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the Colony, I was strongly averse from raising a further loan,
Again the depressed condition of trade was unfavourable to an
increase in taxation. I therefore decided, after consultation
with the Unofficial Members of the Legislative Council and with
the approval of the Executive Council, upon a corresponding
reduction in the Expenditure Estimates, which was effected by the
deletion of items that had been inserted in the first draft for
Insanitary Property Resumption ($150,000), for a floating fire
engine ($50,000), for Queen's Statue Pier Reconstruction ($35,000)
and of certain minor items as well as by reductions on other
subheads.
5.
The footnotes and appendix to the estimates of
Expenditure explain every expense of an unusual nature therein
comprised as well as the differences under subheads, while my
remarks to the Council also go very fully into these differences
and make clear the programme for public works.
For purposes of estimating sterling payments in
England and in the Colony, I have, on the advice of the Chief
Manager of the Hongkong and Shanghai Banking Corporation and the
Treasurer, assumed that 2/- will be the average rate of the
dollar during the year. This rate, which is based on the
experience of the past year and on the prevailing price of silver,
is probably as near as it is possible to arrive at the value for
a fixed period of so variable a coin.
7.