N. CONFIDENTIAL.
Sir,
Y
GOVERNMENT HOUSE,
HONG KONG,
14th May, 1935.
90
4
(7) in
34
33829
Enclo No.1
Round 5.
With reference to your despatch No.393 of
24th October, 1934, on the subject of the Economic
Commission, I have the honour to enclose a copy of the
Commission's Report which was laid as a Sessional Paper
before the Legislative Council on 18th April.
The Report
as laid differs from the Report as originally submitted in
the omission of three items. With the advice of my
Executive Council and the consent of the Commission, a sub
paragraph was omitted from paragraph 9 of Chapter VIII
"Property". It read :-
(a) "Lack of confidence in the future of the Colony.
In consequence of the growth of economic nationalism
in China and the political unrest of the last few years
in this portion of the globe, there has been a change
of heart in the Chinese as regards the commercial
future of this Colony. Whereas the history of this Colony is marked by numerous depressions and slumps, during previous depressions there have always been
far-seeing investors who were ready to take advantage
of cheap prices to buy property. At the present time
property is in most cases unsaleable because of the
complete absence of such investors. We have been told
THE RIGHT HONOURABLE
SIR P. CUNLIFFE-LISTER, G.B.E., M.C., M.P.
&c.,
&C.,
&c.