, and I shall be much surprised if the 1931 census does
in store. (Applause). not again reveal a very appreciable increase in the Colony's popula tion.
could be achieved when Britons and Chinese collaborated in the development of a country. Such collaboration had done wonders for the Far East in years gone by, and he was sure the fature held better things in store.
Economy and optimism were the keynotes of the Budget Speech made by the Colonial Secretary. He said the Budget had beon framed on the most conservative lines possible. Economy had been
only
of 1919: but at the height of the boom, during 1923, the Colony the derived, more money from land sales alone than the amount of its total annual revenue prior to the beginning of this cortury,
The Bolshevik Menace.
General Financial Position.
their watchword. The speech revealed that only two small changes gue launched against this Colony previous estimates were suddenly We have done much drainage and War of 1901-5 did not disturb local tails of the budget I propose to
in sources of revenue are contemplated.
Fees at certain schools are to be slightly increased and there is an increase also on Survey
fees for steamers and steam launches.
Concluding his speech the Colonial Secretary said. "There may be disappointment that it is not intended to proceed with such eminently attractive and popular public works as the schemes for improved bathing beaches, but as I made evident at the beginning; of my speech the présent time is not one for embarking on anything
that is not absolutely essential:"
GOVERNMENT TO FIGHT MALARIA.
H. E. The Governor said--pated to be 871,420 souls; the total Honourable Members of the Legis-shipping engaged in foreign trade lative Council, -When framing the entered and cleared at Hongkong Colony's budget for a future year, excluding junka was 26.983,190 tons
I venture to believe that the same determination now animates the Government of the Kuangang Province and I hope, therefore, that it may not be long before the old spirit of friendship an aperation will again prevail be- tween Hongkong and Canton to our mutual advantage,
Ľ
In considering the stability of our financial position it is, of enurse, necessary to examine the revenue is derived, and in this re-
du. da.
Hongkong Shipping.
it is always wise to look back over and of this total 54 per ceșit. was principal sources from which our the past, in order to estimate the British. stability of our financial position, Therefore, during these, thirtyspect also a comparison between Hongkong and its shipping which
1. is. of course, the harbour of
Western Market. The donation of £250,000 towards the cost of the Imperial Naval Base at Singapore was also made without recourse to borrowing.
the current year have been care-
to measure the rate of colonial pro-years the Colony's revenue increas- the years 1897 and 1926 is folhas made the greatness of Hong-ernment raised a 4 per cent, loan move the first reading of a Bill reduce our under expenditure to
for us.
grcs and development, and thereby fed more than eight-fold, its popula- to get an insight (if possible) into tion was more than trebled, and its what the coming years have in store shipping engaged in foreign trade, exclusive of junka, was more than Such retrospect is valuable even doubled. This is a wonderful re- in normal times; but, when times card and the remarkable continuity į are abnormal, when the Cokmy bus of the progress made is shown in a
strain,
when China-of which Hongkong is geographically speak- ing a part--has been swept by Bol-1 shevism and devastated by civil war, and when an end" of the chaos and anarchy now unhappily preva-
comparison
of interest. Such a has been made in detail, in the sessional paper to which I have afrendy referred.
Sources of Revenue.
kong.
been subjected to special storm and sessional paper which has to-83 the chief items and my task is than junks was 9,944 with a total inscribed stock and amalgamated the total estimated expenditure
been laid on the table.
'Three Setbacks.
I need, therefore, only deal with simplified by the fact that of last year's total revende 77.7 per cent. was derived from no more than fifteen sources, the
figures for which I have tabulated for con- venience's sake side by side with the enrresponding figures for the
Year 1997, "
Debt
AD
ex.
It will be seen that we antici- of pate a shortfall of revenue nearly $500,000 and an under ex- The Loan Position.
penditure of some $780,000. Since The Hon. Colonial Secretary.
the figures were printed it has The present position with re-
The Hon. Colonial Secretaryeen decided to charge to revenue instead of to the loan the cost of gard to the Colony's loans is satis-
said: factory and can be summarized in
Your Excellency: In accordance the old site of the Diocesan Boys' will a few words.
