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THE HONGKONG TELEGRAPH. THURSDAY, OCTOBER
COLONY BUDGET SURVEY
(Continued from Page 1.)
of various
is not out of place to enable us to Imet a correct perspective of business Lo assist the recovery
of trade it conditions as they in fnet exist to-day. would not be proper to assume that The stock market is a fair barometer and I have obtained the market values reenery will be sufficiently rapid to justify regarding the present emer-
popular shares; taking the kency as one of a purely temporary highest prices, in the year 1933 and maturo which can legitimately be the approximate values to-day tided over by the use of surplus In 1033 the shares of the Dairy intances; (5) estimates should be Farm, fee and Cold Storage Company drawn up on the assumption that the Limited touched 20%: today they present cus
conditions Vail for some time are likely, to pre-stand at 12.
conce.
1935.
and applies for more money. As it in not my desire to forco this isano to a division, I can only express the pious hope that what I have said will not fall in deaf ears or harron earth, but that a great effort will be made to balance the Budget,
MR. KOTEWALL'S SPEECH
STRONG PLEA FOR LOWER TAXES
The Hon. Mr. R. II. Kotewall said: Sir- thall, as I did last year, abstain front comments on individual items in the Estimates, but confine myself to broad principles of budget. ing and general policy of administra
SEE HONGKONG FROM THE AIR
In 1933 the shares of the Hongs | I accept these principles as immul-kong Electric Company Limited touch- alde the
the laws of the Medes anded 78: to-day they stand at 69.
am gravely perturbed In 1933 the lares of the Hong- at the prospect of an estimated deficit kong & Koyloon Wharf & Godown
after taking from our Company Limited touched 145: to Burplus 780, thereby in one year reducing our In 1933 the shares of the Hong-tion. In my observations
Land Investment & Agency points my Chinese colleagues have THE ONLY ALL-ANGLE VIEW FROM ABOVE
NEW ADVERTISEMENTS. Feralaus aud
For lances the sum of $2,000,- day they stand at 7:
CHINA LIGHT AND POWER CO., LTD.
rupted at 2 p.m. In the Tsim Sha Tsui aron bounded by Cameron Road, Nathan Road, Jordan, Road, Cox's Rond, Austin Road and Chatham Rond. Supply will be restored before 5 p.m. and the frequency will then be 60 cycles,
surplus balances to the minimum konny Limited touched 80; to-day |
our surplus
10.65.
Agure permitted by the Secretary of State; particularly as it follows the they stand at 22. Notice is hereby given that on
year 1935 in which we have already In 1913 the shares of the long Friday next, the 4th October, the estimate deficit of $152,006, and kong & Shanghai Hotels Limited supply of electricity will be Inter-ter 1934 which had an actual touched 10.00: to-day they stand at
of $1,574,870. This dipping, 3. year after year, into
In 1933 the shares of the Hong balances must stop, or we shall in- kong Tramways Company Limited evitably find ourselves in a most diffi-touched 234; to-day they stand at cult position.
EXCHANGE A MENACE
These shares represent a part of the fe-blend of this Colony and it In 1934, we budgeted at 1/3 and is on the security of their values that were fortunate in getting an average much business is transacted. rate of 1/8.1/16, whilst in 1935 we Forhups our most solid nsnet is our budgeted at 14 and were lucky to landed property. Here the value experience an average rate of 2/0.-ne un to think serion or where 3/16. Nowwithstanding these favour- able rates, substantiul deficits follow in the neighbourhood of 3 to 55 ed. To-day we are budgeting at 1/8
past two years and the and who will venture to foretell the value of property about 40 per cent. future? The exchange factor in al-
Theno percentages are worked out on ways a problem in budgeting today and are intended to represent middle a brond basis for the whole Colony it is more than a problem, it is a men-figures. I have obtained them from
two of our leading architects.
BETTER FILMS
MOVEMENT
BRITISH INSTITUTE
ACTIVE
London, Oct. 2. It is announced that the British Film Institute is now prepared to examino films which producers may desire to submit nnd - will Issue a voucher to the effect that the films have been "approved by the Institute as of educational and cultural value" in the case an approved of those renching standard in respect of general accuracy, artistic quality and Intelligence. The scheme is ad- vanced with a view to aiding the development of a discriminating public.
