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HONG KONG LEGISLATIVE COUNCIL.
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The resolution was adopted.
THE FINANCIAL SECRETARY.—Į rise to move that this Council approves the gift to His Majesty's Government of £100,000 as a monetary contribution from the Colony of Hong Kong towards the prosecution of the war with Germany.
The general revenue balance of the Colony on 31st December, 1939, was approximately $16,865,000. As Honourable Members are aware, expenditure on loan works authorized under the 3% Dollar Loan, 1934, to the extent of $11,140,000 has been temporarily charged to Surplus Balances pending the second issue of bonds, while further advances on additional loan works have been similarly made against a proposed future loan. Details of this expenditure are given in Appendix VI (b) and (c) of the printed estimates. But revenue figures continue to be satisfactory and receipts so far this year have generally been in excess of the estimates. Apart from the revenue from the taxes proposed under the War Revenue Ordinance the Colony is in a financial position to make an immediate cash gift to His Majesty's Government.
This item is included in the application for a Supplementary Vote which is to be made in Finance Committee after this meeting. The figure there given is $1,627,119 which is the equivalent of £100,000 at 1/2 to the dollar, the rate of exchange taken in connection with the estimates for 1940-41.
THE COLONIAL SECRETARY seconded.
THE HON. SIR HENRY POLLOCK.-The Unofficial Members of this Council unanimously support this motion.
HON. MR. M. K. LO.-Your Excellency,-The contribution to the British Government which is to be raised under the War Revenue Legislation relates to a period from 1st April, 1940, and the War has already gone on for over six months.
Although the appalling loss of life, which was such a ghastly characteristic of the Great War, has happily not yet taken place, England, throughout this period, has been experiencing the intolerable strain and anxiety of preparedness and suspense. Her Navy and Merchant Marine, Army and Air Force, have been carrying out their allotted tasks in face of all dangers, and with inevitable casualties, and the whole Nation has been mobilised to fight the greatest military bully the world has ever seen.
In contrast to the prevailing conditions in England Hong Kong has indeed much to be thankful for. Thanks to the British Navy and the might of the British Empire, Hong Kong is enjoying a measure of peace and freedom which is a thing of the past in so many parts of the world to-day.
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