12th Dee.
In his address to the Legislative Council at its re-assembling st Hongkong on the 4th instant, Sir William Robinson, the Governor of the Colony, was not able to congratulate the members on the plenary re-establishment of commercial prosperity; "I am not in a position," he said, "to announce to you any very marked improvement in the financial condition of the Colony." A year ago Sir William hoped that the Tortunes of Hongkong would revive in 1898, "but although there are not wanting unmistakeable signs of better times in the future," the present has been clouded by the revolution in the Indian currency system, and the repeal of the Sherman Act. "'The dollar has fallen to an unprecedentedly low value, and the loss by exchange in wany of the transactions of the Government has, of course, been considerable." On the day of the Governor's speech the dollar had been steady for three or four months at 2s. 4d. or thereabouts, and it was hoped that silver had touched bottom, and that a permanent rise would be the next change. " But with the uncertainty that still surrounds this intricate and difficult question we cannot look for any early influx. of capital into the Colony, or for any great increase in business unless some fixed international ratio should be established." here is so much uncertainty, however, about the introduction of uni: versal international bimetallism, that the wise man is he who bases his con-duet on the continuance of gold monowetallism, and accordingly the Governor oes on to point out that the present conditions favour the Chinese tea grower and exporter, and that they have put new and profitable ventures within the reach of capitalists in the Far East. Japan has already seized the opportunity, and is supplying China with goods which she formerly obtained from Europe or India. 'I'his suggests to Sir William the thought that "it seems anomalous that whilst England should be striving to extend her commerce and commercial relations in China on the one hand, she should on the other be countenancing measures which apparently have the effect of creating competition against herself and her own productions in the East." Under these circumstances the Governor suggests the desirability of establishing Cotton Mills in Hongkong, and promises that promoters of such enterprises shall be treated, so far as the acquisition of the necessary land is concerned, with exceptional liberality by the Government. He commends the suggestion to the earnest consideration not only of the Hongkong community but of capitalists in the neighbouring provinces in China, Coal-and labour are not cheaper in Hongkong than they are here, while cotton is dearer, but as the Colony is not interfered with, as Shanghai is, by grasping, short-sighted Chinese officials, we shall probably sce cotton spinning and weaving become established industries in Hongkong, while the Foreign Ministers in Peking are still trying to make the sungli Yamen see that it has no right to stop the importation of machinery into Shanghai.
Sir William next foreshadows the coinage of a British dollar—a step of which the banks are now in favour, in consequence of the lengthened period during which the Mexican exchange has been unable to adapt itself to the fall the price of silver—uuless the Japanese yen is made a legal tender. He says: "Should any application from the banks in Hongkong urging the coinage and introduction into the colony of a British dollar be received by the Government, I will use all my influence with the Home Government in support of that request." 'I'he Governor next deals with the estimates for 1894, and some of the figures are interesting euiough for mention here. 'I'he estimated revenue for 1893 was $1,906,396, and the estimated expenditure $1,899,375. The actual revenue will probably be $2,050,000, and the expenditure $1,940,000, the revenue exceeding the expenditure by $110,000 and the estimate by $140,000, a very favourable result, But of this surplus no less than $56,000 was due to profit made on an increased import of subsidiary coins, and this may not recur. 'I'he estimated revenue for 1894 is $2,007,210 and the estimated total expenditure $1,998,745.
hose estimates have been framed with the greatest possible caution, and show a probable surplus of revenue over expenditure at the end of 1894 of $8,465. As in 1893 it may perhaps be found that the revenue has been under-estimated, but it would not be safe to count upon such a contingency." The increased expenditure in 1894 is practically accounted for as follows Public debt, $30,236; Military, $87,647; Post office, $15,880; Pensions, $6,860; jand Police, $6,992. The fall in exchange has raised the military contribution from $228,572 in 1891 to $320,000 in 1894; but the Colony has not been, {and the Governor trusts that it will not be, called upon to raise additional taxation to meet the many additional charges imposed upon it by the falling value of silver.
After mentioning the happily set-tied question of gaol extension, the Governor goes on to give satisfactory figures of the shipping arriving in and sailing from Hongkong. The total for the first ten months of 1893 was 54,768 vessels of all kinds, measuring 11,924,891 tons, and carrying 6,307,703 tons of cargo and 1,551,833 passengers. Phe corresponding figures in 1892 were 59,380 vessels and 11,703,851 tons. Who returns this year up to date show an increase of 109,000 tons in British glands, ships, and of 87,000 tons in foreign ships of European construction, The Governor notes a great improvement in the emigration from Hongkong, and would gladly see a well organised sys+ tem of emigration to certain colonies friendly with England adopted. He mentions that the magistrates are of opinion that the Government is to be felicitated on the conspicuous absence of serious crime in Hongkong. Gambling has practically ceased to exist in the Colony, and serious efforts are being repeatedly made to get the gambling houses in the neighbouring Chinese territory abolished, Education is prospering, and is being more and amore. assimilated to the system in force in the educational institutions of the mother country. While a Cadet Corps has been started and become popular, the Volunteer Corps, notwithstanding the unceasing efforts of the officers and especially the Commandant, only numbers about 90. "It can therefore only be said that whilst it forms a most valuable nucleus, its practical utility depends upon its further expan-slav." he telegraph cable about to be laid between Singapore and Hongkong will be independent of connection with any foreign territory. "This is a subs ject of congratulation." The Governor adds that he is agitating for the opening of. the West River to foreign trade, and for the abolition of the preferential duties granted on tea carried by junks between Canton and Hongkong. He commends the general behaviour of the Chinese during the past year, and the large decrease in the criminal class; and finally asserts "that. there is distinct evidence that the condition of the Chinese community is improving, that business is more settled, and that the prospects are better than they have been at any time during the past three years." It is disappointing that he does not mention that his recent visit to Shanghai had given him any hints that might have been of value to the Colony nevertheless Shanghai, he may be sure, cordially joins with him in the desire that brighter and happier times may be at no distant date in store for all classes of residents in the important and progressive Colony he administers with so much success.
Text read from the printed page and cleaned; old type leaves the occasional error.