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THE HONG KONG GOVERNMENT GAZETTE, MARCH 1, 1935.
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voluntarily in 1922, 1928 and 1932 respectively. It is probable that the expressed opposition of the Government served to check the move- ment to establish exchanges of this nature, but no compulsion was in fact imposed upon existing companies.
2. As stated in the reply to Question 1 the proposed legislation was not enacted, and the Government was therefore not in a position to grant or withhold licences.
3. I am aware that there are brokers in Hongkong who transmit orders for dealings in commodities on foreign exchanges, but I am not aware of the existence of agencies in the nature of “proprietary exchanges.'
4. The sale and purchase contract forms used by these brokers contemplate delivery. I am not in a position to state whether actual delivery of the commodities contracted for has been made in Hongkong or elsewhere.
5. There is no anomaly as the firms to which the honourable member refers have not attempted to establish, a Produce Exchange in Hong Kong. The honourable member is not correct, however, in assuming that sanction has been given to these firms to deal in commodities. No sanction has been given because none is required under local ordinances. 6. (a) Contracts and agreements covering the purchase and sale of commo- dities are not subject to stamp duty. The answer to this question is, therefore, in the negative.
(b) In view of the reply given to Question 6 (a) this question does not arise.
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MOTIONS.
7. Tobacco Amendment Bill. The Attorney General addressed the Council and moved the First reading of a Bill intituled "An Ordinance to amend the Tobacco Ordinance, 1931."
The Colonial Secretary seconded.
Question-put and agreed to.
Bill read a first time.
8. The Tung Wah Hospital Amendment Bill.-The Attorney General addressed the Council and moved the First reading of a Bill intituled "An Ordinance to amend the Tung Wah Flospital Ordinance, 1930.”
The Colonial Secretary seconded.
Question-put and agreed to.
Bill read a first time.
9. Urban Council Bill.--The Attorney General moved the Second reading of a Bill intituled "An Ordinance to make provision for substitution of an Urban Council for the Sanitary Board, and to repeal the Public Health and Build- ings Ordinances.”
The Colonial Secretary seconded.
Question--put and agreed to.
Bill read a second time.
The Attorney General moved that the Bill be referred to the Standing Law Com-
mittee.
The Colonial Secretary seconded.
Question-put and agreed to.
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