THORNYCROFT
JOHN L THORNYCROFT & CO. LINITED,
SELFBUILDERS and ExgingarI,
LONDON, SOUTHAMPTON · AND BASINGSTOKE.
Shanghai Office:
THE HONGKONG. DAILY PRIN FRIDAY, APRIL 19ND.
THE
STAMP DUTIES.
PROTESTS BY CHAMBER
COMMERCE.
1971
2-That as regards the proposed taxa years. A sufficient amount of funds could tion on policies of marine insur, be raised in this manner to meet the ance other than Hull risks, this
meeting is of the opinion that the expenditure anil the cost of up-to-date taxation proposed. is far greater development of the Colony, nad with than the business can successfully annual amortisation provision, which
contend with and is impractical Of
10,
Kiukiang Road.
VEXATIOUS AND HARMFUL LEGISLATION."
15 B.H.P. 30 B.H.P. 50 B.H.P. Engines
in Stock
For quotation apply-
SHANGHAI: OFFICE.
SPECIAL
3 DAY SALE
OF
LUSTERISED LISLE HOSE
Men's Lusterised Lisle Hose in an assortment of Dark Tan, Palm Beach, Pearl Grey, Gunmetal Grey, Cordovan, or Bottle Green. Sizes 10 to 11 in.
$6.00 $1.25. Patr or 6 Pales for
MACKINTOSH
& CO. LTD.
MEN'S WEAR SPECIALISTS.
16. DES VŒUX ROAD.
TELEPHONE 19.
GOVERNMENT LOANS SUGGESTED,
The Hongkong Chamber of Commerce THE CHAIRMAN'S SPEECH. held a largely attended meeting Inst The CHAIRMAN said: Gentlemen.-1 evening to consider the proposed Stamp must apologize for the fact that this meet- Ordinance of 1991. In the absence. of |ing is jeregular in that insufficient notice; the Chairman (the Hon. Mr. P. H. Holy in accordance with what is laid down in onk) the Vice-Chairman (Mr. A. Othe Rules and Regulations of this Cham- Lang) presided.
ber, has been given. This was manifestly The following were present:-Mesars, | imposible if your views on the proposed J. M.Alves & Co. (Mr. J. M. Alves); Stamp Ordinance were to be in the pos Arculli Bros. (Mr. V. Carreem); Asiatic session of the Chamber's representative Petroleum Co., Ltd. (Mr. W. H. Bell)on the Legislative Council before the Anderson, Meyer & Co., Ltd. (Mr. Gerald second reading, which as you are all Fauvelle): Banque de l'Inde Chine (Mr. aware, comes up on the 25th inst. As the V. Hursot): Botelho. Bros. (Mr. P. V. Bill is of momentous importance to the Botelho): Bradley & Co., Ltd. (Mr. J. A. Colony in general, it is a matter of grent Plummer); British-America Tobacco regret that the Government could not see Co., Ltd. (Mr. W. B. Kennett); Butter its way to accede to the request for a Seld & Swire (Mr. G. T. Edkins); British longer postponement of the second read- Borneo Timber Co., Ltd. (Mr. G. Ming, and I personally am of opinion that Lnkin); Mr. G. K. Hall Brutton; Cald-suflicient time" has not been given to beck Macgregor & Co. (Mr. C. Latrentz); "permit of the Bill being thoroughly gone Canadian Pacific Ocean Services, Ltd. into in every detail
hi
and that unless the scale and appli- could be fully met by taxation which will cation of the proposed duty are not unduly penalize the Colony's com
! amended and limited to twice the
mercë. With the taxation proporod, present duty, marine insurance.
business which would otherwise be business will, I believe, have to carry transacted in this Colony will be sharges higher than those prevailing in transacted elsewhere.
