176
position.
ι
which the motion
for reduction was based) was
completely
at variance with
other representation that had
a short time before been
made to me in another connection
the Senior Unofficial
Member and endorsed by his colleague, Mr. Whitehead. Your Lordship will most conveniently be placed in possession of the
circumstances to which I allude
perusal
of
the annexed passage from the speech of the
Colonial Secretary
second reading of
The senior unofficial member, though not very decided in his opposition to the Bill, for he does not counsel abandonment
of the proposal but merely postponement, has given expression to some doubts as to the prudence of borrowing now, and has also given vent to some forebodings as to the present unprosperous state of affairs. It is a disappointment, sir, to find that the hon. member has not
to give the second reading
of the bill his cordial support, for from what other quarter opposition might come it might fairly have been expected that he at least would have heartily supported the Government in this matter. The prospects of the Praya Reclamation are involved in the Bill, and so keenly did he realise very recently the vital importance to the colony of speedily completing that great work, which he has done, more than any other man to effectuate. that only last spring he officially proposed to the Government that it should borrow the amount required to complete the work and advance it to the marine lot holders on their undertaking to repay the advances within twelve months of the completion of their respective sections.
Hon. C. P. CHATER-In Hongkong in silver. The COLONIAL SECRETARY-And he is now in favour of borrowing in gold, but I fail to see how that affects the point. He had then, sir, no doubts as to the prudence of Government immediately borrowing; in fact he reversed Polonius's advice. "Neither a borrower nor a lender be," and counselled the Government to immediately both borrow and lend. He based his proposal on the ground that some of the lot holders might find it difficult to meet their calls, and that to the rest of them it would be a boon to be enabled to place the amounts in immediately remunerative undertakings. (He would appear, by the way, to have been mistaken as to his fact reason, for since then there have been two calls, one of which has been paid practically in full, and the other is in the course of satisfactory settlement.) He pointed out the practical impossibility of suspending the work, the Government being under a legal obligation to complete it, and he dwelt on the injury to the work already done, the serious public inconvenience, and the grave sanitary complications which suspension would involve. On ... August he again wrote to show why, in my opinion, the
It is, to say
the least of it,
very embarrassing to be assured
Lay
the
the loan
Government need not hesitate to make such a loan, and why they may consider its repayment as well assured." He said, "there are not wanting signs of an approaching recuperation." After giving his reasons for this he proceeds to state that the fall in the rents of houses (of which we heard a good deal the other day) is purely temporary and will soon rectify itself. On this head he writes: "The fall of rents has been due to too great haste in building, which has caused the supply of houses, especially of those for Europeans, to exceed the present demand. This, however, is a matter that will be cured by time, especially as the population of the colony is steadily increasing." In saying that the fall in the rents of houses would be cured by time, he must have had a very short time in hand, for under his proposal some of the advances would have been repayable within two years. I may point out in passing that all this materially corroborates the position taken by the Government in regard to the recent motion for the reduction of certain salaries. And as lately as the 20th of last September he wrote: "the risk run by the Government is really nil" ... the amount that was required to complete the reclamation, and that consequently Government was under his proposal to borrow from time to time and advance to a very small section only of the community, the marine lot owners, was $2,491,198, or say in round numbers 25 lacs; and the outstanding liability of the Government, supposing every lot owner punctually to repay his advances when repayment became due, would at one time have exceeded 5 lacs, the exact figure being $5,000,000 ... Such was the operation which he pressed on the Government as involving absolutely no risk, and yet to-day he is disposed to question the prudence of the Government's proposal at the present juncture to borrow some 1 lac only on behalf of the whole community by a loan the repayment of which will be distributed over a period of years. On this question of prudence I appeal from his doubts of to-day to his confidence of the 20th September last and I venture to ask him whether, in view of the proposal which I have mentioned and of the arguments by which he supported it, he cannot see his way to voting for the second reading.
176
position.
