HONG KONG LEGISLATIVE COUNCIL
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Before leaving revenue I should like to make a few remarks con- cerning the loan which it is proposed shortly to float in Hong Kong, and the works which it is proposed to finance from it. The total amount of the loan is to be $5,000,000 at 6 per cent. Of this total $3,500,000 is provisionally allocated for water works of which the Shing Mun Scheme is likely to absorb just over $3,100,000 according to the latest figures I have available. $1,000,000 is provisionally allocated for the Harbour Dredging and the Colony's share of the Kai Tak Aerodrome and the remaining $500,000 is unallocated.
The Secretary of State for the Colonies has proposed that the Imperial Government shall bear three quarters of the cost of the Aerodrome and the Colony one quarter, but the matter has not yet been finally decided by His Majesty's Government. If that proportion should be adopted the cost to the Colony according to the latest figures available would be $602,700 for Dredging and $594,500 for Kai Tak Aerodrome, and it will be necessary to draw on the unallocated funds of the loan to the extent of $197,200. It is proposed to raise $3,000,000 of the total loan in November next. While dealing with loan works I would observe that it had been intended to issue in time for to-day's meeting sessional papers on the proposed Aberdeen Reservoir, on the Vehicular Ferry Scheme and on the New General Civil Hospital Scheme, but our Engineers were very fully occupied earlier in the year with work for the Military in connection with the arrival of that part of the Shanghai Defence Force which is stationed here, and it has not been found possible to complete the investigations in time. The sessional papers will be issued at a later date.
I would invite the attention of Honourable Members to Appendix V. in the Draft Estimates, which gives a statement of the position of the 1925 Trade Loan. This, of course, has nothing to do with the budget, but it is published for information in what is considered a convenient place.
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Turning now to expenditure, the total estimate is $22,183,045. There is a decrease in Public Works Extraordinary of $1,239,100. This, however, is offset by an increase of $130,638 for Military Con- tribution and $158,076 for Pensions, neither of which can regulate at will. Other large increases are $247,181 for Miscellaneous Services, $162,401 for the Harbour Department and $185,525 for the Police Department. The more important decreases and increases are the following:-
Head 2-Cadet Service.
Provision has been made for one more cadet who will be necessary to keep the cadre up to strength.
Head 3 Senior Clerical and Accounting Staff.
Altogether there are three new posts under this head. One Class II. post for the Registry of the Supreme Court; recent experience
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