C. S. 0. M.F. 237.
94
This further depletion of the Colony's surplus balances would not be so serious as necessarily to deter Government from adopting the course which I have urged. Some years ago it was officially announced that a reserve of about $10,000,000 was con- sidered advisable by both the Govern- ment and the Secretary of State for the Colonies as provision for a rainy day, so to speak. But even if what I have advocated meant a re- duction of the surplus for a time well below this figure, it would still be, in my view, a proper use of the
reserve.
The "Rainy Day."
It is idle to set aside reserves for a "rainy day", and then to define that term in such a way that not even the most disastrous economic depression in our history could be so called. The Colony has had its ups and downs, but never has it passed through a period of such a depression as now, The economic hurricane which has struck
us is of unprecedented violence, and we may hope that never again will the Colony suffer such an unhappy deluge.. If the present is not the time to make the best use of this surplus, when is the time? I say that now is the time to do so and to do it boldly.
depression in the present. foundation of continued and increasing
been presided over by an administrator with so sure a grasp of our needs, and so great a readiness to foster and promote our interests.
NEW TERRITORIES.
Many to-day are disheartened, and for that they cannot be blamed. the pity of it is that our pessimists, But
in the absence of positive action by the Government, have gone about sounding the knell of the Colony. This depressing influence is to be deplored, for it has already produced, through the working of mass psychology, Hon. Dr. S. W. T'so Requests disastrous results. Our present troubles are in no small measure due
Additional Aid. to psychological influences induced by such talks. I would even go to the length of saying that the present depression is due as much to psycholo- gical forces as to economic, if not
more.
This baneful influence must be vigorously conbated, and I can see adoption of no better way of doing it than the measures that would restore public confidence.
Bold Policy Needed. I would therefore most earnestly ask Your Excellency to give my two proposals your early and sympathetic
a
consideration. They are admittedly palliative rather than curative, and one, at least, is put forward as finances and the trade of the Colony temporary measure. know that the
will never quite recover their former tions have improved, and unless the tariff wall in China, especially in the Kwangtung Province, is lowered. But
HELPING THE FARMER.
The Hon. Dr. S. W. Ts'o said:- The Senior Unofficial Member, in his speech, has so fully and clearly set out the collective views of Unofficial | Members on the Budget, and, the Senior Chinese Member, also, has so
ably represented the views of the
Chinese Members, there remains little for me to make comments
upon. However, I should like to say
a few words with regard to the assessment tax; as 96 per cent. of the! payers are Chinese. The Hon. the Budget said, that "ratepayers are now Colonial Secretary, on introducing the beginning to be more dilatory in pay- the Government by paying promptly and so save extra expenditure which in its turn has to be met by increased
But I am confident that the Colony's position unless world economic condiment, and we hope that they will help
reserves would not, by these two re- medial measures, be drawn below the margin of safety, but would rather,
through their ameliorative effect on business, and consequently on
results of
re-
I feel, none the less strongly, that the measures suggested are essential, if
venue, be found ultimately to be in the the present already serious condition neighbourhood of the Hon. Colonial is not to become still worse; if public Treasurer's own estimated figure for confidence is to be restored; and if a return to better times is to be hasten- the end cf 1935. This view is strengthened by past experience of the ed. Even if the results of the pro- uncertain, they conservative exchange posed measures are a rate being taken in framing the should be tried as experiments. The Estimates. I see the wisdom in the existing extraordinary and unprece adoption of the rate of 1/4d as the dented circumstances call for a bold basis for the 1935 Estimates, and feel policy, even if that policy is not ex- confident that by the end of that year pected by some to yield the desired our position from this cause will be
found to be much better than anticipated.
on
In his remarks the surplus balances of the Colony, the Hon. Colonial Secretary referred to the necessity for maintaining these balan- ces at a high figure owing to heavy commitments not yet completed. At the same time, however, he referred to certain sources of revenue still untapped, from which future replenish- ment of our balances may be expected. I conclude from this and from the conviction that the suggested measures would result in increases in many existing sources of revenue, that it would be a policy involving no real danger to the Colony's reserves.
In these times of uncertainty and doubts there is greater need for us to adopt a due sense of proportion as between the present and the future. We may be in more danger of neglect ing the present for the future's sake than leaving the future a little to
itself for the sake of to-day. The interests of the present should not be under-estimated; they are, in a sense, the interest of the future also, for a bright future cannot be built upon a
result.
We must try, and try again, until we succeed. Passive acquiescen- ce in a situation avails us nothing. Unless something is attempted, noth- ing will be achieved.
In 1925, when the economic life of the Colony was threatened by outside machinations, and when money was hoarded through panic, the Govern- ment in spite of opposition and doubts from many influential quarters in the Colony, prevented a financial break- down and so saved the situation by deciding, within one single day, to make to the public a trade loan of $30,000,000. To-day the Colony is passing through an even greater crisis, and it is to be hoped, as it is believed, that it will be extricated from its sore plight by similar quali- ties of courage and statesmanship.
From Your Excellency, as from the Hon. Colonial Secretary who has administered the Government on So many occasions with such ability and success, we may look for these qualities. Your Excellency's single minded devotion to the welfare of the community is known to all, and it is a matter for congratulation to our- selves that during these most difficult times our public affairs should have
taxation."
I can assure the Government that
this dilatoriness was not due to any neglect or wilfulness on the part of ability to do so quicker on account the payers but rather to their in-
of their receipt of rent, in many cases, where the entire house was not
let, being insufficient to pay the rates. In the outlying districts many cases, to my knowledge, have hap- pened where tenants disappeared owing several months' rent. In such
cases it makes it harder for owners of small property to pay their rates promptly. I therefore strongly sup- port my colleague, the Hon. Dr. Kotewall, in his request for a change in the method of assessment and a reduction in rates.
Agricultural Aid.
to
duction in the New Territory, of With regard to agricultural pro- which I take a special interest, the Government in Committee
1932 appointed a facilities for the transportation and enquire into the
marketing of the New Territories' produce. But the reference to that Committee did not cover an enquiry into the means by which the farmers may be helped to increase their Hon. friend Mr. Bell that there is a production. I understand from my
movement on
educate the people there by giving foot by TOC-H to
them talks both on health matters and on agriculture. I feel sure that if scientific and within the comprehen- these talks are simple and not too, sion of the class of people talked to, the scheme will be a success and bring the good result. I trust, therefore, that Government will give every