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answer to a strong reeling throughout the Colony Your Excellency has appointed a Commission now known as the Economic Commission to enquire into the cases and effects of the present trade depression in Hong Kong and make recomendations for the amelioration of the existing position and for the improvement of the trade of the Colony. This Commission, under the chairmanship of Mr. Breen, includes some of the leading business men of the Colony together with the Superintendent of Imports & Exports and His llajesty's Trade Commissioner and is now actively engaged on its enquiry.
It is the
earnest hope of the Government that it may be able to evolve some scheme which will lighten the burden of the depression which now weighs on the Colony.
I would not have it thought, Sir, that I am pessimistic as to the Colony's future. Our present cir- cumstances are one more instance of the fact that world depressions strike Hong Kong later than elsewhere with a correspondingly later recovery. We cannot deny that in the early years of the depression we suffered less than most other places; now we are feeling the full effect of the slump and our hope lies in the fact that some other places are already on the upward grade. Our turn must come, though conditions peculiar to Hong Kong may make our recovery painfully slow.
In an atmosphere such as now exists Honour- able Members will realize that the framing of the esti-
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