(a) in 1887 the longkong Gov-with your instructions I rise to School, viz. $253,500 which In this respect also the of £200,000 for the purpose of con- intituled an Ordinance to apply $176,544 and leave us with
a sum not exceeding seventeen estimated deficit on this year's Progress achieved during the past structing various public works, million four hundred and fifty working of $1,302,257 to be met thirty years is wonderful and shows
Of this loan a sum of £60,000 had thousand one hundred and three from, our estimated liquid balance a remarkable continuity.
been repaid by 1893 and the bal dollars to the Public Service of the of $1,400,000. the total number of ships engaged
Liquor Duties Disappoint. in foreign trade entered and clearance, namely £140,000, was in, that year 1928." I would once again
We might therefore have fed and cleared at this port ether year converted into 9 per cent. remind Honourable Members that with the additional loan of £200,-s.shown in the printed estimates displacement of 12,124,590 tons.
Statistics of the total tonnage of 1000 then raised. When, in 1906, exceeds the total shown in the pected that we should have to com balance of $2,181,038 of which all kinds entered and cleared are the Hongkong Government floated Bill by the amount of Military mence next year with a surplus only some $97,000 would be liquid unfortunately not available for that a further 3% per cent. loan for the Contribution and Public
construction of the British Sec- Charges.
The last two years have been and available. As it happens how- year; but in 1902, the first year in which these figures were recorded, tion of Kowloon-Canton Railway, a total of 21,333,566 tons of ship this loan also was amalgamated dieult years for the Colony, but ever more of our balances have ping of all kinds entered and clear with the Colony's previous loan. as Your Excellency has just point- become liquid during the current
in Hongkong. ed
By 1924 The total of the consolidated 34ed out in the historial retrospectgear and there should be at least cent. loans thus became which must have been of great $500,000 available for expenditure the total tonnage of all kinds, par
To this will have been entered and cleared, had reached £1.485,733; and with a view to re-interest to Honourable Members at the end of this year without the record figure of 50,731,077 tons. payment, annual contributions of this is not the first time that it taking into account repayments
In that year 30,240 ships engaged
1 per cent. are made to a sinking has experienced, not a set back, from loan.
the sum of $1,916,406 expended Your Excellency's confidence and in foreign trade other than junks fund, which at the close of last put a halt in its progress. I share added before the end of the year entered and cleared at Hongkong, year amounted to £533,787. and their aggregate displacement an is due to be paid off in April. was 35,471,671 tons. It is inter- 1643. esting to compare the shipping statistics of London and New York For that year, The details are 664.105241,708 given in sessional paper No. 4 of 1927, but the result can be shown 538.045 471.679 110,047 at a glance as follows:
67,136 293,898
224,500 286,342
Hends of Revenue.
1026.
1897.
The 'revemie increased steadily from $2,686,014 in 1927 to lent in the Eighteen Provinces is $705,011 in 1906. Then there not yet in sight, retrospect becomes was a brief set-back, for the revenue essential and must be carried fur- in 1907 was enly $6.602.280 and in 1908 it fell to 36,104,207. Thence- ther into the past than usuai.
On this occasion, therefore, as a feward the increase was again preface to the introduction of next vontinuous until in 1918 the revenite
There Assessed taxes. 3,636,668 429,136 year's budget by the Colonial collected was $18,665,218.
252,210 2,028,339 Stamp duties Secretary. I propese briefly to re-followed another set-back, the re- view the Colony's financial history venue for 1919 being $16.524.974, Opium monopoly 2,831,205 286,000
1,835,845 for the past thirty years, from 1897 Jr 1920 being $14,689,671 and for Tabace duties
1921 being $17,728,131. There Liquor duties. 1,186,313 to 1926, bath years included.
268,616 Chronologists reckon thirty years after the revenue suddenly leaped Postage
rent cr to be a generation, and the thirty up again, reaching the Colony's, Crown
leused lands ears in question do in fact coincide record, namely $24,783,762, in 1929.