¡
3. That as regards the proposed in any of the parts of the East.
crease of stamp duty on land tran-I think we should, therefore, try to per. sactions, the same will constitute an suurlo the Government, in the reconside- excessive hürden on this important
resource of this Colony and the in- ration 1 trust they will give to this Bill, crease should not exceed 50 per to seriously consider adopting the issue cent, of the present scale of stamp of loans to meet their expenditure, parti dutica. That the purchasers of innd
in this Colony should have the cularly where water reservoirs, roads, 're- option of paying the conveyance clamations, and harbour improvements stamp duty either on the agreement
are in questias. If they will adopt this of sale or on the ultimate conver
principle I feel confident they will not 4. That as regards the increase in need to introduce these increased levies
stamp duty proposed in respect of?
anco,
Bills of Lading and Shippers Notes, on the conduct of business, and I would this meeting is of the opinion that submit that it should be a'radical prin- the stamp duty on these documents ciple of the policy of this Colony to should not be increased above minimize taxation charges on business. cents, the equivalent of six pence
at a two shillings dollar. Alter transactions; to keep auch taxes down to natively, if the 30 cents tax is main-the fewest possible; and in so legislate tained the rate of freight involved
should be increased from 1 to 220. that business transactions shall not be 5.-That the proposed increase of stamp hampered by the compulsory' making out duty on Charter Parties is out of of forms which in general practice are ali proportion to what is reasonably
OUTSTANDING ORISTIONS.
With regard to the various new charges
assessable on such documents, and not used, and the absence of which ins that in view of the large number plifies and conduces to smooth running of Charter Parties which are con of business. "cerned with routes between other ports than of Hongkong and where in such places the Charter Parties could be legitimately effected in the ather ports concerned, this meeting proposed, so far as I have been able to is of the opinion that it would be scrutinize the Bill, the outstanding ob- to the advantage of the revenue to jections that occur to me are the applica- withdraw such duty. That this meeting is of the opinion that the stamp duty on share trans fers be limited to 90 cents per $100, 7.That is regards Clause 29 of the proposed Ordinance, this meeting is
tion of increased taxes in the cases of Marine Insurance, Salu Notes, Charter Parties, Bills of Lading, and · Blank Transfers of "Securities, and in connee-
of the opinion that this Clausetron with these we must consider: Clause should be withdrawn as being un-1, which rends as follows:-- workable but that if it is desirable to tax share transactions the duty on share contract notes be still further increased.
MR. G. T. EDKINS.
Mr. G. T. EDKI said- have no
felt that the weans suggested for the replacement, or partial replacement, of the loss in the opium revenue is if hesitation in supporting the spirit of 3x.
that criticism, if to criticism, and founded on reason, will receive the sym-Lang's remarks on the question before pathetic consideration of Government. » which, even if no respecter- of any parus, but I would like to represent, as he ticular interest, has, I am convinced, no has, that my views are held in "no"
HONGKONG HOTEL GARAGE. David & Co. Ltd. (Mr. E S. Abraham intention of deliberately killing the antagonistic spirit to the Government.
Telephone No. 489.
10:
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IN
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FOR
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Quotations given for any size or style of Not. Made to order at Shortest Notice
WHITEAWAY, LAIDLAW & CO., LTD.,
HONGKONG
.. "VENATIOUS AND HARMFUL.”
