The substitution of an equitable assessment on the value of landed property as a means of curing inequalities of land rents; but even admitting that the serious legal difficulties in the way of such a plan might be overcome by the total abolition of rents, I could not concur in recommending its adoption, simply because it would still operate unfairly, not only imposing the heaviest burden upon those who had expended most in advancing the interests of the Colony, but also discouraging improvement of property prospectively, while, moreover, a compulsory tax would thus supersede one of voluntary origins.
From the few instances of appeal made to the Committee, I am induced to believe that the majority of land holders are not dissatisfied with the present system of tenure. No general or combined effort to change the system has taken place either by public meetings or otherwise, since the question has been submitted to local rating, but the appeals have been confined to individuals who have either been unfortunate enough to make bad bargains, comparatively, or rest their claims upon technicalities which do not affect the general principle of the question at issue.
Commissariat, Hongkong, 26th April, 1850.
(Signed) Inspr. W. Smith.
4.6.2. Colonial Secretary