1934-09-14 — Page 6

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HONG KONG DAILY PRESS, FRIDAY, SEPTEMBER 14, 1934.

BUDGETTING

FOR A

DEFICIT

GOVERNMENT SPOKESMAN DEALS

WITH DEPRESSION IN TRADE

WORK ON SHING MUN DAM TO PROCEED AS PER SCHEDULE

No New Taxation For

Next Year

I would not have it thought, Sir, that I-am pessimistic as to the Colony's future. Our present circumstances are one more instance of the fact that world depressions strike Hong Kong later than elsewhere with a correspondingly later recovery. We cannot deny that in the early years. of the depression we suffered less than most other places; now, we are feeling the full effect of the slump and our hope lies in the fact that some other. places are already on the upward grade. Our turn must come. though conditions peculiar to Hong Kong may make our recovery painfully slow."

The above words were used by the Colonial Secretary, the Hon. Sir Thomas Southern when he introduced the Budget yes- terday. St Thomas stated that Government was badgetting for a defick of $1,890,452, which will be met from the surplus balan- ces of the Colony. He said that all new public works, except. those which are regarded as essential have to be postponed. Provision however, was made for a total of $7,721,679 for the coming years and in this connection, the Colonii Secretary sald "the Colony can be congratulated» on: being able to finance so "large a programme of works at a time of serious depression with-

mcrease of taxation.”

A reference was made to the impending retirement of the Hon. Mr. E D. C. Wolfe and of Mr. H. K. Holmes. A very warm tribute was paid by Sir Thomas on the service which Mr. Wolfe ap. had rendered the Colony. The tribute. was received with plause by the Council,

Amongst the announcements under the different headings, it. was stated that no provision has been made for next year in re- spect of the subsidy to Commercial aviation. "This représents," said Sir Thomas, “no change in the policy of the Government, but as there is stilt no immediate prospect of the subsidy being required. It has been considered inexpedient to continue to bur- den the Estimates with the amount of, the subridy."

The estimated expenditure In 1935 upon the Shing Mun Gorge Dam is $2,400,000 and it is hoped that by the end of that. year the dam will have been brought 180 feet above the founda tions.

Minimum Of Public Works

OF

$1,890,452

sum will in due course be credited to the revenue for next year.

tion the

In view of the general depres sion from which the Colony is -suffering the Government has made no attempt to meet the fall In revenue by increased taxation, but it has been out of the question to remit any of the existing taxa- In two matters, however, Government has already granted concessions and is pre- pared to continue to do so as long 14 present conditions obtain. First a rebate of fifteen per cent subject to prompt payment of the account has been granted on all new accounts issued by the Gov- ernment after 1st September, 1934, for excess consumption charges under the Waterworks Ordinance 1963 in respect of rated tenements, hospitals and charit able institutioris

Secondly the Government has adopted a generous attitude with regard to failure to comply with the terms of building covenants within the specified time and in

all cases of genuine hardship free extension, or in the case of sub- sequent extensions, extensions at reduced rates, have been granted at considerable sacrifice to the revenue..

to

of a high protective tariff. difficult has our position become that in answer to a strong feeling throughout the Colony Your Ex- cellency has appointed a Commix- sion known as the Econornic Comm.ssion to enquire into the causes and effects of the present trade depression in Hong Kong and make recommendations for the amelioration of the existing post- tion and for the improvement of

of the the trade

Colony. This Commission, under the chairman- * ship of Mr. Breen, includes some of the leading business men of the Colony together with the Super- Intendent of Imports and Exports and His Britannic Majesty's Trade Commissioner, and is now actively engaged on its enquiry. It is the earnest hope of the Government that it may be to evolve some scheme which will lighten the burden of the depression which now weighs on the Colony.

AN ANXIOUS TASK I would not have it thought, Sir, that I am pessimistic as to the Colony's future. Our present clr- cumstances are one more instance of the fact that world; depressions strike Hong Kong later, than else- where with

correspondingly unnecessary detall but shall con-

later recovery. We cannot deny fine my remarks on the general

ENTREPOT "TRANE

that in the early years of the de- financial position to a few com-

The Government envisages there pression we suffered less than ments on the more salient fea-

most other places, now, we are fore an anticipated surplus ba- tures. The surplus balances ar the Colony on 1st January of this lance of $12,601,259 at the end of feel.ng the full effect of the alump 'and our hope lles in the fact that year stood at $13.824625 The 1934 and an anticipated revenue

There is some other places are already on estimated surplus at that date of $30,585,650 for 1935.

no disguising the fact that the the upward grade. Our turn must as shown in Appendix II of the printed estimates for 1934 was Colony is at the moment suffering come, though conditions peculiar $13,309,801. Savings in expendi- from the effects of a very serious to Hong Kong may make our re-

