DUPL. ENCL. TO H.K. DESP. 722 OF 17:11:39
ORIG. ON 53652/39.
HONG KONG LEGISLATIVE COUNCIL.
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which withdrew the protection of the 1938 Ordinance from certain classes of mortgaged premises, were contrary to the interests of the persons whom that Ordinance was chiefly designed to protect. Whilst recognizing that the Ordinance pressed hardly on mortgagees the Government considered that it was not in the general interest to amend the Ordinance to thei particular advantage. The decision which the Government came to does not involve the total abandon- ment of the Bill, which contained other provisions of a useful and helpful nature; but careful consideration of the effect of these provisions has had to be postponed while other legislative problems arising from the outbreak of war were being dealt with.
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. 8), dated 26th October, 1939, and moved that it be adopted.
THE FINANCIAL SECRETARY seconded, and this was agreed to.
DEBATE ON ESTIMATES AND INCOME TAX.
THE COLONIAL SECRETARY moved the following resolution:--
That the Estimates of Expenditure for the year 1940-41 as now presented be approved.
He said: Sir,-I rise to propose the motion standing in my name.
On 12th October, 1939, by a Resolution of this Council the draft estimates of expenditure for 1940-41 were referred to a Select Committee consisting of myself, the Financial Secretary and all uncfficial members of this Council.
In proposing that motion the Honourable Financial Secretary announced that it was the intention of Government to ask the Committee, in accordance with the policy which Your Excellency had stated when opening the debate on that day, to present its report in the form of two budgets, namely an ordinary budget and a war budget.
At that time it was fully expected, as Your Excellency said, that proposals for the imposition of Income Tax, the only Revenue head in the war budget, would be sufficiently advanced by now to allow of action to be taken on the lines indicated, but that expectation has not been realised and the Budget which I present to-day as the report of the Select Committee is substantially the one which was considered on 12th October. I am to make it clear that this departure from the original programme is wholly on account of the shortness of time before the opening of the new financial year and must not be taken as an indication that Government has abandoned the scheme.
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