IF
674
69
HONGKONG LEGISLATIVE COUNCIL
tion, it will be an easy matter to bring forward a short Bill to effect that object.
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- bution to His Majesty's Government fored. war purposes, and indicated that he contribution. preferred & lump sum
I, therefore, consulted the Unofficial Members, and made enquiries as to the possibility of raising such a loan as was Buggested, and in consequence of the ad- the vice I received I telegraphed to 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 COLONIAL SECRETARY second-
and the Bill was read a first time.
then
THE 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.
then in
THE ATTORNEY-GENERAL moved the second reading of the Bill. doing so he said-After what you have said, Sir, on the first reading on 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.
H
one
The Bill which is before you to-day makes provision for issuing the loan,
To Clause 3, "Loan to be a charge on and I am glad to be able to state that
the following clause the Hongkong and Shanghai Banking general Revenue,' Corporation has kindly consented to float was added: "The Governor shall appro- priate out of the revenue and assets of it. They have also generously offered to
on such the Colony such sums as may be neces forego the usual commission transaction. It has been arranged that sary to provide for the expenses of the a considerable portion of the stock will flotation and management of the loan."
On Clause 7, "Provision for Sinking be in denominations which will enable smail investors to participate in the loan. Fund," the first two lines were altered follows: The Governor I may add that, with the concurrence of to read as Honourable Unofficial Members, it has shall in each year ending on the 30th been indicated to the Secretary of State day of November, appropriate out of the that if the loan is a success it may be revenue and assets of the Colony.
to ci possible to extend it with the object of thus changing "half year
" Gentle year. adding to the Colony's gift.
The following Clause was added to men, this Bill was to have been brought
"Application of Sinking before you last Thursday weck, but at Clause 8,
Fund":"In case the sinking fund the last moment a question was raised as to whether the revenue devoted to the shall be insufficient for the payment of the paying of interest and the sinking fund principal moneys at the time when such on the loan should or should not be payment shall become due, the Governor exempted from the military contribution, shall make good the deficiency out of the
revenue and assets of the Colony." 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 contribn-
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 Dow leviable, or which may bereafter 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 adjourned until this day fortnight.
FINANCE COMMITTEE.
stands
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 (8330) 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
70
The Governor recommends the Council to vote a sum of six thousand dollars (86,000) 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 ($18,300) in aid of the following votes:-
Public Works, Recurrent. Water Works, Water Account
(Meters, etc.)
Nowloon.
...$ 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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