Hongkong, which, has been in operation since the 2nd Febry 1845.
That the operation of this tax, while it produces but a very small sum to the Colonial Revenue, has been extremely detrimental to the trade of Hongkong, as will appear from the following facts.
In 1845 during 11 months, the sum received by Government from this tax was £304.8.10 or at the rate of £332.2.4 per annum.
In the years 1843 & 1844 a very large quantity of goods shipped from England, producing a glut in the markets here, and a large part of these goods were necessarily sold for whatever they could bring, often at a great sacrifice, having been kept on hand for one, two years or upwards.
By these means the revenue from this tax in 1846 was raised to £459.14.7. But after this artificial stimulus had ceased, the duty in 1847 sunk to £255.9.1, and in 1848 will probably fall as much in proportion short of that sum, as that was of the previous year.
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The Chinese have an insuperable objection to pay anything beyond what they have bidden, looking upon it as a squeeze; and damaged goods, which pay no duty, are scarcely anything whatever is now sold by auction beyond the effects of parties deceased, or about to leave the Colony.
In confirmation of this it may be mentioned that a party who in 1844 paid 5,000 Dollars for the good will of an Auctioneer then leaving Hongkong with a competence realised by his profession, has since abandoned the business, finding it altogether unproductive. Others who continue in the profession have scarcely any employment.
Your Excellency will find this confirmed by the Returns made to the Colonial Treasury for the last six months.
The oppressive nature of this tax has been acknowledged by the Home Government, by whom it was lately repealed; and your Petitioners are of opinion that the repeal of it...