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Government, would become severed from the Colonial Assets.
The second point is that in the event of
bankruptcy of a Crown Colony the Imperial Government, though
it does not guarantee its public loans, yet is considered in
honour to be ultimately liable to the lender. This was admit-
-ted by both sides of the House during the debate some 6 or 7
years ago on Mr. Chamberlain's Colonial Loans Bill. Those who
lend to the Colony, as is now well-known, do so relying on this
ultimate liability. But here is a Fund constituted out of the
Civil Servants' contributions, taken over compulsorily, and
there is we absolutely no guarantee in the event of the bank-
-rupter of the Colony. The salaries cannot be paid that is
part of the contract of service: but the pensions to the
ought
widows and orphans put I submit in equity to be made secure
either by the Imperial Guarantee, or by being made a First
Charge on the Colonial Assets.
ellency
Frederick Lugard, K.C.M.G., Governor of Hongkong.
I have etc.,
(Sd.) F. T. Piggott,
Chief Justice.