лес.
in cont.
seriously.
LACK OF BUSINESS
The economic position which this Colony fades to-day is not only pecu Har but, I belleve, novel in its history. The difficulties are not the known
Front the merchants we hene on all these can factors, for
be met by siden complaints of lack of business, counter-measures, but it is the nebul- and who in there who has not written GUA uncertainty, Damocles that hangs suspended which in the neighbourhood of 50 per cent? the sword of down his balance sheet by something may or may not fall; probably it will, Who have not made efforts to reor but when no-one can tell. In the past ganise, reduce stairs, made cuts in we have always had a sound currency salaries and generally attempted to basis to work on for the purpose of economise in all directions? in view budgeting, as there hus solid and natural value of silver. Tocan Government expect to collect re- of the vircumstances prevailing how no-one cún predict what to-mor-venue to anything like the extent it day
will bring forth.
did in more prosperous times? I ennnot, and li will not,
moment
existed a
(1)
concurrence.
on thenc
The Honourable Senior Unufficiat Member has voiced the united and strange views of the unoffeint body on the subject of possible new laxation. As the Chinese community pays over 90 par cent, of the Colony's taxes, I make no apology for offering a few additional remarks on this important subject. The statement in this re- gard, which Your Excellency conskler- ed it necessary to malte at the last meeting of this Council, has enused the community grave concern; for it is already taxed to capeity, if not beyond it, and any new tax-burdens may be the last straw.
I am aware that there are not want-
Ing people who believe that Hongkong parts of the Empire. This belief is, lightly taxed, compared with other
in
As I have more than onee pointed out, based on faulty premises. So much
burdens per head with those of other of our population is of a migratory places is fallacious and futile. It is character that
to compare our tax-
on the settled portion of the popula tion, that the preponderaling part of the burden falls, as it is with them that the nainsprings of our economie activity are to be found.
REDUCED TAXATION
In my opinion, formed after cure- the Government. Instead of contem- ful study of the prevailing conditions, plating new taxation, should devise means of positive amelioration. Our trade is more than ever depressed, bit so far only negative fiscal men- sures have been taken; and now even the policy of avoiding fresh taxes may go by the board. Surely i would he wise statesmanship to ven- ture upon a positive fiscal policy, not of new insation, but of lightening the burden of the people.
THE ASSESSED TAX
ing phase of very uncertain duration Speaking in the Budget debate last
sion in the
Colony has
For years past the currency polley value of mir dollar in line with that taking into consideration the great of this Colony has been to keep the
Bearing in mint these facts, and at China. To-day the margin is such that trailing becomes almost inspossi- should be done? I nu not for a
uncertainty of the exchange, what bie. The currency of Chian at the ment suggesting that present condi The second annual report of the
is, I believe, no longer tions are permanent: they are a pass- Institute comments on an Import-silver but is managed currency and ing ant experiment in East Africa to who knows what the next move will which, like similar cycles of depres- year, I strongly urged a reduction of test the educational possibility of be? The value of silver has, we are films among backward peoples. told, heen artificially calanced by the Films are to be produced, with | pofley of the United States of Anierie, faced. The past, have had to be the Assessed Tax by 4 per cent,
no public debt as a temporary expedient. worth speaking
I nned native settings and actors, which and that a continuance of this policy position is moderate compared with which I then adduced, and which,
of, its, speculative not repeat at length the arguments will provide them with most of the will demonstrate new methods in available stocks of this metal., Who many other places and the general have reason to believe, ind and have sanitation, health, infant welfare will venture to prophesy how long Under these circumstances the Colony the community.
situation is that of a cash position. the support of a large proportion of and in agriculture. Others will this policy will be maintained?
will seek to interpret to the native
easily adjust
I am more itself and when TC-
than ever convinced it will mind Western Ideas in education,
that, as a means of restoring pros- cume quickly. law and administration. There
of the fact that undoubtedly some of Hential. Not
We must not, however, be forgetful perity, reduction in the tus is es- will also be entertainment films
the entrepot trade which formerly there would then be no further for t moment de I delude myself with the belief that based on native traditions, legends
direct to China and probably will not came through Hourlong now goes
obstacles in the way of recovery, but return to this Colony.
and life.--British Wireless.
