402
THE HONGKONG WEEKLY PRESS AND
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Loan and Inscribed Stock Ordinance, 1893, be read a first ime.
The COLONIAL SECRETARY seconded.
His EXCELLEN Y-The explanation of the Bill which has b en put before you is shown in the following despatch from the Secretary of State for the Colonies which I received by last mail. It is dated 3rd November, 1905:
FIR-I have the honour to acknowledge the receipt of your telegram of the 13th October reporting that an Ordinance had been passed by the Legislative Council for raising a sum not exceeding £2,000,000, under the provisions of the Loan Ordinance of 1893, to defray the cost of the railway from Kowloon to Canton and for other railway purposes.
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from myself, No. 60 cludes a sua of $1,600 in aid of the vote for annually recurrent expenditure on Public Works. The only con- siderable item included in that sum is one of $6,500 for the maintenance of the Praya walls. and piers.
The reason why this extra ex- penditure is being incurred this year is that it is thought advantageous to renew the pier at Observation Place while the Praya reclamation plant, which will eventually be disposed of, is still available. The Financial minute also in cludes a sum of $107,050 in aid of the vote for Extraordinary Public Works. The first of the seven items which this amount is to cover is one of 87,600 for the Bacteriological Institute. This is due to money baving been expended ont of the same vote in 1904 that was not anticipat. I entirely agree that this is the proper ed and accordingly a greater sum is require procedure in all ordinary cases, and I should for the completion of the building in 1905. This require very strong arguments to induce me to was provided in the estimate, which is a re-vote. sanction the raising of a Colonial Loan other. The additional $15,000 put down against wise than by the issue of inscribed stock. But miscellaneous drainage works is required ou account of these works being necessary in con-
it has been pointed out to me that the circum- stances of the present loan, so far as they relate nection with the reclamation scheme at. Tai Po, to the advance made to the Viceroy at Wuchang.! Tai Kok Tsai, Mongkong Tani and Kowloon are altogether exceptional. The loan is to be Point. The 89,800 additional for miscellan.repaid in ten years at the outside, and possibly eous work refers to a number of items, the after five; and it may prove advantageons to principal one of which is the advisability of issn this loan in the form of debentures! carrying ont some works of improvment at the repayable by ten annual drawings proportionate Central Police Station at the same time as the to the instalments due from the Viceroy. It additional storey was added to that building. has, therefore, heen suggested that the most For forming and kerbing streets an additional
convenient course will be to amend the Ordinance sum of $25,000 is required. This expenditure of 1993 by providing in general terms that is being incurred in resuming a piece of land notwithstanding the provisions of section 3 it which comes in the way of the 10 foot read shall be lawful for the Governor to raise money which is to go from Kowloon Point to Hok Un. by debentures or partly by debentures and partly The resumption is now carried out because by inscribed stock on conditions as to the of the exceptionally favourable opportunity. repayment of the debentures, as the Crown The $5,000 additional for miscellaneous water Agents with the approval of the Governor may works is being expended in increasing the prescribe. A saving clause should be added supply available for water brats at Laichikok, providing that nothing shall affect the rights The requirements of water boats are very acquired, or liabilities incurred. under "the much increased since the Government Supply provisions of the principal Ordinance, and it was first established there, and the works of should be made clear that the Amending Ordi- supplying them is a remunerative one. There uance will apply to the loan just authorised. is an item of $40,000 in connection with the Tytam Tuk scheme on which better progress was made than anticipated. The remaining item, $4,640 for typhoon damages, speaks for itself. Turning from the details to the general effect of the vote which I am asking you to give on the Public Works Department for this year, and dealing first with recurrent public works, you will remember that on annual expenditure the original estimate was $380,500. The supplementary vote including the present one amounted to 821,250. Against this there were savings amounting to $17,130 go that the total excess for the whole vote for the year will be 24,100, which is about 1 per cent. Turning to the public works extraordinary the
His EXCEL ENCY The Secretary of State further asks that I should report by telegraph as soon as the Ordinance has been passed,
The motion was agreed to
The AFTORNEY-ĜENERAL then moved the suspension of the Standing Orders so that the Bill be read a second time.
The COLONIAL · SECRETARY seconded and the motion was agred to.
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The ATTORNEY-GENERAL-I move that the, Bill be now read a second time. The object of the Bill is to give effect to the recommenda- tions of the Secretary of State which His Excellency has just read to us. The Bill amends the Loan Ordinance in this respect only that it authorises the Governor to raise
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[December 11, 1905.:
The A 10RNEY-GENERAL.— The Governor will take advice but not from the Legislative Council.
The Hon. Mr. SHEWAN-There will be no further reference to the Legislative Council, no chance of discussing it, it we pass the Bill ?
His EXCELLENCY-No.
The ATTORNEY-GENERAL-There is none before you pass the Bill. The only difference the Bill makes is as to the means by which the loan will be raised.
The Hon. Mr. SHEWAN--Will there be no opportunity of discussing the terms of the loan ? The ATTORNEY-GENERAL-Not any more than you previously had. I move that the Council resume.
The COLONIAL SECRETARY seconded and
the motion was agreed to.
On the Council resuming,
His EXCELLENCY--I report the Bill has passol through committed without alteration.
