1927-06-24 — Page 8

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FRIDAY,

THE COLONY'S FINANCES.

A COMPREHENSIVE REVIEW.

At the meeting of the Legisla tive Council, held yesterday after noon, the Hon. Culonial Secretary (Mr. W. T. Southorn) gave a very interesting review of the state of the Colony's finances in moving the first reading of the Appropria tion Bill.

זן

JUNE 24

1927.

Tho

Better Than Expected.

sity of paying in 1926 for the new Auditor General. This is an ad estimated deficit when the Bud- carriages for which it was. Intend- (justment covering several years got was introduced of $2,422,872 fed to pay in 1925. Apart from this and we cannot reckon on these as and a revised estimated, deficit of the savings were far more than normal sources of income. The $5,371,129, the difference being adequate to cover the cost of ra. defloits shown on page 2 of the accounted for by the unexpected Treasurer'a report for 1926 are a and somewhat fictitious increase opening the Fanling Branch.

The Increase on the Charitable suciont justification for our in revenue account already refer Services vote represents almost jcaution.

red to, by the delay in the comple entirely the special Grant to this

Hon of some of the Public Works Little Sisters of the Poor.

Turning to expenditure, the for which funds had been provid Increase in the Miscellaneous original ustimate was $29,790,610, ed, and by unexpected savings on Services voto is due mostly to the Our revised estimato (see Hansard certain votes eg. $200,000 on the emergency expenditure connected for 1926, page 60) was $24,867,786 sinking fund voto. with the strike and boycott with Tho actual expenditure WBA the need for which members have $23,624,716, being, in spite of the been made acquainted in Financa supplementary votes in the Bill In doing so, he said-Sir, I Committee from time to time now before you, $265,899 less than rise to move the motion standing Increased "rent of Public Tele the original estimate. in my namo, viz, a bill to authorize phones, against which must be

Typhoon Damage. the Appropriation of a Supple- set the increased royalty, the vote mentary Sum of One million and to close the accounts of the Bri- For the full detalls of the say. eighty-three thousand eight hundtish Empire Exhibition, and the ings I would refer honourable red and ninety-two Dollars

cost of Transport, membors to the Treasurer's report forty-two Conta to defray the account, for practically the whole and the draft Appropriation ac actually had a surplus of $3,480,- Charges of the year 1926.

of the balance of the increase on count. My thanks are due to 290, of which a sum of not more: Įthis vote.

Heads of Department for the than $1,400,000 can be regarded Three main items alone which care taken to restrict expenditure as liquid assets realizable for the could not have been forcacon, viz. within the amounts goted; the sum balancing of a defcit.. typhoon damages, the payment of of the small savings so effected is

and increase in

The financial position of the [Colony at the opening of 1927 was therefore rather better than"' we [anticipated when we framed our. Budget for the current year. We estimated our surplus of assets over liabilities at $2,742,358. We

the 1925 account for railway considerable. Of the larger de- We budgetted this year for a earriages and the emergency axpartmental savings a few items, deficit of $1,307,305 exclusiva, of penditare account for almost the .g. under Police Department, and the expenditure the Shing whole amount asked for in the Bill. Medical Department, have to bo Man Water schomo. As our carried forward to 1927 account balances no longer permit us to

was

од

The detalls of all items have boon very fully supplied to honour able members in Finance Com mittee from time to time, and it is I think, unnecessary to weary you with long explanations now, The reasons for the excesses will be found in the Draft Appropriation Account and in the Treasurer's re- A Decided Improvement. jowing to late delivery of stores; finance the Shing Mun Scheme. port of the Finances of the year

the Government 1926, copies of which have been More interesting, perhaps, than some are due to postponed works from revenue, furnished to every member. The the details to which I have refereg rofuse barge for Sanitary De-proposes in due course to raise a loan to which it is proposed to items for which legislative sanc-red will be a brief review of the parlament.

