1924-10-16 — Page 1

RECORDS.

TO DAY

SOLE DISTRI

MA 10 HT

China Jual

Temperature 76 Barometer 29.9.1

Rainfall 000 in Humidity' or

No. 19,318 PS

年四十二百九千七

RIMENT

FROM

Violins.

LANGE STOCK OF

Saxophones.

Mandölines. Cornets.

Mandoline

Ukeleles:

Vifes

Piccolos.

Clarionets.

Oboes etc., etc.

ALSO

Strings. Accessories..

MOUTRIE & CO., LTD.

CHATER ROAD.

Everybody is

Talking about

Morinaga's

Delicious Chocolates, Iced Drinks, Ice Cream and Assorted Cakes,

Fiscuits and Sweets.

MODERN SODA FOUNTAIN

164 Des Voeux Road, Central, Telephone C. 4702.

COCKTAILS

BOTTLED BY US FROM SPECIAL RECIPES

MANHATTAN

MARTINI

VERMOUTH

GIN

CALDBECK, MACGREGOR & CO., LTD.

15, Queen's Road Central.

Tel. 75 Central.

YEE SANG FAT CO.

Poise-

le se much a part of

a woman's sprest

ance as her outer

-; garments and thr.

(undergarments are

the most imput

What factor in

promoting that tat

(af hijacing and manner

Formfit Girdleieres

make for polie bér:

mata they proyide,

Agure dellsanton,

ļi tha se century element

JUST TO HAND

NEW STOCK

FOR

THE SEASON

MAKE YOUR

PURCHASE

EARLY

HONGKONG, THURSDAY, OCTOBER 16, 1924.

THE DOLLAR.

B

To-day's closing rate 2/5 316 Today's opening rate 2/5 3/16]

Catalogues & specifications from bole agenta: ALEX RO98 & 00, (QMI LTD.

BATAATPADE=TBROT PRICE, $3.00 Per Month.

COLONY'S FINANCES.

NEXT YEAR'S $9,000,000 DEFICIT.

MATH SPENDING OUR BALANCES.

FUTURE FINANCIAL POLICY Discussed.

AVOIDING HEAVIER TAXATION.

PROSPECTS OF LOANS FOR CERTAIN PUBLIC WORKS.

Next year the Colony, Instead of the usual surgids, expects to have a defeit of nearly $9,000,000. This will materially reduce our cash balances, which are expected to stand. at $14,000,000 at the end of the current year. The decrease thus effected is part of the financial policy advocated by the Governor who disfavours trying to maintain our cash balances permanently at a high figure--we had on June 30 over $18,000,000 in hand-but recommends that they should not be kept much. below $5,000,000 for any long period, as it is very desirable that we should be in a position to meet at once unexpected calls or unforeseen troubles without dislocation of our finances.” “

(<)

. Having consistently advocated the policy of pressing forward development works-with-every -speed, without regard to whether the budget for the year shows a heavy deficit or not so long as the Colony has balances available, the process being merely one of changing the form of our assets, the Governor foresees the time in the next few years when it will have become necessary to raise loans to finance certain development works which will later pay for themselves and certain develop- ment works which will be of equal, if not greater, importance to future generations as to the present. -For the first His Excellericy" recommends short term loans which can be repaid when the works are paying a profit, and for the second long term loans which will ensure that our successors may bear their fair aliare of the cost. This policy His Excellency believes will make it unnecessary at 'least for many years to come to contemplate any materially increased taxation, even if the revenue from oplum ceases to figure in our returns,

ARRESTING FIGURES.

The Colony's financial position is sound. Last year's estimated balance of revenue over expenditure was $402,044.

Owing to the high prices received from land sales and to the higher receipts from the Opium

Monopoly, the actual figure was $2.211,732.

SIR EDWARD STUBBS.

The revised revenue estimate for this year is approximately $25,482,471 as against $22,982,474.

The langge la mainly due to the operation of the same causes as last year to wit a saving on expenditure and high prices for land owing to speculation.

to

Expenditure, originally estimated at $21,579,530, is expected exceed that sum by $1,200,000.

The increase is mainly due to the fact that the amount for Public Works Extraordinary will, in all probability, be exceeded for the first time since 1917. Other factors are the heavy initial expenditure on typhoon moorings, patrol launches and the rescue tug for the Harbour Department.

The excess of assets over liabilities amounted, on June 80, to $18,198,520, but by the end of the year it will probably be -reduced to about $14,000,000 as expenditure during the remaining,

months is expected to be very high...

Next year's estimated revenue amounts to $21,812,700. The principal increases are light dues, stamp duties, tobacco duties and postage.

Against these increases is off-set an anticipated falling off in receipta from land sales.

The expenditure for next year is estimated at $30,463,611, being an increase of $5,538,944, over the original estimate for this year, and $4,342,759 over the revised estimate.

The estimated expenditure exceeds the cetimated revenue by nearly $9,000,000.