MAY REDUCE OIL PRICE
CALIFORNIA CUT PREDICTED
CUTTING EXPENDITURE
I
do say that there is imperative need for a stimulus of this nature to induce a favourable turn of trade.
SURPLUS BALANCES
I should like to draw attention to an extract from the City Notes of the very comes, London Times of the 16th August last which states as follows:-Monetary when America was busy forcing up disturbance was caused in the East the price of allver, and now a great disturbance is being caused by a re- versal of that policy. Hongkong is faced with an awkward problem for yesterday her exchange fell one penny I am not unmindful of the fact that to 1/11 being the rate below export in the 1931 Estimates of Public Works point. Ordinarily the Hongkong
In order to meet the loss of Recurrent there was a reduction of revenue, which I believe would be only authorities by modest operations in $78,750 and in 1935 of $143,100, but temporary, I advocated Inst year silver would have been able to cur- $1870s in the ocean are quite we should draw upon the Colony rect this position, but with one large inadequate if we are going to ensure surplus balances. buyer exercising absolute predomina balanced budget and not continue to ly do I now believe that such a re- Even more strong- Ance over the
silver market it is inden further on our surplus balances, course to our balances would be not possible for the authorities to resort. We must have a 10 per cent. reduction only justified. but with the same confidence to the usual on the Colony's total expenditure, costs upon our trade is alleviated in wise and con- structive policy. If adjusting operations".
the pressure of which would mean (reducing the
be done I am not in a
San Francisco, Oct. 2. Another reduction in California
I believe the above position has estimated total expenditure to $26, this way, can anyone say that no crude oil prices is feared in oil trade circles as a result of an in- arisen on more than one occasion when 638,334 and would balance the budget impetus would thereby be given to
flight of currency from this Colony crease being allowed for October might have taken place, but for the with a small margin in hand. How that trade? The impetus would, I production to 590,000
is to barrels action of the Chief Manager of the tion to say as
posi-believe, be emphatic; profits would posi- daily, compared with the previous-Hongkong and Shanghai Banking knowledge of Governinent Depart revenues w
have not the special
become possible; and trade would in- ly set quota of 531,000.
trade increaseıl, public Corporation. The able way in which ments, but I do know, that if I have Colony's surplus, if not left intact, would expand, and tho The Retion of the curtailment he has controlled our currency nosi 100- in the Bank I can't spend £120.0 Holder of Japanme and Hongkong Gover. | commitice is a definite shock to tion has met with universal apprecia- | Government only ans the knowledge attenuation that some fear.
would at all events, not auffer the ment Liewers. Cures Bprained Ankles and Wrista Recaramended, for many trade observers, who are of the tion.
of how it can be done, and done it must be, otherwise Sir William Feel's that to keep a reserve with the avowed have already expressed the view successor will find a pos
MASSAGE
Acupuncture, Moxocauals and Done Batung
Local Hospitals and Doctors.
4, Wyndham Street, (1st floor). *Tel. 20001.
opinion that it is little more than legalisation of over-production.- Reuter Special,
WORLD-FAMOUS
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Telephone 20075.
DIFFICULT TIMES
A survey of the Colony's trade difficult to tackle position far more object of enabling the Colony to meet
TA
been
are
Con-
ever the Colony
A reserve
than it is to-day. figures is hardly encouraging and one
It can only be done by a careful emergencies as to exclude
emergencies, and then so to define knows only too well the dificult times of every avion to effecting Are not the times through which wo
All branch of Govern through which all mercantile concerns substantial economies, and as a
ceivable conjunctures, is illogical. ment Service with nre passing. But for the favourable
I would suggest that
passing times of emergency? movements in exchange in the years
Government Are we not
from the great- 1984 and 1936 the deficits, substantiat might, with advantage, turn its eyes est economic
en the Medical, Education and as they were, would have been con- four Departments where some sub- which is eternally inviolate is a use- siderably larger and revenue raising stantial
Har has devices or curtailment of expenditure would have become essential.
