CO129-519-1 Estimates for 1930 5-9-1929 - 14-11-1929 — Page 249

Enclosure No. 8.

Extract from the South China Morning Post of the

6th of September, 1929.

290

Waterworks Loan.

The Colonial Secretary:-Sir, In motion rising to move the next standing in my name I would ask Hon. Members to look at the two motions immediately following it and also to refer to Appendix 6 in the printed Estimates which were laid on the table this afternoon. The remarks I wish to make on Ithe first of these motions will ap- Iply in general to all three

tions.

mo-

As Hon. Members are aware, the second portion of the Public Works (1927) Loan was raised at the end of last year. Up to that point our expenditure on loan works had been somewhat complicated though the various steps had been taken with the full concurrence of the Council. We commenced the works out of surplus balances and in 1927 we raised a portion of the loan, financ- ing the works partly from loan, partly from Surplus Balances and partly from contributions from the Wharf and Godown Company and from the Imperial Government. On raising the second portion of the loan in 1928 we reimbursed our Surplus Balances and financed the work from Loan Funds and the contributions referred to so far as we could. We have now reached the stage when, pending the rais- ing of a further loan, we

are ob- liged to draw on our Surplus Bal- ances again.

I now move “

(a) That this Council approves the construction of the works connected with the Shing Mun Valley Water Supply Scheme as set out in Appendix VI (a), Head 1, Sub-Head 1, of the draft estimates of expenditure for 1930- at an estimated cost of $4,158.- 509.40.

(b) That this Council approves of a sum of $3,500,000 out of said sum of $4,158,509.40 being Works charged to the Public (1927) Loan, and further sanc- tions the expenditure of $2,221,- 876.42 actually incurred up to the 31st December, 1928, the expen- diture of $1,182,274.19 estimated to be incurred during the finan- cial year 1929 and the expendi- ture of $95,849.39 estimated to be incurred during the financial year 1930, which three last men- tioned sums amount in all to the aforesaid sum of $3,500,000.

(c) That this Council approves the expenditure of a further sum of $579,150.61 on the said Shing Mun Valley Water Supply Scheme during the financial year 1930, which sum shall be met from a further loan and shall meanwhile be charged as an ad- vance from the surplus balances. of the Colony.

The Colonial Treasurer second- ed.

Hon. Sir Henry Pollock.-I beg The question of the size and date of the future loan and of the leave to move that further consi- currency in which it should be is-deration of this motion be post-

poned until the next meeting. sued are at present under con-

Hon. Mr. W. E. L. Shenton sideration.

seconded.

The position as it now stands with regard to Loan Works is H. E. the Governor. On what set out in Appendices VI. and VIa. Igrounds does the Hon. Member of the Draft Estimates for 1930, wish the motion deferred? and this and the two following Hon. Sir Henry Pollock.-On motions are for the purpose of the ground that I want to consult clarifying the position and of ob-the Unofficial members. taining the Council's formal ap-

H. E. the Governor.-The Hon. proval of the allocation of the sums Member is aware there is nothing set out in the schedule and in par-[contained in this motion that has ticular the Council's approval of not already received the approval ob- the expenditure of the sums re- of this Council. I have no quired from Surplus Balances dur-jection to the motion being de- Un- ing the current year and during ferred. I take it that the 1930. Of the works themselves I official replies to the motion will think it is hardly necessary for me be made when the Council next to speak, for they have all been meets. explained fully to the Council from time to time and have received the Council's approval. The Water- the next meeting of Council. works, with which alone the first resolution is concerned, have more- over been fully dealt with Your Excellency in your address this afternoon. It will be seen from the table which forms Ap- pendix 6 that we do not require to draw on our Surplus Balances for the Shing Mun Scheme until next year.

by to

Hon. Sir Henry Pollock.-Yes. The motion was deferred until

Harbour Development. The Colonial Secretary.-I beg

move, Sir,

That this Council approves the expenditure of a sum of ¡ $419,771.26 on Harbour Develop- ment as set out in Appendix VI (a), Head 2, Sub-Head 1, of the draft Estimates of Expenditure for the year 1930 and authorizes!