(Mr. J. H. Wallace); Canton Insurance Your Committee, however, mert this Office, Ltd. (Mr. F. C. Hall); Cawasjee Bill in no antagonistic spirit. It is re Palinojee & Co. (Mr.' R. B. Cooper); cognised; that the Government must find China Fire Insurance Co., Ltd. (Mr. Jaga means of augmenting its income, that Cochrane); China Light and Power Chis, it all the annual expenditure `must Ltd. (Mr. W. J. Hawker); China Mutual come out of the annual revenue. But it. Life Insurance Co., Ltd. (Mr. B. W. Tape); Chinn Provident Loan and Mort gage Co., Ltd. (Mr. H. H. Taylor); China Sugar Refining Co., Ltd. (Mr. E. B. C. Hornell); Chan On Fire Insurance Co., Ltd. (Mr. T. N. Chan): Commercial Union Assurance Co., Ltd. (Mr. G. H. Elliott); Mr. H. A. Cartwright: S. 3. and Mr. O. J. Ellis); Deacon, Looker, "goose that lays the golden egg." Deacon & Harston (Mr. W. E. L. Shenton); Dennys & Bowley (Mr. Bulmer: Johnson); Dodwell & Co., Ltd. (r. G Dodwell): Donnelly & Whyte (Mr. L. M."Whyte); Eastern Asbestos Co. (Mr. T. W. Hill); Eastern Extension Austra hia and China Telegraph Co. (Mr. M. E. F. Airey); Fung Teng (Mr. Wong Tak Kwong); General Electric Co. of China, Ltd. ( A. B. Raworth); Gib, Living ston & Co. (Mr. A. O. Lang); Gilman Co., Ltd. (Mr. G. Miskin): Goddard & Douglas (Mr. T. Arthur): Green Island Cement Co., Ltd. (Mr. Allan Keith); T. E. Griffith, Ltd. (Mr. R. G. Hab; A. and S. Hancock (Mr. H. Hancock); W. A. Hannibal & Co. (Mr. J. Robertson); Handelmaatschappy Transmarina" (Mr. DH. te Wechel); Hogg, Karanjia & Co., Ltd. (Mr. N. B. Karanja): Holland Pacific Trading Co (Mr. J.-H. va Gennep Luhrs); Halkind Clina Trading Co. (Mr. A. W. van Andel); Hongkong Electric Co., Ltd. (Mr. F. R. Marsh); Hongkong Fire Insurance Co., Ltd. (M.
The Government must have additional; revenue but I do not think they have chosen either the happiest time or appro-
-17-Every instrument excented out of the Colony by any person, not being a bill of exchange or a promissory note, hall, before being executed, used, brought into forer, acted upon, or registered, within the Colouy, be stamp- ed according to the rate of duty to which it would have been liable if it had been executed in, the first instanco within the Colony, whatever the pró- visions of the schedulu to this Ordinance may be with regard to the time before which or the period within which auch un instrument, if executed in the first instance within the Colony, should be -stamped."
Taken literally this Clause hàn a, very comprehensive effect and it would be help
1 was felt that an opportunity should be given to the general body of members of the Hongkong General Chamber of priate means for securing it under this ful to have it cleared up, as to whether Commerce to express opinions which Stamp Ordinance.~(Applause.) I dare it is intended to apply. for instance, to marine insurance policy taken out in might assist your representative on the say, at this moment, alniost every British | Legislative Council in resisting vexatious
a shipment of and harmful legislation, for undoubtedly company in this Colony, and probably the Loudon or New York on some of the provisions in the Bill under business concerns of other nationalities good to Hongkong, the marine inar- ance policy of which is attached to a review would necessarily have a tendency as well, are centring their energies on to drive business away from the Colony
and might conceivably-at least in time-reducing costs and charges for running bank draft. Or in the event of a claim have the effect of reducing revenue their businesses. That, in any case, is being made on an insurance company. rather than increasing it.
the position with shipping, and engineer whether it is intended that such a London Before making any reference to those particular items in the Bill to which ex-ng trades, not only here, but all over or New York policy must be stamped on ception is taken by your Committee, I the world. You will have seen the Reuter the new scale With regard to proposed think it is perhaps pertinent to ask whetelegram of a day two ago whichДew taxation of marine insurance policies ther it really is necessary that expendi ture of a capital nature, such as the stated that Great Britain is suffering there are insurance experts present, who building of roads, erection of houses for from the worst shipping slump in living enlighten us as to the effect of the Government employés, etc., should be memory, and it cannot be overlooked proposed taxes Personally. I honestly think the proposals as st présent drafted provided for out of revenue.
OF
THE WRONG MOMENT.