including the with the service in Hongkong of Since then there has been another
New Territo- several official members now seated decline: ut. oven so the revenue
rics) at this Council table. They coin-collected last year was $21,131,581,
Railway cide very nearly with the period of appreciably more than in any year Water supply my own experience of Hongkong:or the Colony's history prior to Lieur licences.. and there are also unofficial mem-1922,
The Connell will see that during bers of this Conncil who have had personal knowledge of Hongkong the thirty years under review ther throughout these years
has thrice been a set-back in the
1 have, hærever, chosen this steady expansion of the colonial re- period mainly for three other ren- venue, the first in 1907-8, the second Interest sons, the first being that it is prac-in 1919-21, while the third is being Markets tically en-extensive with the time experienced at the present time. On
Total during which the New Territories, the first of these occasions the have formed part of the Colony, trouble was due to trade depres- the second being that 1900 was the sion consequent on over-speculation Boxer year and that useful lessons in 1904, followed in 1965 by the boy may be drawn from a comparison ott of American goods in China. of conditions in the Colony then as a protest against the United and now, and the third being that States exclusion law. Imports to, at the commencement of this and exports from, Chian fell off. perlod our 1803 loun
had been
fully expended and that since then the Colony's development has been financed almost entirely annual.revenue.
from
West
698,407
!
Ports.
Foreign
:
The Trade Loan.
This
Scheme and reimbursed from the so too, that it will not be long loan. We therefore expect to I am sure Honourable Members do from revenue on the Shing Mun before we are not only back where
of Assets
of
we were prior to the outbreak of start the year 1928 with a Surplus
over liabilities the strike and boycott, but advanc- $4,100,439 and liquid balances of ing far beyond.
$2,416,406. те
Кечелие for the present year has not come in quite as well as we hoped. The new Liquor Duties have not come up to expectations and the total liquor duties show an estimated shortfall of $350,000, big step Opium Revenue shows a shortage
when
J.
we
(b) During the Great War a local loan of $3,000,000 was raised
But until that time comes contribution to the Imperial Gov- by the Hongkong Government as a crnment en account of the mother must be content to hold firmly on country's war expenditure. This to what we have got, and to 1924.
loan bears interest at 6 per cent restrain ourselves from any under Total ton- Land sales
going ton- per annum and is in process of takings which would jeopardize nage of Kowloon
all kinds, nage exclud-liquidation. By the 1st May this four financial stability 247,130 Ferry licence.
ing junks. year $2,100,000 had been repaid wish to take the next
of $200,000. Stamp Duties of 35,471,671 Carriage, chair,
243,155 ete.. licences.
48,322 Hongkong 56,731,077
and arrangements have been made forward.
$300,000 and Land Sales of $200,- 42,557,406 47,064,975 4,576
London 237,444
Economy the Watchword. 37.773,000 repas the outstanding $900,000
.000. 232,504 70,519 New York 40,022,503
on the 1st November, next.. No
Consequently the present budget While the last two no doubt re- One of the Greatest Ports. call will be made on the current 10,428,770 1,997,867
year's revenue for this purpose.has been framed on the most con-feet the fact that trade conditions, Indisputably, therefore. Hong as the sinking fund will more than servative lines possible. Economy though certainly improving, are kong is one of the greatest ship-suffice. This liability will, there has been our watchword in fram- still far from normal, the first two ing it, and however much we may which ought to have shown in *Exclusive of New Territories.
ping ports in the world; and, al-
have wished to proceed with creases owing to the increased.po- In 1897 there was no railway, though the anti-British boycott of fors, scon disappear.
eminently desirable works, we pulation can only be explained by. have decided that for the present the extensive smuggling, which nor was there a Kowloon West 1025 and 1926 caused a decrease in
(e). The only other loan now out we must cut our coat according we know goes on in spite of all our Ferry. Liquor duties were first the number and tonnage of the ship- imposed in 1909 and tobacco ping entered and cleared at Hong- duties in 1916. So these four kong, there is every reason to be standing is the Trade Loan, rais-to our cloth, and I am afraid it efforts to prevent it.
What of the Future? Adverse Circumstances. sources of revenue did not exist leve that this set-back is only tem- ed in 1925 to alleviate commercial has resulted in a somewhat tight
reporary and that a rapid recovery difficulties due to the anti-British fit.
In accordance with our policy
In view of the shortage this Moreover, the reduction of the in 1897. Nevertheless the
granted under this of maintaining our estate and a British feet in China, which took maining eleven items produced will be made as soon as normal trad-boycott. Sums totalling $15,624,- place at this time, adversely affect-74.3 per cent of that year's in-ing conditions in China can be 688 were
scheme and nearly a third of this very fine estate it is at the higheat year we have not felt justified come and were, therefore, then as restored.
than $20,108,390, ed Hongkong in many ways, '09-
The achievement of Hongkong in total has already been repaid possible efficiency we have left our in estimating our revenue for next
Protective year at more now, the principal foundations of
four lakhs An Eightfold Increase.
