10742 79
writer corectly
acpreciated
my
litements and caw that I founded
a moderate reduction
the buoyant state
on the
of
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of
the revsume.
I have the honor to be,
Sir,
Your Mint Focdient
"Huruble Sewant,
Popes fermeras.
(
The Daily Press.
HONGKONG, OCTOBER 24TH, 1878.
THE FINANCES OF HONGKONG,
The prosperous condition of the Colony, as shown by the figures laid before the Legis. lative Council by His Excellency the Gover NOR yesterday afternoon, is highly satisfac- tory. It will be remembered that Mr. Hes- NESST in an equally long and lacid 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 rear. The GOVERNOR had estimated that this year there would be a total surplus of revenue over expen- diture of $71,954, but in the uine 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 China, famine has plunged several of the Northern provinces into the deepest distress, while even in Kwang-tung Bood and famine have deso- lated extensive districts and thrown thoa- 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, &c., 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 ning
months is nearly six thousand dollars more than 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 liccuces also exhibit an increase of over a thousand dollars. The increase in the income derivable from Crown rents--some $105,000 in nine months -is an evidence that additional land has been taken up in the Colony; and as a tutter of fact there have been a uniber of new houses erected both in the City of Victoria and up at the Peak. With regard to the Opium Farm, His 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 taxatiou, and we shall be glad to see this carried into effect. The taxes are very high in Hongkong and press heavily upon all, but more 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 at 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. HENNESSY'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 finance, 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 career before Mr. HENNESSY as a financier. It is a pity he should allow his visionary humanitarian views to so materially impair his usefulness here.
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