Rent Roll, and to derive a revenue
from
a) percentage on the value of real property,
fixed by an annual assessment.
The most prominent objection to such a proposition is the deficiency of colonial Income which would result from it, the expectation being that not then a half of the present revenue would be obtained. In addition to this very valid cause for its rejection, I am opposed to it because it disturbs the existing order of things, a system of which we can but guess at the benefit, while the disadvantages which would spring from it are acknowledged.
I am opposed to it because it would operate as a burden and a penalty on those who had improved their lots of ground, the improvement being the heavier the burden, and it would have a direct tendency to discourage improvement for the future. I am opposed to it, because I think that although many (especially those who made the Land sales a basis of speculation) might regard it with satisfaction, many would have fair cause for complaint; and it is better that whatever cause of dissatisfaction may arise should have been embraced voluntarily by the public itself, than that it now originates with the recommendation of a Committee arbitrarily appointed and irresponsible.
I am opposed to it because it would necessitate a more practical interference with the Chinese inhabitants than under the present system, and with the land these inhabitants are left to themselves, they regard the Colony with greater favor. I am opposed to it because it would give present and intending settlers a dangerous notion of the unstable nature of the system.