Governinis
les might be made. less excrescence. By using it, in cir servants so far have cumstances like present, we The Honourable Colonial Treasurer, que eller Colonies as regards dustry, and, what la more important. more fortunate thun their cal- lighten. the burden of trade and in- bhis able and lucid Memorandum, Indicates
under the heading 19 cuts in their salaries, although it can give positive aid and stimulus to their
not be denied. Reneral
rising dollar auto-revival, which would, in turn, benefit I would even go to the thereby costs the Government
conserve the surplus without taking But.
ent legs. drawn our notice to the same possit this Colony are concerned, they re things re, lose it; but if we use 'il far as Government servants constructive action, we may, as Personally 1 take an even less I am of the
ceive their salaries at the rate of the wisely, we may will have it. oplaton that there must be a further
up to 24, windling of
Acting allowances,
LOCAL APPOINTMENTS travelling allowaness, use allow The
Of bur revenue, principal items of the Publiction.
ances and rents should receive atten-
There is one form of economy Works Extraordinary which we have view of the public that increased taxa. exercised to the extent it should be. think it is the unanimous which, in my view, has not been on hand are essential to the Colony, tion is out of the question at the pre-men" in the Government Service. By and had already been too long delayed acut time.
the
the possibl ef revenue nudatically produces to the recipient our revenue.
of further ser
dollara on n sterling salary ami length of saying that if we try t
in various directions. The
able Colonial Secretary has
hopeful view; in fact,
of
-chief of these are the Queen Mary Hospital, the Central British School,
the Magistracy at Kowloon, the New
DEFINITE PROPOSAL
.
I refer to the employment of "local throwing open to them many of the poata now held by Europeans, a con- Gaol and, most important of ali, our
siderable saving in the cost of nd- water schemes. Of these the water on that an immediate reduction of lack of sultable recruiting material Should Government be of the opin ministration would be effected without schentes and the new gaol are loan 10 per cent. in the Colony's total might have been pleaded against this of effelency. In times pust the works but the others have to be paid expenditure Is absolutely impossible for out of current revenue.
then I must press for No-one vill deny the importance 5 per cent, and the Laking of $1,000, from the high schools, there is a but that plea can no reduction of proposition, and absolute necessity of these works, 000 only from the surplus balances, stendy flow of well-educated n
longer stand. From the University, nur will anyone cavil at the money leaving a further $1,000,000 to assist stendy, young men, many of whom, in Judiciously spent on them, but the us in tiding over the year 1937. Any these hard times, can find to employ- most scrupulous, care must be taken other course would in my opinion be mont, and thus are unable to make to ensure that they are provisioned in financially indefensible and fraught. use of the knowledge they have ac a manner suitable for the purposes for which they have been provided and
with
gravest danger. Those proposals should place that misguided enthusiasm or indivi- undue strain
no utilise this splendid material for the dual sentiment is not allowed
on the Government more responsible offices as far 08 to run administration as it is always open possible. rict in luxury and extravagance, to Government to Care must be taken that we are not Committee for a supplemental vote in have in recent years adopted a
to como to the Finance I am aware that the Government providing an El Dorado for those less case of absolute necessity. fortunately circumstanced in South
liberal polley in this matter; but it Chinn, or creating a standard which is money in the till it will surely he results likely to be other than negli My experience of life is that if there does not go far enough; nor are its will be an undue strain on our re- spent, whilst a deterrent such as the gible in comparison with the actual Lources to maintain.
necassity for a supplemental vote needs. In other parts of the Empire SHARE VALUES
compele the itead of the Department need only instanco India and Before proceeding further I think concerned to think twice before he Ceylon-where, as here, the beneficent a short survey of the local position comes before the Fhance Committee
(Continued on Page 5.).
the
quired. The Government may well
more
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