The ATTORNEY-GENERAL moved that the Bill be read a third time.
'The COLONIAL Secretary second d The Hou Mr. SHEWAN-I would ask that this Council be adjourned to consider this on
another occasior.
The ATTORNEY-G » NERAL—Why?
The Hon. Mr. SHEWAN-To give us time to consider our position in the matter. We ought to have an opportunity of discussing the loan.
The ATTORNEY-GENERAL-The Bill only allows the loan to be raised by debentures as well as inscribed stock.
A question having been asked as to the interest,
The Hon Mr. GERSHOM STEWART said → Wo never paid more than 34 per cent.
Ilis EXCELLENEY--So far as I recollect we paid 4 or 44 per cent on the original loan which was converted to 34 per cent by the Crown Agents in 1893,
The Hon. Mr. SHEWAN-If the terms of the loan are fixed I presume you will not consider the Legislative Council--you will consider the Execuire 'ouncil.
His EXCELLENCY-The Governor will be responsible.
The Hon. Mr. SHEWAN-I think we should have more time to consider the Bil'. This is rushing it through-passing three stages in one day.
His EXCELLENCY-The hon. member quite understands that it is only in the manner of raising the loan that this Bill-
that.
The Hon. Mr. SHEWAN-I quite understand But I understand we should have an opportunity of discussing the terms of the loan, and more time to consider these. Is there any reason why the Bill should be rushed through to-day
original estimate was $1,815,300. The supple- any loan that may be required either by, of State says it should be passed as soon as possible.
made on
The COLONIAL SECRETARY seconded and the motion was agreed to.
The ATTORNEY-GENERAL then moved that the Bill be considered in committee.
The COLONIAL SECRETARY seconded and the motion was agreed to.
The Bill was then considered in committee. The Hon. Mr. R. SHEWAN- Of course, we understand that before any loan is actually floated the whole question will be discussed by the Council,
mentary votes including the one now submitted means known as inscribed stock or by amounted to $354,470. Against this there debentures, or partly in the one way and partly were savings to the amount of $279,540, in the other. The last clause of the leaving an excess over the original estimate Bill makes it clear that the loan authorised by of $74,930. That is practically $75,000 this Council a month or two ago may be, 80 far which we spent this year on the railway. This as the Railway is concerned, raised either by statement is not quite so satisfactory from the debenture or by inscribed stock, financial point of view as the one September 7th, exactly three months ago: Then I did not anticipate we should spend the whole amount of the vote for public works extraordinary. From the point of view of work done, it is on the other hand more satis- factory as we have made more progress than anticipated on the water supply works and the preliminary arrangements for the railway. The financial aspect his also its brighter side because we are now ia hopes of obtaining from land sales during the year a HIS EXCELLENCY —'
-You give general power. sum more nearly approximating the original The Hon. Mr. SHEWAN--You do not intend estimate of $500,000 than the revised estimate I to proceed further with the loan without con- put before you on September 7th of $400,00.sulting the whole Council. Will the Council The other vote requiring explanation is No. 61, $16,891 in aid of the expenses of the Military and Volunteers. The bulk of this is a re-vote due to the rifles and equipment which were ordered last year not baring been charged to the Colony until the commencement of the present year. There is also a small amount, under $2,000, which has been required for the equipment of the Volunteer troop.
The motion was agreed to.
GENERAL LOAN AND INSCRIBED STOCK
ORDINANCE.
The ATTORNEY-GENERAL moved that a Bill entitled an Ordinance to amend the General
not Lave the opportunity of discussing the terms of the loan and the interest 1ɔ be paid :
HIS EXCELLENCY-I don't think so. The Hon. Mr. SHEWAN-Will it be left entirely to the Governor and the Crown Agents ?
His EXCELLENCY-It will be for the Gover- nor of this Colony to deal with this matter. It will not be a matter convenient to discuss at the Legislative Council.
The Hon. Mr. SHEWAN-Will we have no opportunity of discussing the terms of the loan ? To say whether the interest is in our opinion right and profer ?
His EXCE! LENCY-Except that the Secretary
The ATTORNEY GENERAL-The fact that we were asked to telegraph when the Bill was passed shows the urgency.
The Hon. Mr. SHEWAN-We have had no time to consider it at all.
The ATTORNEY-GENERAL-It must be ob vions that it should be passed as soon as possible. What objection can there be to passing it to-day?
The Hon. Mr. R. SHEWAN--Give us a little time to think over it.
The Hon. Mr. GERSHOM STEWART-They might issue the bouds at 5 per cent. according to this Bill.
The COLONIAL TREASURER-They will be put up for tender.
The Hon. MR SHEWAN-Will they be put up to public tender ?
The COLONIAL TREASURER-Of course they will. They always are.
The ATTORNEY-GENERAL-If the honourable gentleman really has the idea that at next meet- ing of the Council he could show any good reason for not passing the Bill, and he insists upon bis objection, the Council must postpone its consideration until a later stage, but before taking that course perhaps the hon. gentleman will reconsider his objection.
The Hon. MB. R. SHEWAN-I don't wish to obstruct the course of the Bill at all, but perhaps you may be able to give us and the community generally some idea of the terms on which the loan will be raised, because I and a great many people have an interest in this matter. They would say we had not done
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