Hong Kang
Hansard Repor
31 5. 3+
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HONG KONG LEGISLATIVE COUNCIL.
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Market, and by a travelling postman who proceeds by train daily to Sheung Shui and thence by bus to Un Long where he effects local delivery, collection and sale of stamps. Otherwise the New Territories are served from the various Police Stations which exchange closed mails with the General Post Office daily and which effect district deliveries and sale of stamps in addition.
The particular districts referred to other than Taipo Market and Un Long namely Tsun Wan, Castle Peak, Kam Tin, Sheung Shui and Sha Tin are served by the Police Stations.
2. Post Offices are shortly to be established at Un Long and Taipo Market. In his year's Estimates provision has been made for the renting of suitable premises and for a staff of one clerk and two postmen for each office. In due course the present system will be progressively replaced by direct service from the Postal Department. It is also proposed to erect pillar boxes at Tsun Wan, Castle Peak and at five other points in the Territories. Many residents in the New Terri- tories have their correspondence intercepted at the General Post Office and delivered at their town addresses.
FINANCE COMMITTEE'S REPORT.
THE COLONIAL SECRETARY, by command of H.E. the Governor, laid upon the table the report of the Finance Committee, No. 6 of 17th May, 1934, and moved that it be adopted.
THE COLONIAL TREASURER seconded, and this was agreed to.
THE COLONIAL TREASURER moved the first reading of a Bill intituled "An Ordinance to make provision for a loan of twenty-five million dollars for the carrying out of certain public works for the redemption of certain inscribed stock and for other purposes". He said: Honourable members have during the last four years agreed to resolutions providing moneys for various public works and have approved the expenditure on these being charged as advances from the surplus balances of the Colony pending the raising of a loan. During the whole of this period the date on which this loan should be raised has received very careful con- sideration and in the opinion of the Government the time has now arrived when an issue should be made. Interest rates have fallen to a point never seen before by this generation, especially in Hong Kong where it was considered impossible until quite recently for Government to raise money on a 3% per cent basis.
Fortunately the Treasury cash balances have been so large that the necessity for borrowing money was never pressing and Government has financed these loan works from its cash surpluses
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