CO129-550-1 Estimates 1935 14-9-1934 - 15-9-1934 — Page 327

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of the sand supplies of the Colony and the work is to be

undertaken in pursuance of a scheme for conserving sand

supplies for the benefit of consumers within the Colony.

A Bill to give effect to the new scheme will be laid be-

fore the Council at an early date. It is anticipated that

the scheme will not only pay for itself but will bring in

a small addition to the revenue when it is in full operation.

Of the major works which have been postponed because they

had not reached a point at which delay was impracticable I

refer with special regret to the new market at Wanchai and

the new Government quarters on May Road.

In spite of the heavy pruning of the Public

Works Extraordinary vote there remains an expenditure of

nearly $3,000,000 and when to this is added the estimated

expenditure of $4,727,679 from loan funds I think the Colony

can be congratulated on being able to finance so large a

programme of works at a time of serious depression without

any increase of taxation.

It has not been possible to accomplish this

result without encroaching on our surplus balances to the

extent of $1,890,452 thereby reducing our estimated sur-

plus at the end of 1935 to $10,710,807. Some Honourable

Members may think this reserve excessive but I would ask

them to remember that our heavy commitments run on far

beyond 1935 and it is essential to keep funds in reserve

if we are to be able to carry our major works to completion.

I should indeed view the future with some misgiving were it

not that we have certain sources of revenue which we have not