324
878 of
THE HONGKONG GOVERNMENT GAZETTE, 24TH APRIL, 1886.
SERVICES EXCLUSIVE OF ESTABLISHMENTS.
Works and Buildings.
1895. General repairs to Mountain Lodge at Victoria Peak,
The Colonial Treasurer seconded.
Question-put and passed.
$1,386.00
BILL ENTITLED THE STAMP ORDINANCE, 1886.-REPORT OF SPECIAL COMMITTEE.-The Colonial, Treasurer read the following Report of the Special Committee on this Bill:-
Report of the Special Committee of the Legislative Council appointed to consider a Bill
entitled the Stamp Ordinance, 1886.
The Special Committee appointed to report on the draft amended Stamp Ordinance, on going carefully into the probable expenditure of the Colony, are of opinion that no urgency exists for additional taxation at this time, and they recommend that the consideration of increase to the Revenue be postponed until funds are actually needed, when, should unfore- seen claims be made upon the Treasury on account of Typhoons or other local causes, the Legislative Council might be called upon to sanction an increase in the Stamp Duties, of which in principle it has approved.
Council Chamber, Hongkong, 7th April, 1886.
The Treasurer then addressed the Council and concluded by stating that he proposed that the Bill should be proceeded with, the duties being kept practically as they are in the present Ordinances with some amendments of detail and consolidation.
The Officer Administering the Government addressed the Council as follows:--
After hearing the report of the Special Committee on the proposed increase of the Stamp Duties and the explanation given by the Treasurer, I beg to announce to the Council that it is not my intention to proceed with this Ordinance as a measure for increasing the taxation, at least during the present Session.
J will be convenient perhaps if I recapitulate for the information of the Council what has been done with respect to this question of the imposition of additional Stamp duties.
I laid on this table as far back as the 17th February last a Despatch from the Secretary of State together with a Minute of my own asking the Council to vote an additional sum
of £60,000 for the Military defences of the Colony. The despatch and minute were referred in due course to the Finance Committee who had to consider at the same time what means were to be devised for meeting the interest and sinking fund on the loan which it was necessary to raise to provide for this as well as other extraordinary expenditure. The resolution of the Finance Committee which was afterwards adopted unanimously by the Council was to the effect that "the best means of doing so would chiefly be by an increase of Stamp duty." A Special Committee of Council was then appointed to consider in detail what increases should be made in a draft Stamp Bill which was introduced and read a first time.
Since, however, the question was first raised the accounts of Revenue and Expenditure of the past year have been closed and laid before the Council. The accounts of receipts during the first quarter of the present year have also been made up. The Special Committee to which the Draft Stamp Bill had been referred has, after carefully considering the financial statements submitted to it, come to the conclusion that in view of the prospects of expanding trade and Revenue there is no immediate necessity for imposing additional taxation, and as it is clear to me that the surplus revenue of the present year will be more than sufficient to meet the interest and sinking fund on the portion of the loan which it will be necessary to borrow this year, I beg to announce to the Council that I do not intend to proceed any further this Session with the Stamp Bill as a measure for imposing additional taxation. There are however a few small amendments to the Stamp Ordinance passed last year which experience has shown to be necessary and advantage will be taken of the circumstance that a draft Stamp Act is now before the Council to introduce these amendments.
When Sir GEORGE BOWEN announced to this Council on 18th November last that he did not intend to proceed further at that moment with the Spirit Farm Bill he stated that it was confidently hoped that the progressive development of our commerce now relieved from the depression caused by the recent hostilities in this part of the world will of itself lead to growing extension of the public Revenue." It is most satisfactory to see signs that t anticipation will in all probability be realized. An opinion was expressed on the s occasion by one of the unofficial members "that the ordinary Revenue which we shall rec will be sufficient to meet all calls made upon it." Whether this opinion will prove a co one it is of course impossible at present to foresee. I believe myself that at some future extra taxation will become absolutely necessary.