Honourable covery painfully slow, ture, largely due to to the higher depression in trade. rate of exchange, had more than Members are only too well aware counterbalanced the decease in that our entrepot, trade has fall- revenue and the Government's en off to an alarming extent and financial position was consequent- that our manufacturers are find-

increasingly difficult ly better than had been anticipat-ing it ed. The estimated expenditure secure outlet for their produce in for, the

current year including the face of the high duties with which almost every country of the $100,000 in respect of the Govern ment House and City Development world is seeking to protect its Scheme was $33,442.695 and the domestic Industries. Our manu- comparatively estimated revenue $31,731.625: The factures thoughi revised figures are Expenditure, speaking small in volume are far $30,893,000 and Revenue, $29,670,- greater than many people realize 634. From these figures it will be and provide a livelihood for many seen that it is anticipated that thousands of our citizens. Even by the end of this year the sur- a system of protection plus balances will be reduced to possible. In this Colony, local con- $12,601,259 and that revenue. will sumption alone could not main- have fallen more than $2,000,000 tain our factories. Our entrepot below the estimate for 1934. trade which I think Honourable These two points have been the Members will agree is our real major factors in the framing of raison d'etre, is suffering severely the Budget for 1935; a third in-from the general shrinkage of portant factor has been the rate world trade. I have seen it stated that there has been a reduction of of exchange.

Afty per cent in the value of world trade since 1929. Here again pro- tective tarifs have a great deal to answer tor. Each country is trying to live on itself and the more it succeeds the greater must be the reduction in international

Hong Kong 50 largely depends. trade on which a great port Uke One hopes that is is but a passing it continues Hong Kong must in- 'evitably suffer. We have in addi- tion our own local difficulties in

To Cost Almost Eight Million below the

His Excellency the Governor, Sir William Peel, K.CM.G. K.B.E. pre- sided and there were present

is now shown under Appendix II (C)-De- (A), and Appendix V tails of Public Works Staff pald from Loan Funds becomes Ap-

THE EXCHANGE

I will deal with the third factor His Excellency the General off

first. The rate adopted for 1932 cer Commanding the Troops, Ma-pendix II (B). The other appen-

dices have been re-numbered and was 18. Od.. for 1933 18. 2d. and jor General O. C. Borrett, G. B.

those dealing with the calculation for 1934 Is. 3d. representing a slow C.M.G.. CB.E., D.S.O.

of Defence Contribution and Ex- but fairly steady appreciation in penditure from Loan have been the value of the local dollar. The remodelled and expanded with a Government has adopted is 4d.. view to greater clarity. As aduman advance of id. over the rate

The Hon. The Col. Secretary Sir Thomas Southörn, K.B.E., C.M.G.

The Hon. The Attorney Genera! Mr. R. E. Lindsell

were

In an atmosphere such as now exists Honourable Members will realize that the framing of the estimates of expenditure has been an anxious task. It has been stated that the correct course in these difficult times is "to take the short view but plan long.” The Government's interpretation. of this principle has been that we should refrain as far as possible those es- from interfering with sential services on which the health, security and generat well- being of the community depend. nd should seek retrenchment in the curtailment of capital expen- diture on subke, worka which however desirable in themselves. can be postponed with less detri ment than would follow from “Ze trenchment in the organizations which look after the general wel- tare of the Colony. We wish to retain our governmental machine as little impaired as possible so that we may be ready to move-for- ward as soon as improved air- cumstances permit.

The Hon. The Secretary for Chi. brated in the Budget debate last for 1934, in respect of next year,hase, at world history but while is 828,976,652 a reduction of $774.-

Ulce).

The Hon. Couf. G. F. Hole. R.N. (Retired) Harbour Master.

The Hon. Dr. A. R. Wellington CMG. (Director of Medical and

Sanitary Services).

The Hon. Mr. R. M, Henderson (Director of Pubile Works).

The Hon. Sir William Shenton.

The Hon. Mr. C, Gordon Mackie. The Hon. Mr. R. H. Kotewa!!

·C.MG. LLD.

The Hon. Mr. S. W. T'so, O.BE.,

LL.D.

1

.i.

The Hon. Mr. T. N. Chau.

The Hon Mr. J. Owen Hughes. The Hon. Mr, W. H. Bell

come 怼

Objects and Reasons.

year the Government House and This may be considered by some nese Affairs Mr. N. L. Smith.

