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HONG KONG LEGISLATIVE COUNCIL.
which were then enjoying varying degrees of prosperity. To-day the economic depression is world-wide, and consequently our trade with many countries has greatly diminished, and with certain others. almost stopped. Though I am optimistic of the future, I think it nevertheless imprudent to delude ourselves with the belief that the downward course of our trade has touched the lowest level, or that its present condition will not continue for some time. Any unwise action on the part of the Government in the way of taxation would therefore impair our chance of recovery. Fortunately for the Colony, the present Budget clearly indicates that
that Your Excellency is of the same mind.
If the present careful and enlightened policy of the Government were continued, I have not the least doubt that Hong Kong, with its geographical and other advantages, would be among those countries first to recover from the general depression. There are, however, not wanting a class of people-though fortunately the number is small-who believe that Hong Kong will never regain its former prosperity, and who go about bemoaning to all and sundry their dismal forebodings. Such people do infinite harm to the Colony in these days when investors are holding tight their purse-strings, and financiers are pursuing a policy of more than ordinary caution. I should like to see evinced a greater spirit of optimism in my fellow-citizens-a greater faith in the Colony and its future. Only a week ago we read in the Press the heartening words of Mr. Neville Chamberlain, who is not a man given to making extravagant statements, that Great Britain was seeing the beginning of a permanent advance and progress, and that she could look forward to the future with every confidence, for the upturn was definite and continuing steadily. These good signs have not yet manifested themselves here, but knowing Hong Kong as I do- its natural advantages, its remarkable resiliency, the peace and security it affords the people, its good government, and the policy of justice and tolerance which characterises Your Excellency's administration-I am confident that this Colony will have its share in the recovery of international trade and prosperity, which from all indications are at last returning to a sorely stricken world. (Applause).
HON. MR. S. W. TS'O.-Your Excellency, My Honourable. Colleagues, the Senior Unofficial Member and the Senior Chinese Member, having respectively, fully and ably represented the collec- tive opinion of the Unofficial Members and the joint views of the Chinese Members on the Budget, there remains little for me to say except that I wish to associate myself with the remarks and observations which they have made in their speeches.
However, I should like to make a few remarks on the following matters in which, I may say, I take a personal interest.
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