C.!
H.
53558/39
2
Extract from M.K. Hansard of 18.10.38
2. Gov.
sust (2)
2·2·59
Jubrite oboons, on
Loving conditions
It is, I think, quite clear that any
comprehensive Housing Scheme for Hong Kong will need
to be accompanied by some scheme designed to make
available large areas of suitable land in the
central part of the City. As an example, a
proposal has already been mooted (it is yet in its
very elementary stages) for removing the military
from their present sites in the central areas.
The attempt to finance such a scheme by
the raising of a loan would not, I should think, be
entirely satisfactory, since it would mean that
Government could only undertake schemes likely to
prove remunerative;
whereas it might be desirable
from a social point of view to embark upon schemes
which are not likely to prove sufficiently
It
remunerative to bear loan charges. And in any case
most of the schemes would only show returns from
land sales, etc. over a fairly long period.
therefore seems desirable to have available a
large fund for meeting initial expenditure
raised if possible by other means than a loan.
For this reason the Governor suggests
utilising part of the income, and if necessary part
of the existing surplus also, of the Exchange Fund.
The present surplus of the Fund stands at somewhere
about $20,000,000 and in June last showed an
"excess"
: