45
the
Year.
defray the current expenses of This could only be effected either by a loan, or by the imposition of additional taxation, and the mode of effecting the object required would, I suppose, be left to the decision of the Legislative Council.
If additional taxation should be determined upon, I have, after much consideration, arrived at the conclusion that the only source which remains to be availed of here, without interfering with the freedom of the Port, is a stamp duty similar to that imposed at present throughout Dublin and the Straits' Settlements.
This would be the fairest tax which could be imposed here, considering the circumstance which renders additional taxation necessary. Being levied by means of stamps on receipts, drafts, promissory notes, Foreign Bills of Exchange, Bills of lading and other commercial documents, it would fall mainly upon the foreign, as distinguished from the native, commerce of the Place, and would be borne by each commercial Establishment in proportion to the amount of business transacted.
about 7
Th
(