CO129-506-4 Public Works Loan Ordinance- 1927 23-9-1927 - 28-2-1928 — Page 37

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HONG KONG LEGISLATIVE COUNCIL.

what of the future, what is to be done if revenue does not markedly improve during the next few years. We have been living for some years on our accumulated surpluses which we are consuming at a rate which is certainly more rapid than we like, but it must be remem- bered that with practically no additional taxation we are carrying the burden of a programme of works undertaken in the spacious days of an overflowing exchequer. Luckily these works, where it has not been possible to shut them down, are rapidly nearing completion, in some cases I regret to say, in a much abbreviated form, and at the end of 1928 we hope to find our commitments of the past reduced to a comparatively small figure.

We must, however, recognize that when we reach the end of our liquid balances we shall have to rely on revenue alone for any Public Works Extraordinary which are not chargeable to loan, and unless our revenue increases, either by increased prosperity or by increase in taxation, we shall have to be content with a much smaller annual expenditure on Public Works Extraordinary than has been usual in the last few years. No longer shall we be able, as in the days of plenty, to assist enterprising bodies in their schemes for develop- ment, however admirable, with advances from the public purse. The fact that we have an item in our assets of over $1,500,000 locked up in Building Loans to private bodies and individuals is some in- dication of the measure of our past assistance by way of advances. This money we now require, as soon as we can recover it, for works of public utility. The Secretary of State for the Colonies has, therefore, requested that a warning be issued to the effect that Government will not for the present be able to entertain appeals for financial help from private or semi-public bodies, who must restrict any schemes or pro- jects they have in view to the amount they can raise from other than Government sources.

There are only two changes contemplated in the sources of revenue next year.

One is a small increase in school fees at certain schools, which will bring Government fees more into line with private school fees. This is expected to bring in about $60,000 and cannot be con- sidered a serious burden. Notice of this increase was given in June last. The other is an increase of survey fees for steamships and steam launches. As is well known to Honourable Members the Govern- ment is as anxious as any one to maintain the attractiveness of our splendid harbour and it will be found that we have provided for a very considerable increase of expenditure on the Harbour Department with that aim in view. As a means of recouping ourselves for some of that expenditure we have felt justified in raising some of our survey fees to bring in an additional sum estimated at $32,000, The matter is of such interest and importance that a sessional paper has been prepared and laid before Honourable Members to-day, fully ex- plaining the proposals and I trust justifying both the expenditure and the increase of the fees.

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