ther
What can these fathes taxable resources be
which are to provide an additional $2,000,000
to $3,000,000? And, why have the taxes not been
imposed in order to balance this year's Budget,
as there seems to be practically no surplus of
liquid assets to meet the ueficit ?
Assuming they do succeed in balancing
their ordinary Buaget, they estimate they can
650
afford new loan commitments of $21,en,000.
By raising the loan by instalments and spreading
fund
out interest and sinking payments for 28 years
they reckon the extra charges in any one year
would not amount to much more than $1,000,000.
The 3 per cent increase which is contemplated in
the assessed taxes will provide over $1,000,000.
Even if these estimates were at all safe,
I do not think the programme should be approved.
In the first place, what guarantee can there be
that there will not be urgent calls for other
capital expenditure schemes during a period of
28 years? Indeed, the Governor himself already
indicates a new Civil Hospital as an additional
item and there is a further contingent liability
under the vehicular ferry scheme for $750,000.
No Governor should be allowed to commit a Colony
up to the hilt for so long a period ahead.
may be serious changes in the revenue capacity
over such a perioa (For example, Hong Kong has
no Opium Reserve Fund and derives at present
$2,700,000 a year from the sale of opium) and
with a fluctuating
anything may happen to
monter
The re
upset
6