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HONG KONG LEGISLATIVE COUNCIL.
progress of the Colony. It is, therefore, especially gratifying to find that to-day the Unofficial Members have been happy to leave the expression of their collective views on the Budget in the hands of the Senior Chinese Member and on their behalf I want to thank him for the able way in which he has presented them. (Applause.)
HON. MR. W. E. L. SHENTON said-Your Excellency,-In your speech introducing the estimates which are now before us, you have directed general attention to a retrospect of this Colony's history for the past thirty years a period of great interest, not only to the residents of this Colony, but to all who are concerned in any manner in the Far East. Unquestionably, Your Excellency's review will be closely followed in many parts of the world. No resident of this Colony could have listened to or read Your Excellency's survey of events and figures without a feeling of satisfaction as to the stable basis on which this Colony rests, and a sense of pride in its continuous prosperity in the face of all adversities. Your Excellency has referred to three set backs in this Colony's career during the period under review, but a close scrutiny of the figures goes to show that although we are at present experiencing a time of commercial depression, never- theless its resources are stronger than they have ever been,
The years which Your Excellency has chosen by way of comparison
are :-
1906 as compared with 1908.
1918 as compared with 1920.
1923 as compared with 1926.
The revenue of 1906 was $7,035,011 and for 1908 $6,104,207, a differ- ence of $930,804. The revenue for 1918 was $18,665,248 and for 1920 $14,689,671, a difference of $3,975,577. The revenue for 1923 was $24,783,762 and for 1926 $21,131,581, a difference of $3,652,181. The land sales for 1906 were $412,941.53, for 1908 $69,358.19, for 1918 $299,289.23, for 1920 $556,349, for 1923 $3,488,797 and for 1926 $286,342.
Land sales, if I may be permitted to say so, should not be taken into consideration when calculating this Colony's revenue, as they vary according to the whim of the speculator and are a varying factor over which there is no control. Large revenue from land sales unfortunately indicates either trouble in China or an unhealthy financial condition in this Colony. It must also be borne in mind that by reason of the large reclamation schemes now in course of development, the demand for Crown Land is likely to be restricted for some time to come.
For the purpose of my argument, therefore, I propose to reduce the revenue from land sales during the year 1923 to a normal basis, and for the purpose of demonstration I shall adopt the year 1926, and the position, therefore, is that the difference in revenue between 1906 and 1908 was $930,804 between 1918 and 1920 $3,975,577 and between 1923 and 1926, after deducting the land sales of the year 1923 and adding
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