Hongkong, Oct. 28.
The Budget was presented to the Legislative Council at its meeting this morning. Three and a half millions more are to be epent next year than will have been spent during the current year, the estimate being well over 17,000,000. The estimated _revenue falls considerably short of this amount, but, apparently, no cause for alarm and no far reaching schemes of new taxation are proposed, "I regard the Colony's present financial position as satisfactory and I consider that the prospects for the future are bright." said His Excellency in submitting the figures, "The difference of about $2,000,000 between the estimated revenue and the estimated—expenditure need cause no anxiety. Te is fully accounted for by the large programme of public works, many of which are proper charges on the accrued balance of the past, which cannot be utilized to better purpose than in furthering the development of the Colony. In the future, expenditure will no doubt continua to grow, and we have foreshadowed large schemes of developnient such as that in connexion with the harbour, which will cost large sums of money; but the past history of Hongkong gives good ground for confidence that this wealthy community will find little difficulty in shouldering its future burdens."
Text read from the printed page and cleaned; old type leaves the occasional error.