In England, as well as in the Dominions that this Colony is directly, as well as A. Pierey); Hongkong Rope Manufactur- and some of the Colonies, such expendi-indirectly. connected with those con ing Co., Ltd. (Mr. W. Hawker), Hong-tura is provided for by raising loans, and cerned, in that slump. kong and Shanghai Banking Corporation only the interest and amortisation fund (Hon. Mr. A. G. Stephen); Hongkong charges fall on the rates, Posterity thus Tramway Co., Ltd. (Mr. W. Ez Roberts); benraa share in the cost of development, Hongkong Import and China Produce Ex-and it appears to your Committee that port Co. (Mr. S. E. Ismail); W. G. the same admirable principle should Humphreys & Co. (Mr. E. Humphreys); apply here.Applause.)
are impracticable, and if put into offret would lead to diversion of husiness from, | the Colony.--(Applause).
IRKSOME INNOVATIONS." Aa regarila Sale Notes for Goods or Merchandise, with a great deal of busi-
la the midst of this commercial and shipping depression, when we want to do our best to cut down charges, we are faced with proposed taxation to increase them, and, in my opinion, unduly and at present there are no Sale Notes unnecessarily. The revenues to be derived issued; and the innovation will be irk- from the new taxation which has recently some, and obstructive to the smooth run- been put into force, and which it is now hing of business beyond the value of the to your Committee, the business man proposed to extend to our every-day busi-venue. can take reasonable exception as beingness transactions, is intended, I take it. damaging both to his personal interests to meet the cost in a large measure of the As to Charter Parties the change pro and to the Colony's prosperity are those municipal and harbour developments of posed appears to be likely to lead to low. which relate "to:
J. D. Hutchison & Co. (Mr. T. E. Pearce);PRE THE CHIEF DEJECTIONS. Mr. R. Hancock; the Hon. Mr. Ho Fook: the International Banking Corporation The principal provisions of the pr (Mr. Gea. Hogg): Jardine, Matheson & posed Ordinance to which, as it appears Co., Ltd. (Mr. D. G. M. Bernard); John son, Blakes & Master (Mr. C: A. Hooper and Mr. D. J. Lewis); Lane, Crawford & Co. (Mr. F. M. Crawford); Liverpool and London and Globe Insurance Co., Ltd. (Mr. W. E. Hale); Lowe, Bingham & Matthews (M. A R. Lowe); W. R. Loxley & Co. (Mr. D. C. Russell and Mr. W. L. Pattenden); Lammert Bros. (Mr. H. A. Lammert); Mr. W. Logan; Mr. Lo Cheung Shui; Mercantile Bank of India Ltd. (Mr. N. C. Wilson); J. R. Michael on which I am already in possession of & Cn. (Mr. Vivian Benjamin and Mr.expert „advice,・・
Agreement relating to sale of goods, Marine policies of insurance, Property conveyance,
Bills of lading and shippers' uptes. Charter parties, and Blank, transfers,
THE RESOLUTIONE.
The Lullwing were the resolutions be foto the meeting:
W. E. Joseph); Mitsu Bussan Kaisha, if any member present would like to Ltd. (Mr. W. Mizuno); Moller & Co., address the meeting of any of these Ltd. (r. S. F. Williamson); Mustard & points or has suggestions to make which Co. (Mr. J. H. Senti): Mackinnon, Mic will be of assistance to the Chamber and kenzie & Co. (Mr. P. L. Knight): Maxon its representative, in contesting portions & Taylor (Mr. H. Birkett and Mr. E. B. of this Bill, we hope he will now do no
I will now, with your permission, read Raymond); New Zealand Insurance Co., Lid. (Mr. C. V. Mark); North China In certain proposed resolutions which have Aurance Co. (Mr. L. F. Townend): Orient been prepared by your Committee and Tobacco Manufactory Co. (Br. H. which, after hearing your views will be Tixling): the Hon. Mr. H. E. Pollock, put to this meeting. K.C.; Reiss & Co. (Mr. W. G. Saunders); Robertson, Wilson & Co. (Mr. G. W Bewell) Ales, Beer & Co. CAS. D. Cousland); J. M. da Rocha & Co. (Mr. A. D. Barretto); Radolf Wolff &c, Ltd. (Mr. C. H, W. Kew); David. Bas- 5000__&_Co., Ltd. (Mr. A. M. Boskon Smith); K. D. Sassoon & Co., Ltd (Mr. F A. S. Gubbny): Shewan, Tonies & Co. Mr. R. Farrant); Shui On S.5. Co. Ltd. (Mr. Chau Bui Ki); H. Skott & Co. (Mr. G. E. Wetton); Soures & Co. (Mr. A. M. L. Sonrea) De Sousa & Co. Ltd. Mr. E. V. M. R. de Sound and Mr. E. A Remedios); Stewart Bros. (Mr. Evan Ormiston); South British Insurance Co., Ltd. (Mr. F. S. Harrison); Mr. F. Smyth |F. P Talati (Mr. M. T. Talati); Union- Trading Co. Ltd. (Mr. S., M. Churn.and Mr. J Barretto) Union Insurance: Society of Canton, Ltd. (Mr. P. Lauder); | Mr. AG de Rocha; and the Secretary- (Mr DK, Blair) du skal man
the Colony.
