THE HONGKONG GOVERNMENT GAZETTE, 14TH NOVEMBER, 1885. 977.
That instead of adopting such a course, it is desirable that the Government should raise money for its requirements by issuing, from time to time, from the Treasury in Hongkong, Debentures bearing interest at the annual rate of five per cent., thus avoiding costs and commissions of every kind, as well as the risk of loss on exchange.
That the raising of a loan in Hongkong, besides being free from all the expenses connected with the issue of Debentures or Stock at home, except for printing and stationery, will add to the Revenue of the Colony in Stamp Duty and in other ways; and moreover the Government will be in a position, from time to time, to redeem its own Debentures in any number, and to fix a much shorter period for the ultimate redemption of the loan than would be possible under the proposed Ordinance. The charge for interest will also be minimised, as the Debentures will be issued only as funds may be required.
The Committee therefore resolve that it is undesirable to proceed further with the Loan Bill in its present shape."
HONGKONG, 4th November, 1885.
MOTION.-The Honourable P. RYRIE, pursuant to notice, moved-"That an enquiry be made into the over-charges recently made by the owners of cargo-boats to the detriment of shipping interests, and that the Registrar General's Department be empowered to deal with all such grievances," and addressed the Council.
The Honourable T. JACKSON Seconded, and addressed the Council.
The Attorney General replied.
The Honourable P. RYRIE then moved-That a select Committee of this Council consisting of the Honourable the Attorney General, the Honourable the Colonial Treasurer, the Honourable P. RYRIE, and the Honourable F. D. SASSOON, with the mover as Chairman, be appointed to enquire into this
matter.
The Honourable T. JACKSON seconded.
Question-put and passed.
BILL ENTITLED THE LOAN ORDINANCE, 1885.--DISCHARGED.--The Honourable the Attorney General stated that in face of the resolution of the Finance Committee, which had been communicated to the Council, it was not intended to proceed with this Bill, and asked that the order for going into Committee on it might be discharged.
Question-put and passed.
The Governor then addressed the Council as follows:-
HONOURABLE GENTLEMEN OF THE LEGISLATIVE COUNCIL.-I think it right to inform you that I have always concurred with the principle of the resolution adopted by the Finance. Committee, viz., that it is expedient to raise the small proposed loan locally. As most of you already know, I transmitted a proposal in this direction so far back as in last April. I will now forward by next mail the Resolution adopted by the Finance Committee, and recommend it to the early and favourable consideration of Her Majesty's Government, with a request that I may be informed by telegraph of its decision.
BILL ENTITLED THE PRISON ORDINANCE, 1885.--COMMITTED.--On the motion of the Attorney General the Council went into Committee on this Bill.
Bill reported with a verbal amendment and the addition of a clause.
The Attorney General gave notice that at the next meeting of Council he would move the third reading of the Bill.
POSTPONEMENT OF THE OTHER ORDERS OF THE DAY.-The Attorney General moved the ponement of the other Orders of the Day.
Question-put and passed.
The Council adjourned until Wednesday, the 11th instant, at 4 r.м.
post-
Read and confirmed, this 11th day of November, 1885.
ARATHOON SETII,
Clerk of Councils.
G. F. BOWEN,
Governor.