Enclosure No. 2.
208
1
I rise by Your Excellency's command to move t'e first
reading of a Bill intituled "An Ordinance to apply a sum not uxceeding Twentysix million six hundred and fortyone thousand and
seven hundred and eighty seven dollars to the Public Service of the year 1932". These figures as Hon. Members are no doubt aware are exclusive of the charges for Military Contribution and
Public Debt.
We meet Sir at a moment of considerable financial
perturbation. The preparation of the Budget had proceeded on normal lines affected mostly by the low dollar and the essential need for economy with a view to balancing the Budget and insuring our financial stability, when the news of the financial crisis in England reached us last Monday week.
It is too early to say
what effect this crisis and the measures taken to meet it will have on this Colony. Should they result in any appreciable rise in the sterling value of the dollar cur position so far as the balancing of the budget is concerned will be to that extent improved, but we do not know what general reactions there may be which might affect us adversely and no action has been taken to revise the Budget which was already settled before the news reached us.
Another disturbing factor the effects of which cannot be foreseen has arisen within the last few days in the Manchurian imbroglio which has had such an unfortunate reaction in the Anti- Japanese disturbances in Hong Kong last week-end. Hong Kong desires to maintain a position of the strictest neutrality in this dispute between its two friends China and Japan, and can only express its regret at this further setback to the cause
peace in China.
While
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