The revenue, however, is estimated on a conservative basis. In any event the Colony's cash balances are sufficient to cover the estimated deficit.

SALIENT POINTS.

These figures were announced by H.E. the Governor (Sir Edward Stubbs, KC.M.G.) in his budget speech at this afternoon's meeting of the Legislative Council.

Expenditure........ Prisons Department... Prisons Department,

Special Expenditure. Medical Department:. Medical Department, Special Expenditure. Sanitary Department. Sanitary Department, Special Expenditure. Botanical and Forestry Department. the Botanical and Forestry Department, Special Expenditure rang Education Department Education Départment, Special Expenditure. Volunteer Defence

Corps...... 94,082 Volunteer Defence 825,848 Corps, Special Ex-

*penditure

PRINCIPAL HEADINGS.

Where The Money Goes,

The main items in the budget

personally felt that it was better for the community prices should Ground Covered By The Governor. revert to a level which would enable an adequate return to be obtained from the capital invested. After enlarging upon the advan- tages that will accrue from the new Port Development Depart- ment under the able charge of Mr. John Duncan, His Excellency went Reviewing next year's pro-into details of the work before the gramme of expenditure, entailing Public Works Department. [ä $9,000,000 deflelt, His Excellency mentioned among other matters provided-for-in the budget a bigger police force, more health officials, an armoured car for the Volunteer Defence Corps, an infectious dis- eases hospital, big water schemes, improved communications in Kow- are as follows loon, a new jail and training Governor school, a full-time medical officer Cadet Service' for schools, quarters in. Kowloon, Colonial for the clerical staff, costing over $1,500,000, increases in the staffs of various departments and $300,000-more in P.W.D. salaries. Referring to the big increase in the opfum revenue, His Excellency said that the Government had again thought it right to act on Harbour Master's De the assumption that during the

partment

491,822 Port Development De coming year, possibly as a result Harbour Master's

partment A of the discussions which are about | Special Expenditure, 714,750 Fort Development De to take place at Geneva, some Imports and Exports J.." partment, means will be found of reducing Department.

Special Expenditure the consumption of opium, which Imports and Exports

Port Works, Extra- will not merely involve the sub- Special Expenditure. 80,250 ordinary stitution of amuggled Chinese Royal Observatory 42,401 Post Office oplum for the product prepared by Rayala Observatory.

the Government.

———His Excelsgey-romůrkad

garding the expected Troms and next year, have lately Béen clear that the land-boom Fány"rate"

this might be a me from the revenue

Secretary's Department and Legislature.. Colonial Secretary's

Special Expenditure.. Secretariat for Chinese

Affairs M Audit Department Treasury

Specia) Expenditure. "Miscellaneous

Az | Judicial and

tions Police

over at Pollod

though Ex

indpoint, he Fire Brigat

91,300 451,972

1,500 577,108

138,100 736,870

TAK NEWY Liaw, StaoKO, WATER/BOOT

AND

FOR GOLFER

THE

JACKETS various Tweeds

all cut to allow perfret freedom of movement. Ready-to-wear or 'to' measura $22.50 $25.00 each.

in the new Full-

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STOCKINGS and colours

in all weights

A large selection to choose from

at prices ranging from $4.00;

Mackintosh

B&Co, Ltd. v. Men's Wenk

Alexandra Building

NEVER CUT A CORN,

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FLETCHER'S CORN CURE

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DE THE PHARMACY. 10 FLETCHER & CO., LTD.

Asiatic Buildings,

„Tel: C. 345.

No. 26, Queen's Road Central..

AUTUMN SUITINGS.

From the West End of London.

HEALTH BOOTS & SHOES

Bpecially made for The Tai Co., Ltd. by Crockett & Jones for Ladies and Gentlemen.

..

GREAT SALE

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·MA JONG SETS ALL KINDS OF CHINESE SILK, HOSIERY, ETC., ETC. 15% reduction during sale.

TAI YAU CO., LTD.

244–246, Des Voeux Road C.

Tel C. 2637.

BEAUTY

CONTEST

FOR PARTICULARS

HE HONGKONG: STUDIO,

ART PHOTOGRAPHERS, (989)

66% QUERY'S BOLD (CRSTRÁ

NEW

AUTUMN RANGES

OF:

SHIRTS AND PYJAMAS

98,030

92,991

11,000

989,874

158,500

༦༢་་,{

40,285

10,850

67,523

Public Works De-

partment

490,959

Public Works De-

450

partment Special Expenditure

80,359 Public Works, Recur-

51,671 rent

76,542 Public Works, Extra-.../ ordinary...

85,000

1,880,450

9,187,200

121,876

8,500

1,412,000, 883,181

690,428

Excellent

Designs

Fand

Knitted

BUL

Neckwear

1,021,188

448,000)

704,679-

1787.687

181,800 188411

Tota

Smart

Fancy Half

EX FOOTWEAR

WHITEAWAY LAIDLAW & CO. LTD.