HONG KONG LEGISLATIVE COUNCIL.
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with me- -that we had better tackle the Income Tax problem first and, when that has been done, take up again the matter of Excess Profits Duty.
Honourable Members,―This address is, of course, intended to do no more than outline the principles in accordance with which this Colony's financial policy for the near future is being framed and the Honourable the Financial Secretary will, this afternoon, explain the Government's proposals in ampler measure. I have tried to put before you the twofold duty which rests upon this Legislature at this juncture. On the one hand we are responsible for the proper care, a phrase which includes improvement, of this small but important part of His Majesty's Empire and it is especially incumbent upon us to maintain and, as far as we can extend, the Colony's social services, particularly public health and education: you will find increased provision in the ordinary budget under both those heads. On the other hand it is our duty as well as in our interest to give all that we can to help His Majesty's Government in the great struggle in which the Empire is engaged. The task of this Government is to find the right balance between these two duties and I confidently hope that you will find yourselves able to endorse the proposals that are now about to come before you.
I do not wish to be thought to make light of the burden which they will lay upon the shoulders of the taxpayers of Hong Kong. The Income Tax, even at the relatively low basic rate of two shillings in the pound, must inevitably give a shock to the social and commercial structures of the Colony, and considerable adjustment will be necessary in order to absorb that shock. Nevertheless I am fully confident that they will no more shirk their duty where their money is concerned than they have in offering their services, and if necessary their lives, in Britain's cause.
I now commend the business of the meeting to your consideration. (Applause).
PAPERS.
The Colonial Secretary, by command of H.E. The Governor, laid upon the table the following papers:-
Amendment made by the Governor in Council under section 3 (1) of the Pensions Ordinance, 1932, Ordinance No. 21 of 1932, to Pension Regulations C, dated 11th September, 1939.
Regulations made by the Governor in Council under the Pleasure Grounds and Bathing Places Regulation Ordinance, 1936, Ordinance No. 29 of 1936, dated 15th September, 1939.
Order made by the Chief Justice under section 74 of the Probates Ordinance, 1897, Ordinance No. 2 of 1897, dated 13th September, 1939.
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