of revenue since many Charter Parties,
I thoroughly approve of all the Govern, with routes such as Hougay/Swatow, will meat is doing to develop the Colony, probably be executed out of the Colony both on this island and at Kowloon, with which is not directly concerned in the reclamations and other improvements business. which the natural development of the
It appears to tue to be annecessary to Colony-calle for. Some of us think that penales Blank Transfers of Securitien in `certain roads or other works are not of:
held against bonis fide advances for immediate practical utility and there will my special cases such as when they are always be differences of opinion on points specific purposes. of that kind; but, taken as a whole, I
As to Bills of Lading a tax of 30 centa
do not think the Colony is marching on 83 freight stems to me high and again ahead of the times in these various
small shipments constwike. It seems developments. A visit to Shanghai, and may lead to loss of revenue on the many view of the rapid development that better to apply any higher charge on has takes place there in the spread of the freight of say 820. upwards. It does not Brom wise to make the charge more than settlements away from the early business centre, brings home bow slow in the past the normal home rate of 6d. has been the development of this Colony compared with that of "the Shanghai settlements...
Clause 43 should have attention. It gives. Turning to another part of the Bill, the collector or his delegates, who may be anybody, authority of access which pro- - GOVERNMENT LOANS SUGGERITO
Vides-to
to my mind unrecessarily, wider We want more house accomodation and powers to the Government to inspect 1.That as regarde the proposed Stamp
Duty on Agreements for sale of lower rents, and we can only get such private books and documents, and this I goods, in view of the fact that no advantages by opening up new areas think we should urge should be amended. sach similar luty has previously away from the cities by means of roads (Applause). There is no question of a been imposed within the British the cost of which we are being called warrant being necessary, no appeal ta Empire, and in view of the fact that upon to pay for. We want more business higher authority and no redress provided. this proposed Buty will fall far sites und we can only get them by rein the event of the power ring misused. more heavily on the European im- clamations and removal of military and Apart from these objections I do not porter and will not affect to any naval sites do not think we should think the proposed measure warrants such
an.innovation. ........... thing like the same extent the quarrel with providing the necessary ex
Chinese dealer, and in view of the penditure for these requirements, but I With these remarks, gentlemen, I sup great practical difficulties which think the means should be found, as Mr. port the Chairman and beg to second the such a duty will have on the sale of Lang ban suggested, through the issue of resolutions to be laid before you with the goods generally in this Colony, Government Loans in the same way, that hope that the Government will seriously this meeting strongly opposes the Governments and municipalities all the consider the views of thin Chamber and imposition of this proposed duty world over issue them to meet develop hesitate before unduly weighting the which will oppressively and unduly meat expenditure (Applause.) These business of the Colony with the handicaps hampur-the-conduct of business in loans should be repaid by specified amor the proposed Ordinance sait stands this: Cotony
tisation funds, allocated over a period of would introduce (Loud applauze).