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611
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HONGKONG LEGISLATIVE COUNCIL
tion, it will be an easy matter to bring forward a short Bill to effect that object.
THE
then
ATTORNEY-GENERAL moved the suspension of Standing Orders in order that the Bill should be taken through its remaining stages at that meeting.
THE COLONIAL SECRETARY second- ed.
On the 11th August the Secretary of State telegraphed that he thoroughly ap preciated the desire of the Unofficial Members to offer a considerable contri- THE COLONIAL SECRETARY second- bution to His Majesty's Government fored, and the Bill was read a first time. war purposes, and indicated that he contribution. preferred a lump sum 1, therefore, consulted the Unofficial Members, and made enquiries as to the possibility of raising such a loan as was suggested, and in consequence of the ad- vice I received I telegraphed to the Secretary of State on the 21st September that the Unofficial Members of both Councils were unanimous in advising the immediate issue of a loan of $3,000,000, bearing interest at the rate of six per cent., repayable in from five to twelve years at the option of the Government, and on the following day I received a telegram from the Secretary of State ap- proving of the proposals, and stating that His Majesty's Government highly appreciated the generous attitude of the Hongkong Government and the Unofficial Members of the Councils.
The Bill which is before you to-day makes provision for issuing the loan, and I am glad to be able to state that the Hongkong and Shanghai Banking Corporation has kindly consented to float it. They have also generously offered to such forego the usual commission on transaction. It has been arranged that a considerable portion of the stock will be in denominations which will enable small investors to participate in the loan. I may add that, with the concurrence of Honourable Unofficial Members, it has been indicated to the Secretary of State that if the loan is a success it may be possible to extend it with the object of adding to the Colony's gift. Gentle- men, this Bill was to have been brought before you last Thursday week, but at the last moment a question was raised as to whether the revenue devoted to the paying of interest and the sinking fund on the loan should or should not be exempted from the military contribution. At the request of hon, unofficial mem- bers I communicated with the Secretary of State on the subject, and I have not had any reply. I believe that it is the desire of the unofficial members that the Bill should be proceeded with to-day, and when I receive the reply of the Secretary of State, if his direction should be that the revenue alluded to should be exempted from the military contribu
then
THE ATTORNEY-GENERAL moved the second reading of the Bill. In doing so he said-After what you have said. Sir, on the first reading of the Bill, I think it is unnecessary for me to say anything. I therefore propose the second reading of the Bill.
THE COLONIAL SECRETARY second- ed, and the Bill was then read a second time.
Council then went into committee to consider the Bill clause by clause.
To Clause 3, "Loan to be a charge on "the following clause general Revenue,
"The Governor shall appro- was added:- priate out of the revenue and assets of the Colony such sums as may be neces- sary to provide for the expenses of the flotation and management of the loan."
k
17
On Clause 7, Provision for Sinking Fund," the first two lines were altered as follows: The Governor to read shall in each year ending on the 30th day of November, appropriate out of the revenue and assets of the Colony.
"half year" to one thus changing year."
The following Clause was added to "Application of Sinking Clause 8, Fund : "In case the sinking fund shall be insufficient for the payment of the principal moneys at the time when such payment shall become due, the Governor shall make good the deficiency out of the revenue and assets of the Colony."
44
Clause 12, Exemption from duties and Taxes," was altered to read as follows:- "Bonds issued under this Ordinance. and the principal and interest represent- ed thereby, shall be exempt from all duties and all Taxes now leviable, or which may hereafter be leviable in the Colony.'
>
Upon Council resuming.
HONGKONG LEGISLATIVE COUNCIL
THE ATTORNEY-GENERAL moved that the Bill be read a third time.
THE COLONIAL SECRETARY second-
ed, and the Bill was then read a third time and passed.
HIS EXCELLENCY-Council stands adjourned until this day fortnight.
FINANCE COMMITTEE.
A meeting of the Finance Committee followed, the Colonial Secretary presid- ing.
Judical and Legal
The Governor recommends the Council to vote a sum of three hundred and fifty dollars ($350) in aid of the vote Judicial and Legal Departments, 4.-Supreme Court, Other Charges, Registration of Companies at Shanghai.
The vote was agreed to.
Laichikok Quarantine Station
The Governor recommends the Council to vote a sum of three thousand five hun- dred and seventy dollars ($3,570) in aid of Public Works, Extraordinary, New Territories, Miscellaneous, Segregation Camp at Laichikok Quarantine Station.
The vote was agreed to.
Dredging
The Governor recommends the Council to vote a sum of six thousand dollars
($6,000) in aid of the vote Public Works, Extraordinary, Hongkong, Miscellane ous, Dredging off Kowloon Point.
The vote was agreed to.
Public Works
The Governor recommends the Council to vote a sum of eighteen thousand three hundred dollars ($18,300) in aid of the following votes:-
Public Works, Recurrent. Water Works, Water Account
(Meters, etc.)
Kowloon.
$ 5,000
Water Works, Maintenance of
Water Works
5,000
New Territories. Water Works, Maintenance of
Lai Chi Kok
400
Public Works, Extraordinary
Kowloon.
Communications, Roads, Gen-
eral Works
6.000
New Territories.
Communications, Roads, Gen-
eral Works
1,900
Total
$18,300
The vote was agreed to,
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