Sessional_Paper_1886-1887 — Page 107

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I have this day received the Secretary of State's permission, which I asked him to telegraph, to lay on the table the important report on land tenure submitted to Government by the Crown Lands Commission, which, as will be seen, has spared no pains in furnishing all the necessary information, and whose valuable suggestions will receive the most attentive consideration.

Further representations have been made to the home Government on the necessity of some decision being arrived at on the Praya Extension question.

With regard to the defences of the Colony, a detailed statement was made by me as recently as the 29th April, 1887, since which progress has been as satisfactory as the rains have permitted.

When the guns arrive, the forts under construction can be finished in a very short time. The construction of a Breakwater on Kellett's bank, which is recognized on all sides as essential for the defence of the Western entrance of the harbour, is now under consideration, and is only a question of money.

It is gratifying to find that the important work of education continues to make steady progress. The examinations now conducted by the Cambridge Syndicate have had a powerful effect in infusing a spirit of healthy emulation into our Schools; and the most recent institution, the Medical College for Chinese, is, I trust, destined to mark an era in the educational advancement of Hongkong, and prove of incalculable benefit to the Chinese.

The financial position of the Colony is sound. At the end of August, we had a balance of nearly $600,000; upwards of half a million of dollars ($521,447) here and upwards of $90,000, ($92,307) the equivalent of £15,000, at interest in London; these £15,000, being the unexpended balance of the Loan.

The Revenue for the year was estimated at $1,291,270, and during the eight months ending August last the receipts amounted to $977,402.

The Premiums on Land Sales were estimated at $45,000, and during the first eight months of the year we received no less than $81,717.

Of the Loan of £200,000, £15,000 remain unexpended.

The estimated Ordinary Expenditure was $1,245,434, and during the first eight months of the year we expended $988,337.

The Extraordinary Expenditure was estimated at $760,000, and up till the 31st August we had expended $496,385.

The only exceptional increases on expenditure were the new launch Victoria, $12,000, and the Hunghòm Market $6,000.

The amount provided for Defence Works was $696,000, of which $496,083 have been expended. It must be remembered that when the loan of £200,000 was voted, the home Government had only asked for £56,000 for the Fortifications, afterwards increased to £116,000, leaving us short by £60,000 of the sum required for other public works-yet additional loans and rates have been dispensed with, and the opponents of the Spirit Farm, relying on the elasticity of the revenue from existing sources, have so far been justified, and it is hoped may be so in the future.

In conclusion, Honourable Gentlemen, I wish to thank you before we separate for your valuable assistance in the legislative business brought before you, and your unvarying courtesy and friendly feeling on all occasions and under all circumstances, whatever differences of opinion may have sometimes arisen, on public questions.

I have also to thank you for the supplies so liberally voted for the Public service, and for the sum you have this day allowed to be appropriated to supplement the very handsome public subscription to the Jubilee Fund and enable the loyal people of this Colony to worthily celebrate the 50th Anniversary of their beloved Sovereign's accession to the throne.

I now declare the Session to be closed.