Treasury Bills to Meet Cost of Large Works of Public Improvement Hongkong, Oct. 16.
In the course of the 1925 budget speech in the Legislative Council today the Governor advocated long fand short term loans, and the issue lof Treasury bills to defray the cost lof the large public works to which the Colony is already committed, and others in contemplation, His Excellency gave as instances the costly works of permanent utility like the Shingmun Valley Waterworks, port development and Kowloon expansion, involving heavy initial outlay for a considerable period, but not bringing in large [sums of money until completion, Granted a continuation of rearonprosperity, the Governor con-yrs it will not be necessary, at for many years, to contemplate materially increased taxation even if the revenue from opium ceases to figure in the Colony's returns. Reuter's Pacific Service,
Text read from the printed page and cleaned; old type leaves the occasional error.