Public Works Extraordinary charge the whole cost of the Shing tion is now sought are those which position as disclosed by the final could not be met from already accounts for 1926 and a reference requires special mention. There Mun Water Scheme. To it will the also be charged the cost of current was an under expenditure on sanctioned votes. Many of the to its bearing on the items, particularly those for the estimates and on those which will original vote of 1926 of no less purchasing the site of the old Royal Observatory, Fire Brigade be presented to you a few months than $1,746,195, fall details of Diocesan Boys' School; the cust which will be found in the papers of the harbour dredging and the and Kowloon-Canton Railway are hence.

in honourable members' hands. Colony's share of the cost of the due to outstanding 1925 accounts

When the Budget for 1926 was It was necessary for us to restrict Kal Tak Aerodrome. From this The largest Item is $623,116.80 for of the boycott, the Revenue which could not be paid till 1926. framed shortly after the beginning Public Works Extraordinary to loan a sum of $1,916,406 expended essential works and to works to on the water scheme prior to the the Public Works Recurrent vote.

last, will be estimated at $21,367,7-19, and which the Government was com- 31st December Mrs. J. CRAWFORD. Items charged to this vote in

excess of the. Estimates amounted expenditure at $23,790,615, a deficit (mitted, and it was well that we credited to revenue as foreshadow- to $767,929 of which $744,810 of $2,422,872,"to meet which we did so, for, as honourable members ed by Sir R. E. Stubbs in 1925 in- EXPERT MASSAGE.

represents excesses on the vote for actually had at the end of 1925 will remember, we were suddenly creasing our total balances as. at Typhoon and Rainstorm damage. When I introduced the 1927 Budget $1,000,000

la sarplus balance of $8,113,482. faced with an unexpected call for 31st December, 1926, to $5,402,696 and our liquid assets to meet a de- the rainstorm for Almost the whole of this was due last October the state of affairs damages. Some of the under ax-ficit on 1927 working to about to the great storm of July 10th was such that we did not feel penditure represents anvings on $3,316,000. last, and as honourable members

1926 the gatimates, some represents

It remains to be seen how the are aware there are several lakhs Justified in estimating our

revenue at more than $19,186,667, only payments deferred, some of additional expenditure on this The figures now laid before you works postponed, some work for Estimates for this year will turn account which are being charged which disclose a revenue

Our expenditure we hope by: of the present abandoned and await out. $21,131,382 show a decided im- ing better times for the resumption rigid economy and in the absence. provement on our revised estimate, of a forward policy. Against this of any cataclysm of nature to keep voted, the difference is more than but it must be remembered that under expenditure we had an over within the total amount

ae- expenditure on other items of viz. $22,314,702, as although varl counted for by the two fortuitous $1,477,605, the nett result boing nus items of supplementary items of profits on exchange that the Department spent on supply have been found necessary, and profits on the sale of Public Works Extraordinary only there are inevitable savings due to investments, which have been $268,499 less than its original lapsing salarice and under ex- transfered to Revenue account total estimate.

pended votes which will go far to from our balances to meet the The year's working resulted in most them. views of the

and a deficit of $2,393,131 against an

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to the 1927 votes. Thore were

savings, mostly small, on most of the subheads of this vote, amount Ing in all to $144,312, leaving nett deficit of the amount appear ing in the Bill."

The Railway.

The increase in the vote for the Kowloon-Canton Railway is more than accounted for by the neces-

Accountant

[Continued on Page 10.).

GRAND PROMENADE CONCERT SEASON

quaint corner showing grottes, caves and summer houses

"The Banyan Promenade." A veritable fairyland by night.

at the

LEE GARDENS

OPENING TO-MORROW NIGHT

June 25th

at 9.30 p.m.

"Under the distinguished patronage of His Excellency the Governor, Sir Cecil Clementi, K.C.M.G.

FULL MILITARY BAND

INCLUDING

PIPERS, DRUMMERS & DANCERS

OF THE

1st. BATTN. THE CAMERONIANS

By kind permission of Lieut, Col. E.B.

Ferrers, D.S.O., and Officers.

Admission $1.50

(Causeway Bay Trams Pass the Entrance)

One of the winding paths mid rocks and tropical foliage

The Long Walk." Reminiscent of a country lane at Home.

In the Event of Inclement Weather, the Concert will be held in the Spacious Lee Theatre Adjoining the Gardens

A MUSICAL TREAT IN AN ENCHANTING SETTING.