leas pecially by a decrease in the re-
structure. financing its amazing development The amount now outstanding is Administrative
than the revised estimate for this them in some Thirty years ago, on the 1st Jan-pairing and docking of ships. The the Colony's financint
the year, which has been raised by uary, 1897, the Colony's Hureneral trade depression continued A scrutiny of these heads of re during the past thirty years by $10,036,958. We have thus been Services at full strength, and have approximately
means of its annual revenue, and able to repay £680,000 of the origf.even increased plus balances amounted to $548,964. in 1906, when there were heavy venue shows that cach
Objection might without recourse to borrowing, is nal loan of £1,800,000, which was minor particulars e.g. in
to finance the the Harbour, Police and Medical certain windfalls in the way of The revenue of the Colony collected losses through the fall in price of them is sound.
on which we cannot rely ย during 1897 was $2,086,914 and the Indian yarn, while shares in lonal perhaps be taken in some quarters unexcelled in any part of the Bri- Colony from opium, which is now raised a loan of $200,000 at 31⁄2 expenditure was $2,641,409. The undertakings much depreciated into the revenue derived by thetish Empire. In 1893 the Colony scheme; and, as we recover money Departments and in the Defence interest and miscellaneous receipts to reduction of our sterling liabi-matter of great importance, and Expenditure is estimated at total civil population of the Colony value. in that year was estimated to be It was accentuated towards the 13.3 per cent. of our total income per cent, interest and spent from local borrowers, it is applied Corps; and we have allowed
than the original estimate for this 243,665 "souls; the total shipping end of 1907 by world-wide restric-end was 10.6 per cent, of the total chiefly on water-works and on relity. The interest paid by local in Public Works Recurrent Votes $22,183,045. This is $131,657 loss engaged in foreign trade entered tion of commerce following upen in 1897, thus showing at first suming insanitary properties at
Tai-ping-shan. By 1898 the whole borrowers more than covers the for maintenance.
There is a reduction of nearly year and $598,387 more than the and cleared at Hongkong, exclud-financial crisis in America. Ship sight a relative increase.
1 of this loan had been expended.interest due by this Government ing junka, was 12,124,699 tons and ping in particular suffered and the
Since then all public works in the in respect of the loan, which there- $32,000 in Public Works Depart revised estimate. Estimated of this total 67 per cent. was Bri-same trouble continued in 1909-
But, whereas in 1897 the sale of Colony, both ordinary and extraord-fore throws no Burden on the gen-ment Personal Emolaments. After penditure for next year exceeds providing for the full maintenance the estimated revenue by $2,079,- 655 to meet which we expect to Thereafter a gradual improvement tish.
At the opening of this year, in of all the essential services we have liquid balances of $2,415,406 It is interesting to place in im-began both in trade and in ship opium in Hongkong was farmed innry, have been paid for from eral taxpayer. mediate juxta-position the figures ping, and this was at once reflected out by the Government to a Chin-current revenue, with the exception
ese syndicate, there has since of the construction of the British spite of heavy expenditure on ex- were left with a certain sum of available at the end of this year. for last year. On the 1st January, in an improved collection of revenue
1914 been a Government Mono-section of the Kowloon-Canton Rail-traordinary public works and not- money for Public Works Extraord-
way, which was financed by a ster-withstanding the anti-British boy-inary and the first items to be future, what is to be done if 1926, the Colony's surplus balances In Hongkong.
cott, the Colony still had a sur-provided for were those works in'! amounted to $8,113,482. The re- The second set-back was during poly, which is run with a view to venue collected during 1926 was the years of world-wide disorgani-control of the traffic rather than ing loan raised in 1906.
It is worth while to pause a min-plus balance of $8,486,290, of progress which could not be revenue does not markedly im-
(Continued on Page 10,). $21,131,581 and the expenditure zation which followed the conclu to profit.
Therefore, in order to arrive at ute and to reflect what this means. which a sum of about $1,400,000 abandoned or delayed without prove during the next few years. was $28,624,716. The total civil alon of the Great War. The trade
It means that the whole of the deve can be regarded as liquid assets serious lose. The small sum of population of the Colony was estime depression of that time was by no
Opium Prohibition,
one
of
a just comparison, it is necessary
floated in London
I
and
small increase for education, a
year.
next
ex-
It may be asked what of the