CO129-505-12 Estimates of expenditure 1928 1-9-1927 - 12-1-1928 — Page 46

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HON. MR. W. E. L. SHENTON.

The Hon. Mr. W. E. L. Shenton said: -Your Excellency,-In your speech introducing the estimates which are now before us, you have directed general attention to a re- trospect of this Colony's history for the past thirty years-a period of great interest, not only to the residents of this Colony, but to all who are concerned in any manner in the Far East. Unquestionably, Your Excellency's review will be closely followed in many parts of the world. No resident of this Colony could have listened to or read Your Excellency's survey of events and figures without a feel- ing of satisfaction as to the stable basis on which this Colony rests, and a sense of pride in its con- tinuous prosperity in the face of all adversities. Your Excellency has referred to three set backs in this Colony's career during the period under review, but a close scrutiny of the figures goes to show that although we are at present ex- periencing a time of commercial depression, nevertheless its re- sources are stronger than they have ever been.

The years which Your Excellency has chosen by way of comparison

are:-

1906

as compared with 1908. 1918 as compared with 1920. 1923 as compared with 1926.

The revenue of 1906 was $7,035,011 and for 1908 $6,104,207, a difference of $930,804. The re- venue for 1918 was $18,665,248 and for 1920 $14,689,671, a difference of $3,975,577. The revenue for 1923 was $24,783,762 and for $21,131,581, a difference $3,652,181. The land sales for 1906 were $412,941.53, for 1908 $69,358.19, for 1918 $299,289.23, for 1920 $356,349, for 1923 $3,488,797 and for 1926 $286,342.

Land Sales.

1926

of

Land sales, if I may be permitted to say so, should not be taken into consideration when calculating this Colony's revenue, as they vary ac- cording to the whim of the specu- lator and are a varying factor over which there is no control. Large revenue from land sales unfor- tunately indicates either trouble in China or an unhealthy financial condition in this Colony. It must

also be borne in mind that by rea- son of the large reclamation schemes now in course of develop- ment, the demand for Crown Land is likely to be restricted for some time to come.

the

For the purpose of my argument, therefore, I propose to reduce the revenue from land sales during the year 1923 to a normal basis, and for the purpose of demonstration 1 shall adopt the year 1926, and the

the efore, is that position, difference in revenue between 1906 and 1908 was $930,504 between 1918 and 1920 $3,975,577 and between 1923 and 1926, after deducting the land sales of the year 1923 and add- ing the land sales of the year 1926, $449,726. We, consequently, arrive at this conclusion that, notwith- standing the fact that revenue in 1923 was about three and a half times as great as the revenue in 1908, and the expenditure even greater, after deducting the large land sales of 1923 and putting them on the basis of 1926, i.e. $286,342, which on the present estimates is a high figure, the actual position be- tween 1906 and 1908 as compared with 1923, our record year, and 1926 is most illuminating, because the figures show a loss of revenue for the year 1908 of $930,804, whilst for the year 1926 only $449,726, or 1926 by favourable to the year $181,076. The position between the year 1920 and the year 1926 is too obvious even for comparison.

Such a state of affairs after the trying and difficult years through which this Colony has passed when disrupting elements have done everything in their power to ruin it, can only be a matter for mutual congratulation and outstanding evidence of the great strength of its resources and the stability of its constitution.

The Loan Policy.

Colonial The Honourable the Secretary has, in the course of his speech, intimated the policy of Your Excellency, to finance certain. schemes of general public utility coming under the category of Public Works Extraordinary, by lcans secured on the public revenue of this Colony. This policy al- though not new to the Colony is exceptional, as the previous policy has been to meet, as far as possible, all expenditure out of current re- venue. Whilst it cannot be denied that it is unfair to make the pre- sent generation pay for the advan- tages which posterity will reap the most advantage of, nevertheless in the present condition of the Colony's finances, the utmost care should be exercised in embarking on new schemes, confining them as far as possible to essential require- ments, as against luxuries.

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