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Your Memorialists again bring to your Lordship's notice that while they object to the Principle of the proposed Tax, and earnestly deprecate the initiation of such a radical change in the Policy which has hitherto, in their opinion, so wisely been followed here in all matters relating to Revenue, they are strongly impressed with the belief that no increased taxation whatever is necessary and that the existing Revenue will be found ample to meet any expenditure that is really called for or required in the Colony. Representing, as they assert themselves to represent, every class in the Community (Government Servants excepted,) they sincerely believe that it will be far better in the interests of the Colony, and its residents of all walks in life, that, in the event of any increased taxation becoming actually necessary, it should be raised, as hitherto, by direct local taxation, than by incurring, what your Memorialists believe to be, a certain risk of causing the withdrawal, or diminution, of that Trade, upon which alone the Colony exists, and of diverting from it that enormous capital, which is at present attracted here for investment or employment.
Your Memorialists might, and can, controvert many of the statements and conclusions appearing in His Excellency's Reply, but their object is not to make your Lordship the arbiter in a controversy between the Governor and the Colonists, but to endeavour to impress upon your Lordship's mind that though they do not object to pay all necessary expenditure, they are sincere in their conviction that no increase of taxation is at present called for and, even if it be, that this mode of raising the money will be prejudicial to their interests and those of the Colony at large.
Your Memorialists therefore humbly beg your Lordship to advise Her Most Gracious Majesty to refuse the Royal Confirmation to the Stamp Ordinance.
Victoria
Hong Kong
1st October 1866.