CO129-182 - Governor Hennessy - 1878 [9-12] — Page 242

THE DAILY FRESS, OCTOBER 16rn, (578.

18738

THE prosperous condition of the "Coldly, as shown by the figures laid before the Legis- lative Council by His Excellency the Groves-" NOR yesterday afternoon, is highly satisfac- tory. It will be remembered that Mr. HEN- NESSY in an equally long and lucid speech last November foreshadowed this result, and yesterday, in a speech of over an hour's! duration, he stated the actual receipts thus far and the probable" revenue, from various sources, of the year. The GOVERNOR had estimated that this year there would be a total surplus of revenue over expen- diture of $71,954, but in the nine months the receipts show an excess of $85,923. If, therefore, the year finishes as prosperously. as it began we shall have a surplus of revenue over expenditure of not less than $114,000. This is the more gratifying since, as His Excellency pointed out, in England times are bad, trade is depressed, and affairs gene- rally are unfavourable. In Chins, famine has plunged several of the Northern provinces into the deepest distress, while even in Kwang-tung flood and famine have deso- lated extensive districts and thrown thou- sands of people on public charity, The flourishing condition of the Colony is not, consequently, due to any exceptional pros- perity at home or in China.

Turning again to the figures placed before us by His Excellency, the increase in revenue is apparent on several items. In the Crown rents, junk licences, stamps, postage, light dues, &e, there is a substantial increase, .considerably in excess even of Mr. HENNESSY'S sanguine anticipations. Thus the receipts from postage, which at last year's rate would, be $47,000, for the nine months, actually foot up to $66,492, or nearly four thousand dol lars in excess of the total amount for last year. The sum realised from stamps for the nine months is nearly six thousand dollars more thau in the same period last year; while that derived from light dues during the same months is only about one thousand dollars less than the total revenue for the whole

year in 1877. As a proof that native trade has not been declining, the junk licences also exhibit an increase of over a thousand dollars. The increase in the income derivable from Crown rents some $105,000 in nine mouths --is an evidence that additional land has i been taken up in the Colony; and as a matter of fact there have been a number of new houses erected both in the City of Victoria and up at the Peak. With regard to the Opium Farm, Ilis Excellency entertains hopes of securing a much larger rental, and be has a project for establishing a Spirit Farm, which would likewise be a source of profit.

Altogether the financial prospects are very encouraging, and we must congratulate His Excellency and the community alike upon the fact. The GOVERNOR yesterday expressed his intention of lightening the burden of taxation, and we shall be glad to see this garried into effect. The taxes are very bigh in Hongkong and press heavily upon all, but mora especially upon those who have fixed in- comes. Now that the revenue of the Colony is in so buoyant a condition, some reduction can be safely made. In these days of com- petition we want the cost of living cheap- ened as much as possible, and any reduction in taxation that can be effected without im- pairing the efficiency of the public services will be most acceptable. Last year we had the pleasure of speaking in terms of approval of Mr. HENNESsr's Budget, and his state- ment this year is even more satisfactory, in- asmuch as he can speak of results achieved. His Excellency's forte evidently lies in finauce, and on this point, at all events, we think the community-whatever their views of his policy in other matters--will not be inclined to find fault with his administration. In all probability there is a great carcer before Mr. HENNESSY as a financier. It is a pity be should allow his visionary humanitarian views to so materially impair his usefulness here.

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