1928-09-21 — Page 3

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Whisky,

Like Caesar's Wife, Must be above suspicion.

MARCHANT'S GOLD LABEL WHISKY

IS.

That is why it is supplied to the "Ward-rooms, & Messes of the Navy, Army and Air Force throughout the world,

Ask for

Marchant's Whisky by name, and-

Buy a Bottle for the House.

Stocked by the leading Stores,"

or it can be obtained from the Sole Agents:

T. E. GRIFFITH, LTD.

6, Queen's Road Central.

Tel. 3517.

[A.P.3.13]

The Food of Kings

Court Physicians know the best and see that Royal Babies have the best. That is why Glaxo has been used with success in 5 Royal Nurseries. Only the best is good enough for your Baby, for is he not a King to you? Give him Glaxo, the food that contains everything that will build firm flesh, strong bone and a sound constitution.

Glaxos

The Vitamin Milk-Food

"Builds Bonnie Babies":

W. B. LOXLEY & CO. Bolz Agests.

COLGATE'S

RIBBON DENTAL CREAM)

DELICIOUS

ANTISEPTIC

COLGATE'S

CANNOT HOLL OFR

THE BRUSH

RIBBON DENTAL CREAM

OBTAINABLE AT ALL STORES

SOL AGENTS I

HONG KONG TRADING CO., LTD.

THE HONG KONG DAILY PRESS, FRIDAY, SEPTEMBER 21st, 1928.

THE COLONY'S BUDGET FOR

NO NEED FOR PESSIMISTIC ECONOMY.

LAST YEAR'S OPTIMISM JUSTIFIED.

CAREFULLY CONSIDERED INCREASE OF EXPENDI TURE BUT NO EXTRAVAGANCE,

TRADE BELIEVED TO BE SLOWLY IMPROVING.

ESTIMATED LIQUID ASSETS AVAILABLY

FOR 1929

ESTIMATED REVENUE FOR 1929

$ 4,722,910 22,278,600

ESTIMATED" EXPENDITURE FOR 1979 LIQUID ASSETS AT END OF 1929

$27,001,610 24,799,650

$ 2,201,880

TOTAL OF ASSETS OVER LIABILITIES: ON

DECEMBER 31st, 1929

$.3,989,979

As will have been gathered from the details already published there was nothing exciting in the Colony's Budget for 1929 in- troduced to the Legislative Council yesterday afternoon. The only unusual feature of the Council meeting was the presence of two ladies-Mrs. Southern and Mrs. Creasy, who listened with ap parently rapt attention and the greatest interest to the mass of figures detailed by H.E. the Officer Administering the Government and the Colonial Secretary.

The Budget has been framed in a spirit of quiet confidence in the Colony's future and in the belief that trade is slowly improv-

ing.

"This is no time for extravagance," said the Colonial Secretary; " and "every item of expenditure has been care- fully reviewed, but neither is it the time for pessimistic economy. Trade as a whole is far from good but the horizon. is not as dark as it was a year ago."

In accordance with the custom initiated by Sir Cecil Clementi, H.E. the Officer Administering the Government gave a general review of the financial position, and then left the Colonial Secretary to explain in detail the items of estimated rerenie and expenditure for the forthcoming year. Previously it was the practice of H.E, the Governor to introduce the Budget in detail and the Colonial Secretary simply moved the formal resolution that the money should be provided.

·FIGURES FOR 1928.

The year 1025 was commenced with surplus assets of $3,985,767 of which some $2,025,000 were liquid. To these agures remain to be added the sum of $1,903,338 repayable from loan funds.

The estimates for the present year were framed to show a revenue of 820,103,390 and an expenditure of $22,183,045-leaving a deficit of 82,079,655.

"Unless some unforeseen catastrophe should occur to disturb the even tenor of our way between now and the end of the year," remarked H.E. the Officer Administer- ing the Government, "there is every prospect that we "shall complete the year 1998 with a surplus on our estimates of just over $1,000,000, instead of a deficit of just over $9,000,000."

