Page:George Bowen 1884 LegCo opening speech.pdf/2

 to $1,165,700; leaving an excess of revenue over Ordinary Expenditure of $120,800. The Extraordinary Expenditure of 1888 was defrayed from the accumulated Balances, and included the

The Estimated Balance to the credit of the Colony on the 31st December, 1883, was $1,095,505.

7. Hongkong is probably the only State or Colony of importance which the present day is not only without a Public Debt, but which possesses invested Assets nearly to its annual revenue. However, the existing Balances will not be sufficient to carry out several Public Works which are urgently required by this Community, in addition to those "strong and complete measures of sanitation" which Mr. (the Civil Engineer recently sent out from England) has reported to be absolutely necessary "for the benefit of the public health." Under these circumstances, I concur with the Executive Council in what appears to be the general opinion of the Colony, viz., that the present generation of Colonists ought not to be deprived of the advantages referred to, while it cannot of course be expected to defray the entire cost of works of a permanent and reproductive character; and that, consequently, it will be expedient to raise, on the exhaustion of the existing assets, a moderate loan, not much exceeding the revenue of a single year. This question will not have to be decided in its details during the present Session; but I desire to elicit the opinion of the Council on the principle involved.

8. The Estimates for 1884 have been already voted. The Estimates for 1885 will be laid before you in next November; which seems to be the most general convenient period for the opening of the annual Session.

9. With regard to Legislative measures;—The following Ordinances, among others, have already become law since I assumed this Government in the spring of last year, viz.: Ordinances to provide for the better Regulation of Vehicles and Public Traffic; To organise the construction of certain lines of Tramways; To constitute a Sanitary Board; To continue the operation of the French Mail Streamers Ordinance; To authorise the construction of certain Piers and Wharves. The principal Bills which will be laid before you during the present session will be the following:—