140
HONG KONG LEGISLATIVE COUNCIL.
satisfactory will then be allocated pro rata among the individual importers. The scheme has been fully discussed with representatives of the rice trade and we believe it is workable. It is hoped to bring it into operation very soon after the applications have been received and considered because there need be no delay in the acquisition of the necessary stocks.
Government has itself purchased during the last few months almost the whole quantity which it regarded as necessary, and the Government stocks will be turned over to the licensed importers and not placed on the open market. As it was essential to preserve secrecy in the acquisition of this stock it was not thought possible to come to this Council for funds and the transaction has been financed by means of bank advances. If the ultimate costs including storage charges are not covered by the sale price of the rice when transferred to licensed importers it will be necessary to ask this Council to approve expenditure to cover the deficit but I am hopeful that there will in fact be no deficit at all.
The Bill was read a first time.
Objects and Reasons.
The "Objects and Reasons" for the Bill were stated as follows:-
1. It is considered essential that during war and on other occasions of public emergency provision should be made for the maintenance of reserve stocks of commodities which are essential for the vital needs of the community.
2. This Bill, which follows generally the lines of the Ceylon Essential Commodities Reserves Ordinance, No. 5 of 1939, with such modifications as are considered necessary to adapt it to local circumstances, will apply in the first instance to rice; but provision is made for the scheduling of other essential commodities as occasion may require.
3. The Bill will implement, as it does not repeal, the provisions of the Rice Ordinance, No. 20 of 1919.
THE BUDGET.
THE FINANCIAL SECRETARY moved "That the draft estimates of expenditure for 1940-41 be approved." He said: Your Excellency, -You have indicated in their main outlines the financial intentions of Government in the new conditions which exist to-day. Circumstances have unfortunately compelled the Government to put those intentions before Council and the Colony which that Council represents in two stages. There has been no time since the outbreak of war to reach finality in our proposals for wartime measures and then to reprint the estimates in accordance with our decisions: on the other hand,
218
No comments yet.
Private notes are available after approval.