With this surplus our balance of assets over liabilities on December 31st will be $4,987,871, without the repayment of the money due from the Loan Account, or, with that sum added $6,951,029 of which just over 85,000,000 maybe regarded as liquid. From this total must be deducted a sum of $444,000 which is being advanced this year from surplus balances to meet ex- penditure on loan works, leaving an estimated liquid balance of 84,799,910 available for 100.

NEXT YEAR.

The estimate of revenue for next year is. $29,278,800 which, with the liquid surplus balance of 84.722,910 makes a total of 327,001,510.

The expenditure for next year is estimated to be 824,790,850. This is an expenditure in excess of the anticipated revenue by $2,621,050 but it will still leave an estimated balance of assets over liabilities of $3,985,979 at the end of 1929, and a liquid balance of $2,201,860,

HIS EXCELLENCY'S SPEECH.

H.E. The Officer Administering the Government said:-Honourable Members of the Legislative Council:. Before the Colonial Secretary riscs to move the first reading of the Supply Bill for 1999 I desire to place before you a brief resume of the financial situation of the Colony which may help to explain the basis on, which the estimates of expendi ture have been framed.

$1,963,339, repayable from loan' funds..

Public Works Department. -

In considering this favourable result it must not be overlooked that our original estimate of revenue was only exceeded by $337,189 and the principal cause of our surplus was the not altogether satisfactory one of under-expendi ture to the extent of nearly three quarters of a million dollars on Public Works Extraordinary. In this connection moreover we must remember that the Public Works Department expended 31,537,201, from loan funds in 1997 which but for the flotation of our Public

4929.

cannot be expected that trade should recover in a bound. the position- from which it bad receded. China has been too long, rent with civil strife to be able at present to trade with its former freedom. It. can neither produce nor absorb the volume of its peace time trade. But at any rate in Kwangtung and Kwangsi under their present rulers, signs of returning prosperity re by no means lacking.. Piracy and banditry are being suppressed, roads and other means of com munication are being opened up, communism is being kept in check, and a general feeling of security is being fostered.

We welcome these signa and " venture to offer our congratulaticos and good wishes to the governments of these provinces in the great en- deavour they are making to restore prosperity to the areas over which they rule.

But we have a long way to go before the volume of the Colony's trade will reach the figure of more prosperous times; at present I am advised that trade is "improving but that the improvement is very slow and is hampered by a lack of confidence in the future on the part of the Chinese merchant leading to excessive caution in his business. transactions. He is inclined still to adopt a hand to mouth policy to which he is encouraged by his uncertainty as to the taxation which will be imposed by his Covernment.

Bearing these facts in mind we cannot but congratulate ourselves on the position in which the Govern ment Treasury finds itself to-day.

The revenue has shown a remark- able recovery. Without any altera tion in our fiscal system beyond the two almost trivial items of school fees and ship survey fees to which reference was made last year our estimate of 820,103,300 seems likely to be exceeded by 82,671,020 and we now estimate our revenue for this year at 80,674,410. There are increases under almost all heads, the most noticeable being the in- crease of over. 81,000,000 in land sales due to the resumption of land purchase in the Colony during the last few months. There is no doubt that the population of the Colony has been increasing during the year and as the vacant houses, are occupied an impetus is given to building operations and land pur- chase for which considerable funds seem to be available. This increase in population accounts largely for. the increase of nearly $1,000,000 under licences and internal revenue not otherwise classified.

(Continued on Pege: s.)

QUEEN'S

baffling!

Chilling! fascinati

mysterious!

LON

CHANEY

in a grand detective thriller

London After Midnight

Works doan must have been met, COMING SHORTLY

When I introduced the Budget for 1928 I set before the Council an estimate of our position at the end of 1927 and at the end of 1999. Now Budget making has not yet been reduced to an exact science and events have a trick of falsifying the most careful estimates. It is there fore natural for Budget-makers to err on the side of caution, for should events prove their prophecies have erred on the side of optimism the result may well be disastrous to the financial stability of the Colony, while the errors of caution, if not pushed to excess, are likely at the worst to lead only to delay in the execution of works which, however desirable, cannot be | $2,079,633, classed as essential.