ι
which the motion
for reduction was based) was
completely
at variance with
other representation that bad.
a short time before been
Louny,
made to me in another con-
nection
the Senior Unofficial
Member and endorsed by his colleague, Mr. Whitehead. Your Lordship will most conveniently be placed in possession of the
cucumstances to which Jallude
perusa
of
the amosCA)
passage from the speech of the
Colonia C
Colonial Secretary
second hea
Bice.
reading of
The senior unofficial member, though not very decided in hisopposition to the Bill, for he does not counsel abandonment ! of the proposal but merely postponement, has given expression to some doubts as to the prudence of borrowing now, and has also given vent to some forebodings as to the pressut unpros
perous state of affairs. It is a disappoint- ment, sir, to find that the hos. member has not
to give the second reading
Rea
of the bill bis cordial support, for from what other quarter opposition might come it might fairly Lave been expected that be at least would have heartily supported the Government in this matter. The prospects of the Prays Reclama- tion are involved in the Bill, aud so keenly dis he realise very recently the vital importance tu the colony of speedily completing that great work, which he has don, more than any other man to effectuate. that only last spring he off. cially proposed to the Governm ot that it should borrow the a nonut required to complet the work and advance it to the marine Int holders ou their undertaking to repay the ad- vances within twelve months of the completion of their respective sections.
on. C. P. CHATER-In Hongkong in silver. The COLONIAL SECRETARY-Aud he is now in favour of borrowing in goid, but I fail to see how that affects the point. He had then, sir, no doubts as to the pendence of Governmout immediately borowing; in fact he reversed Polonius's advice. Neither a borrower nor a leu- der bo," and counselled the Government to ju mediately both borrow and lend. he based his proposal on the ground that some of the lot. noluers might find it difficult to meet their calls, and that to the rest of them it would be a boon to be enabled to place the amounts in immedi ately remunerative undertakings. (Ele would appear, by tus way, to have been mistskou as to his ficat reason. for since then there have been two calls, one of which has been paid practically in fall, and the other is in the course of satis- factory settlement.) He pointed out the prac tical impossibility of suspending the work, the Government being under a legal obligation to complete it, and he dwelt on the injury to the wurk already dour, the serious public inconveni- euce, and the grave sanitary co aplications which suspension would involve. On St. August be again wrote in to shew why, in my opinion, the
It is, to
Layy
the
the loan
Government ved not hesitate to make such ♣ loan, and why they may consider its repayment as well assured." Ife said, there are not want- ang signs of an approaching recuperation." After giving his reasons for this by proceeds to state that the fall in the rents of houses (of whica we heard a good deal the other day) is purely temporary and will soon rectity itsať. On this tead be writes." The fall of routs Ras been due to too great haste in building, which has caused the supply of houses, especially of tunse for Europeans, to exceed the present demand. this bawever, is a matter that will be cured by time, especially as the population of the coloLY is steadily increasing "In saying that the fall in the rents of houses would be enied by me,
he mast he had a very short time in hand, for under his proposal some of the avaUomă would have been repayable within two years. may point out in passing that all this materially! corroborates the position taken by the Govern ment in regard to the recent motion for the res duction of certain salaries. And as lately as the 20th of last eptember he wrote: the risk The run by the Government is re lly nil" amennt that was required to complete the re- clamation, and that consegnently Government was under his proposal to borrow from time to timo and advanes to a very small section on y of the community. the marine lot owners, was $2.491,198, or say 10 round numbers 25 lacs; and the outstanding liability of the Government, supposing every lot owner punctually to repay his advances when repayment became due, would !! at one time bave exceeded 5: Ines, the exact figure being $11,000 Such was the operation which he pressed on the Government as involving absin lutely no risk, and yet to-day he is disposed to question the praderies of the Government's pro- posal at the present juncture to borrow some 1 lacs only on behalf of the whole community by a loan the repayment of which will be distribad over a period of years. On this question of pra- dence appeal from his donhts of to-day to bis onfidence of the 20th September last and I venture to ask him whether, in view of the pro- ; posal which I have mentioned and of the argu- ments by which he supported it, he cannot see bis way to voting for the seo nd reading.
the least of it,
very om barassing to be assured
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