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for 1914 was $9,500,000, while the revised revenue for the same year was $11,007,000. The estimate for 1915 19 $11,200,000, of which more than опе- third, that is to say, #4,000,000, is repre- sented by the revenue from opium. Now, this source of revenue, the opium revenue, on which we are so largely dependent for the prosperity of our Colony, and for the carrying out at enormous expense of public works which, owing to our pusi- tion, geographically situated and topo- graphically constructed as it is, is a very important and increasingly important source of expenditure. LU trust to opium for a third of our revenuo 18 clearly a source of weakness. We know that very large stocks were accumulated during the recent disturbances in China, and it will take about two or two and a half years to work off these accumulated stocks. At the expiration of tuat term i think it is quite reasonable to suppose that the further importation of Inuiau opium will be very greatly curtailed, if not entirely checked. That being su, it is quite reasonable to suppose, following on the instructions we have received from the Secretary of State, dictated to him by the existing House of Commons, as to the opium policy of Great Britain and te Colonies, that we cannot for any very great time rely upon such a valuable ource of revenue which, as I have already said, amounts to more than one-third of our revenue. Therefore, I think it is only right that even now we should begin to consider, and I think it would be very advisable if your Excellency could out- line, some means by which the loss of that revenue is going to be made up. Our principal source of revenue here, as your Excellency knows, is the house tax. We
all know that were has been for many years past a depression of trade conse- quent upon disturbances in China, and various other reasons, and grat com- plaints have been made about the exces- sive rents charged to householders by landed proprietors, many of whom are absentee landlords. Before 1 go un 1 would say that, of course, tho revenue on house property is based on an annual r triennial valuation of property, and I think I may reasonably say, as things are going now, that a revaluadou of property will show a depreciation in valu, d consequently a decrease in the revende derived from this source. Again, older sources of revenue are licences, which ia- clude the liquor tax. Now, the liquor tax is quite a new source of revenue, and the Government when it was resorted
to
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repudiated all responsibility it, and were promptly followed by
the unofficial members, who repudiated responsibility for this ex- tremely unpopular tax. Licences, as wo all know, have very largely increased on several different occasions during the last few years. Therefore, I maintain that the extension of taxation here is limited, and I see no new sources of revenu 4X- cept by increasing xoting taxation. That will have to be done in a very tender manner, otherwise it will have a serious. effect on the prosperity of the Colony. Page 19 of the accounts shows that the expenditure for 1913 was estimated at $8,008,012. in 1915 the estimated expendi- ture is placed at $12,486,771; that is to say, in two years we have, roughly, an increase of about 50 per cent. in the ex- penditure of this Colony, and over and above that, even to balance the account for 1915, we have to draw upon our very sparse reserve to the extent of nearly $1,100,000. With regard to the estimated revenue for next year, I think I am right in saying that it is the largest revenue that has ever been put before the Colony. 1 renumber the unie, about 25 years ago, when the rey nue of the Colony was barely $2,000,000. That gives an idea of the way in which the Colony has pro- gressed during the last quarter of a century. At the same time it shows, from the figures I have quoted, the very great danger we shall have in a few years of having to face a very serious reverse. Turning to expenditure, I will deal with. only a few of the more important items, as I do not wish to detain this honourable Council too long. At the same time, as it's the only one time in the year that un- official members have an opportunity of criticising the financial policy of the Government, I must not scamp the work, but meet the requirements of the case. I will come next to the Har- bour Department. There is an entry there on page 12, which is referred to in your Excellency's speech (page 3), with regard to the scheme of the Government for taking over the moorings. As your Excellency is aware, the Chamber of Com- merce, the shipping companies and the unofficial members of this Council have from the very first opposed this scheme; we still continue to oppose it. For twelve years this scheme, which, I understand, was brought forward by the present Har- bour Master, has been before this Council. We do not like it any more now than we did twelve years ago. Ou page 31 you will find an estimate of $10,000 for re- laying, repairing and the upkeep of moorings. Now, I happen to have as good a set of moorings in the harbour as any man. I know the number of moor- ings, and I think the sum is very largely under-estimated. Then, on page 35, there is an entry of a quarter of a million with which the Government propose to buy the moorings. I am not prepared to say whether that is sufficient or insufficient for the property they intend to acquire, but I do say this: in view of the extremely uncertain financial condition of this Colony in the immediate future it would be extremely unwise for the Government to embark upon such an expensive experi- ment, and one that has been condemne d by all those nearly affected by the pro- posal. I think the Government ought to drop the scheme, and I propose to move an amendment to the Bill now before us that these two items be eliminated.
We are--when I say "we" I mean the un- official members of the Council and also the shipping companies and the Chamber of Conimerce, which are interlaced, till absolutely in the dark as to how the Government proposes to work this scheme, The only information we have received is the copy of the letter which your Excel- Lency addressed to the Secretary of State, dated 12th August, 1914, in which, after going into the question of changing the moorings and so forth, you go on to say that the moorings will be assigned through the local pilots or by sigual to incoming vessels by the Harbour Depart- meat. Now, I have been in the shipping business for nearly forty years; I have
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