The Year 1927. Leaving out of account for the moment the sum of $1,963,358 which is due for repayment to anrplys funds we balances from loui anticipated an actual surplus of assets on the working of the year 1927 of 82,184,033 of which some 8500,000 would be liquid.

as in more prosperous times, from Hevenue, and Burplos Balances, while the Department can also point to many activities on chalf of the Military Authorities in connection with the arrival of the Shaforce which were inevitably reflected in some diminution of its own spend- ing power. Our estimates for 1929 were framed to show a revenue of $20,103,300, and an expenditure of 2,183,045, an over expenditure of and to meet this estimated deficit we had surplus Asects on January 1st, 1928, of $3,965,781 of which $2,023,000 were liquid without counting the repay- ment from loan funds.

Surplus This Year, Unless some unforeseen catas trophe should occur to disturb the even tenor of our way between now and the end of the year there is every prospect that we shall com-

THE RETURN OF SIR JAMES BARRIE'S

Ever Delightful Story of the boy who would not grow up!

PETER

PAN

with

BETTY The year opened with a good

The actual resalt for 1927 falsified our predictions in that the revenue plete the year 1928 with a surplus our estimates of just over "deficit of instead of being below our estimate on exceeded it by 8337,139, while our 1 91,000,000 instead of expenditure fell short of our just over 82,000,000. estimate by 81,469,637, and instead of finishing the year 1937 with an many clouds on the political horizon over expenditure of 81,307,303 as owing to the December upheavala originally estimated, or of $1,302,257 in Canton, but a new era of im as estimated this time last year, we proved relations with Hwangtang actually had a surplus of 8499,471 began with the interchange of vidite ta add to our surplus balances, and between Marsbul Li Tani Hain And we were able to start the year 1928 His Excellency Sir Cecil Clementi with aufplus sets of 83,585,701, af in the early part of this year, and which some. 59,625,000 were liquid, this Colony and the neighbouring instead of 82,184,033, of which provinces of China owe much to Sir $500,000 would be liquid, as we Cecil's untiring labour for the anticipated when we framed our re-opening of friendly, intercourse

BRONSON

ERNEST TORRENCE ESTHER RALSTON COMING TO THE

WORLD

Budget for 1028. To these figures between Hong Kong and its great SUNDAY TO TUESDAY

Bs to be added the sum of neighbour, the city of Canton. It

The

NE"

RUTHLESS

smashing, crashing!

The

AVENGER

rampant, raging !

....The

DESTROYER

trampling, ravaging!

The Mighty Jungle Drama of a Thousand Thrills

ALSO

THE BEAUTIFUL NEW TECHNICOLOUR FILM

"The VIRGIN QUEEN'

AT THE

QUEEN'S

Tile

19 & Emmante of Queen Elizabeth

and Sir Walter Raleigh. TO-DAY & TO-MORROW Advance Bocking för Dress Circle

Daily From 11. Prices →→

At 234, 6.10 & 7.15.1.20, 80 cts. 80 cts. & 40 cts. Fit 9.20 ..................................... 32.00, 31.20, 80 cls. & 50 cts Servicemen in uniform 60 éta to Back Stalls and 49 cts. tô Front Stáhá at all performances.

THE FIRST OF THE SUPER FILMS! D. W. GRIFFITH'S

STUPENDOUS PRODUCTION

BIRTH OF NATION

LILLIAN GISH

With

HENRY B. WALTHALL

MAE MARSH and MIRIAM. COOPER.

A thrilling and spectacular drama of the chaotic times in

Americs before and after the Civil War...

AT THE

WORLD

TO-DAY & TO-MORROW

Interpretar 2.80 & 680.

SPECIAL TIMES "AND PRICES,

Orchestra 9.15.

SENSATIONAL drama of murder and mystery in which

a young boy is made a victim of the "Third Degree. WARNER BROS. PRESENT

DOLORES COSTELLO in

THE THIRD DEGREE

WITH ...

LOUISE DRESSER

DIRECTED BY MICHAEL CURTIZ

AT THE

STAR

Leb's

WARNER BROS. PRODUCTIONI

TO-DAY & TO-MORROW

Continuous 2.80 to 11.15.

Trade and Shopping

← Guide of Hong Kong

July 1928 to June 1929

AN ANGLO-CHINES

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