HONG KONG LEGISLATIVE COUNCIL.
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administrative expenditure, necessitating additional taxation in recent years, will be relieved of a substantial proportion of the charges on the Budget under the heading of Personal Emoluments. There should certainly be more dollar-and less sterling-paid posts with corresponding economy to the Colony. I should have felt happier if, with the proposal for the initiation of this new policy, au announcement could have been made concurrently of more generous leave privileges granted to the hard-working members of the subordinate staff in the Government service.
When I rose to address the Council this afternoon I spoke with some enthusiasm on the industrial expansion of Kowloon.
1 am jealous of the good name which Kowloon has earned as a place for safe investment and feel strongly that any attempt to besmirch its fair name cannot be condemned in too severe terms.
A tendency has grown up of late towards belittling at least one of our old-established industries and of a public utility concern on the other side of the harbour. In both have millions of dollars been invested and to both have the united efforts of zealous directorates, supported by shareholders' money, devoted time and thought to build their future on solid foundations.
After years of persevering labour, often thwarted by adverse circumstances, the future holds great promise for both these important undertakings; they form part of the Colony's substantial assets; they are very essential factors in the industrial life of Kowloon.
Were the criticisms I have just referred to dictated by honest motives and constructive in their purpose, no exception could be taken to them. Indeed, they would be most welcome. That is not, however, the spirit animating the critics. Theirs is a subtle, veiled thrust primarily designed to undermine confidence and, secondarily, to influence quotations on the Stock Exchange.
"Bear" tactics that stoop to a deliberate distortion of facts, calculated to create a stampede among genuine small holders of stock and so to depress certain shares by questionable reprehensible methods regardless of their mischievousness, cannot be too strongly deprecated.
In these times of world industrial depression, the Colony needs, for the success of its trade and commerce, all the help it can rally around itself. Untruthful statements can do a lot of harm and are discreditable to their authors.
If the dissemination of libellous rumours, damaging to the Colony's industries, should be persisted in to the detriment of its welfare, every endeavour should be made to effectively check this
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