I. General.
The year 1928 showed a continuation of that steady recovery in the financial and commercial position of the Colony reported for the year 1927, which is reflected in the financial figures of the year published in Part II.
The new development of the Kai Tak Aerodrome and Shing Mun Waterworks are typical of the new confidence and vision. The cost of these, though too great to be borne out of revenue, was easily met by the flotation of the balance of the Public Works 6% loan issued at a premium of 3%, which was promptly over-subscribed; such indeed was the response that further loans for the purpose of financing future development of the waterworks scheme may be assured of a hearty welcome by the Public.
The disastrous events of December 1927 had left Canton with an empty Treasury; a large area of the business quarter of the city had been destroyed by fire; the army of Cheung Fat-fui was still a menace; a Soviet had been established with much bloodshed in the Hoi Luk-tung districts, and brigandage was rampant throughout the province. On January the 4th, Marshal Li Chai-sum returned to Canton from Shanghai to find his party again in power and began without delay to evolve some order out of the general chaos. By the end of the first quarter, Cheung Fat-fui had been expelled, the communists scattered and driven into the mountains, and the currency of the province had almost returned to parity.
By the end of February, the situation had so improved that H.M.'s Minister, Sir Miles Lampson, was able to pay a formal visit to Canton, and on 2nd March, Marshal Li Chai-sum came to Hong Kong, where he remained as a guest at Government House until March the 4th. From March the 9th to the 11th, His Excellency the Governor was, in return, the guest of Marshal Li at Canton. This interchange of visits, leading as it did to the resumption of friendly relations between the Governments of the two cities, marked the end of the period of estrangement which had culminated in the boycott, and as a token of this, the boycott committee was formally dissolved during the same month. Real progress was made during this period in dealing with brigandage, and it could be said with truth that by the end of the year, the countryside was safer for honest men than it had been since the revolution. Noteworthy events were the dispatch of a permanent garrison to Bias Bay in the autumn and the operations against the bandits of the Ku Tau Mountains, which took place in the winter.
General Chan Ming-shü succeeded Marshal Li as Chairman of the Provincial Council in December. This year saw also the formal recognition by Great Britain of the National Government of China.
Although the steps taken by the Kwangtung Government to suppress piracy in the Bias Bay area were not entirely successful, the number of piracies which took place was at least less than in the
I. General.
The year 1928 showed a continuation of that steady recovery in the financial and commercial position of the Colony reported for the year 1927, which is reflected in the financial figures of the year published in Part II.
The new development of the Kai Tak Aerodrome and Shing Mun Waterworks are typical of the new confidence and vision. The cost of these, though too great to be borne out of revenue was easily met by the flotation of the balance of the Public Works 6% loan issued at a premium of 3% which was promptly over-subscribed; such indeed was the response that further loans for the purpose of financing future development of the waterworks scheme may be assured of a hearty welcome by the Public.
The disastrous events of December 1927 had left Canton with an empty Treasury; a large area of the business quarter of the city had been destroyed by fire; the army of Cheung Fat-fui was still a menace; a Soviet had been established with much blood-shed in the fioi Luk-tung districts, and brigandage was rampant throughout the province. On January the 4th Marshal Li Chai-sum returned to Canton from Shanghai to find his party again in power and began without delay to evolve some order out of the general chaos. By the end of the first quarter Cheung Fat-fui had been expelled, the communists scattered and driven into the mountains and the currency of the province had almost returned to parity.
By the end of February the situation had so improved that H.M's. Minister, Sir Miles Lampson, was able to pay a formal visit to Canton, and on 2nd March Marshal Li Chai-sum came to Hong Kong where he remained as a guest at Government House until March the 4th. From March the 9th to the 11th His Excellency the Gover- nor was in return the guest of Marshal Li at Canton. This inter- change of visits leading as it did to the resumption of friendly rela- tions between the Governments of the two cities marked the end of the period of estrangement which had culminated in the boycott, and as a token of this the boycott committee was formally dissolved during the same month. Real progress was made during this period in dealing with brigandage and it could be said with truth that by the end of the year the countryside was safer for honest men than it had been since the revolution. Noteworthy events were the des- patch of a permanent garrison to Bias Bay in the autumn and the operations against the bandits of the Ku Tau Mountains which took place in the winter.
General Chan Ming-shü succeeded Marshal Li as Chairman of the Provincial Council in December. This year saw also the formal re- cognition by Great Britain of the National Government of China.
Although the steps taken by the Kwangtung Government to sup- press piracy in the Bias Bay area were not entirely successful, the number of piracies which took place was at least less than in the
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