City Development Scheme has be-to be unduly conservative in view The Hon. the Col. Treasurer, Mr.

self-contined financial of the fact that the dollar at pre- Edwin Taylor.

unit the details of which, are set sent stands in the neighbourhood The Hon. Mr. E D C. Wolfe. out in a new Appendix VII. The of 18. 6d. but Honourable Mem- C.M.G. (Inspector General of Po-Ordinance giving legislative sanc-bers will remember that it was tion for the creation of this fund only four and a half months ago appears on the agenda of to-day's that the dollar, having gradually meeting of this Couneli and the appreciated, to that figure, fell reasons for treating the scheme in sudderly to is 44d. In view of this way are fully set out in its the fluctuations in the rate of the dollar which have already occur- I now turn to the Budget Itself red this year, the uncertainty as As the preamble to the Appropria- to the future of silver, and the tion Ordinance states, the expen various influences to which the value of the dollar in terms of diture of $26,324,219 which you are now asked to vote is in addi- sterling is subject the Government tion to the contribution to the has thought it safest to follow the Imperial Government in aid of policy of recent years and to fix As is shown Military Expenditure and to the the rate at Is. fid. Charges on account of Public 1a the "Abstract of differences" Members Debt. These sums in respect of with which. Honourable 1935 are estimated at $4741,452 have been supplied, a decrease in and $1,410,431 respectively, a total expenditure of $438.196 on Person- Mr. H. R. Battera (Clerk of of $8,151,883 and I propose to add at Emoluments alone is directly Council).

this sum to the $25,324,219 in, or due to this higher rate of ex- der that the total estimated ex-" change. If the dollar continues THE BUDGET

be above 18. 4d there will of course, penditure during 1935 may The Colonial Secretary took ex- clearly apprehended and easily be further marked saving in choice of champions!actly one hour to introduce the compared with the expenditure sterling commitments especially in

Budget. He said:---

gure for the current year, and respect of the salaries of European RIPU" Trousers are self- "G

I rise by our Excellency's, com- these figures weighed against the Officers.

I now turn to the revenue: for. supporting, and once adjusted..

mand to move the first reading estimated revenue for 1934 and to your waist require no further

of a Bill 'ntituled "An Ordinance 1935. Including this $6.161.883 the 1935. The causes of the falling attention. The patent adjustable but

to apply a sum not exceeding total estimated expenditure in re-off in revenue during the current invisible waistband, hidden inside

$26,324-219 to the Publié Service spect of 1935 Is $32.476.102. The es- year are referred to the Trea the trouser-top, grips gently but

of the year 1935."

Limated revenue for 1835 is $30-surer's memorandum. If the pre firmly without chafing or irritation,

There are certain minor altera- 585.050 so that we are budgetting sent depression. cont nue, there yields to every muscular morement

tions to which I would invite at- for a deficit o 1$1,890.462 to be met 1s, no prospect of the revenue figure and keeps the trouser and shirt in

tention in the form in which the from the surplus balances of the improving during 1935. The es place-immaculate and secure.

timated revenue for next year's Budget for next year is presented. Colony.

$30,585,650. That figure includes, Two new appendices 1 (A) and 19" SAVINGS IN EXPENDITURE (B) show the distribution of the

however, a windfall of nearly $1,- Benior Clerical, and Accounting In connection with these figures 000,000. As explained in footnote Staff and Junior Clerical Service I would Invite attention to the (18) on page 10 of the Estimates respectively. The distribution is estimate of the financial position before you the Government has Account that, for which provision is made at 31st December, 1935, shown in for twelve years paid to Military in the Budget, but it will be found Appendix IV, page 116, and to the Contribution Buspense

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MEN'S OUTFITTING DEPT.

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In practice impossible strictly to very full memorandum on the twenty per cent of its profits on adhere to it, espécial in the case financial position for which I am certain exchange Transactions of the Senior Clerica and Ac- Indebted to my honourable friend These payments have accumulated counting Start in view of the leave the Colonial Treasurer In view until they amount to $975.410. The movements of, oficers; miciled of this memorandum which hou Wan Office has now accepted Ouside the Colony. The distribution ourable members will be able to view of this Government of Public Works Department Gen study at leisure I shall not take such profits are not lia erel Staff, formerly Appendix 1, up the time of the Council over Miltary Contribution

APPEAL TO KATE-PAYERS The estimated expenditure for of Public Works Extraordinary and the final pay- 1935 exclusive

ment for the Naval Arsenal Yard

093 from the approved estimates for 1934 There are reductions on twenty-three out of the thirty- three heads concerned, and where there are increases they are due to largest customer. I am informed demands which the Government that business with China was felt unable to resist. I shall deal never more difficult than at present with some of these increases in for to politicab arid financial trou-more detail in a later part of my

(Continued on Page 7) bles has been added the hindrance

the unstable conditions in China. which is our closest neighbour and

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