like
(
C. S. O. M.F. 257.
)
see some of it donated to this nstitution.
For a University of this kind to have no Chair of Health is a very serious blemish which I hope will near future. disappear in the
The Government is already giving the utmost assistance that it can, having regard to its own finan- cial position, and it remains for private effort to supplement this help and make the University an institution of which this Colony may well be proud.
on
referred to
have already various works provided for under the head Public Works Extra- ordinary, and I have little to add. The scheme for building Senior Officers' Quarters at May Road is
based
economic largely grounds. Owing to the paucity of quarters, Government incurs a very large bill for allowances to officers, representing, subject to a maximum, the difference be- tween 6 per cent. of their salaries and the rent which they actually have to pay for non-Government accommodation. The construc
quarters will tion of further result in a saving of money.
Anti-Malaria Work.
of $100,000 appears A sum under the head of Anti-Malaria Works and I trust that it will be the possible to spend at least whole of this amount. I have been perturbed for the last year or two at the increased incidence of malaria in the Colony, and there is much to be done. Pro- gress is being made with various preventive works, though it is slower than I could wish: the are con- engineering difficulties
I siderable.
inform the may Council that Government has de- the bulk of the cided to resume low-lving land between Shouson Hill and Aberdeen, now being There used as vegetable gardens.
is no doubt that this is a most dangerous breeding ground for mosquitoes and its resumption is unavoidable if we are to make any eradicating the in progress disease. Even desirable improve- ments have their disadvantages, and I understand that the Malario- logist feels that by the resump- tion of this land he will be de- of his most pro- prived of one ductive larvae collecting grounds! (Laughter).
Central British School.
I share the regrets expressed at i the slow progress that has been made with the Central British School. I stressed the necessity of pushing on with the work and am very disappointed that it has not been possible to make greater progress. The Director of Public Works has explained to the Coun- cil the reasons which prevented
earlier start. his making an give an undertaking that if the work can be accelerated I will ask additional this Council to vote an
of next sum for it in the course
year.
I
(14)
Under Loan Works, I trust that it will be possible to make more rapid progress with the construc- tion of the new Gaol, for the exist- ing one, as you all know, is a dis- the grace to the Colony and present position is almost unten- able.
Meanwhile, as honourable mem- bers are aware, a temporary block is being constructed at the Laichikok Prison to enable us to cope with the present congestion.
My honourable friend the Director of Public Works has dealt with the cross harbour pipe line. the Government fully realises urgent need for a second line and will push on with the work as fast as possible.
The same remarks apply to the Shing Mun Gorge Dam and I can Resident only add that in the Engineer we have a most capable and energetic officer who can be trusted to get the work completed with the greatest possible expedition.
Financing Loan Works. The question of our policy in Works regard to financing Loan will require careful consideration in the near future, and I propose Colonial to go into it with the
his Treasurer, Mr. Taylor, on return from leave, as it was pro- posed that he should consult the Financial Advisers of the Colonial Office while in England. For some time we have been financing Loan Works out of Surplus Balances.
This course is economically sound, but obviously it cannot go on indefinitely, and the difficulty is to decide just at what point to raise a further loan.
You will see from the Colonial Treasurer's memorandum
on the financial position that it is anticipated that by the end of this year we shall have drawn on Sur- plus Balances, in anticipation of a further loan, for an amount of over seven and a half millions. It is obvious, therefore, that we cannot continue drawing on Sur- plus Balances much longer, and it may be necessary to borrow
before very long.
The Hon. Senior Chinese mem- ber has made a reference to bathing beaches. Government has every sympathy with this form of recreation, which is at the same time very popular and verv desirable from a health point of view, and it has gone to a good deal of trouble to explore the possibilities of other sites. When it becomes necessary, owing to industrial development and port requirements, to go farther afield
to Saiwan or elsewhere, I consider that Government should provide adequate road access.
Sterling "Loss".
The Hon. Senior Unofficial mem- ber has raised a question in regard to a sterling contract made in 1931 which I consider scarcely relevant
to
the Budget now under dis-
47
cussion. I am prepared, however, to make a statement on the subject. The history is briefly as follows: In September, 1931, the estimates for 1932 having just been prepared on the basis of a shilling dollar exchange fluctuated considerably as a result of England abandoning the gold standard. The sterling rate rose from 111⁄2d on September 21 to 1s. 2d. on the 26th, and after consultation with and on the advice of banking and business circles, where the view was held that the rate would not be main- tained at that figure, it was de- cided promptly to obtain cover for a portion of our future sterling commitments and a contract for £200,000 at 1s. 3d. was made for 1932.
It happened, however, that when it became necessary to make remittances to the Crown Agents under this contract the dollar was higher than 1s. 3d., with the result that the remittances cost us more dollars than would have been the case had we merely remitted as required at the current rate of the day. This additional cost is what is termed by the Auditor a "loss": it is rather a misleading term and would not, I believe, be so used by a firm in similar circumstances. Having regard to the difficulties which had been encountered in balancing our Budgets, owing to the fluctuations of the dollar, I was definitely of opinion that we should take advantage of a mark- ed appreciation of the dollar to safeguard the future to some ex- tent and so ensure that in regard to our sterling commitments in 1932 we should not find ourselves seriously embarrassed by possible further fall in the dollar. Home View.
a
In view of the Auditor's opinion I submitted the whole matter to the Secretary of State who, in his reply, expressed the view that the remittance of money exactly when money is required without the freedom to use discretion as to the best time for remittances would not be an advantageous procedure and would in the long run almost certainly result in a loss which could have been avoided. He was of opinion that the Hongkong Government, with the expert advice available locally, ought to be in a position to remit, broadly speaking, at the right time, and approved of my exercising my judgment in deciding on any in- dividual occasion what is the best course to take in the public interest of the Colony.
City Development.
The only other point to which I wish to make reference is what has been referred to as the Govern- ment House and City Development Scheme. The scheme has been submitted to the honourable mem- bers and has received their ap- proval and that of the Secretary of State. I am glad that the pro- posal to build the new Government House at Magazine Gap meets with
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