>
cum-
BJ
than that now in existence. On the whole, he thought, it might be expected that a larger rev- enue might be raised, but the present Ordinance was merely calculated to bring up the amount to $10,000, the smallest suni that it would be possible to accept. He now came to the point that was most interesting to the munity at large, the clause relating to Billa o Exchange. They would remember that the old Ordinance was very simple in its provisions on this subject, and originally adopted a uniform charge of $1.00 on all bills of Exchange. A similar uniformity prevailed at home in reference to the postage on letters This was not a strictly equitable arrangement, and no such thing as perfect equity was obtain- able in such matters. You had to sacrifice that to obtain the great convenience of simplicity. The commission proposed one thing which he could not assent to, namely, to exempt all bills under $100. fle could not why these smaller bills should not con- tribute their share in proportion. He re- minded the council that on the 1st of October. next, post office orders would be procurable here the same as in England. Any man would then be able to send £2 for six-pence, or for 24 cents £5, without paying any stamp duty what ever. With this arrangement in force, there could be no objection to keeping up the stamp duty on the smaller bills. He declared that he was not justified-that he was not authorized--- to assent to such a step as that which the commission proposed. His own proposal was that bills under $100 should be taxed 15 cents on each of the set, or 30 cents if drawn singly. Bills exceeding this amount, and not exceeding $3,000 50 cents each part of a set, and over this anionnt 75 cents each part. This was a simpler plan than the one the commission proposed, j and on the whole more equitable. He con- tinued to read over the schedule, making a run- Puiag commentary on the various itemë, refer- ring particularly to transfer of shares; the com mission had proposed a tax of one-eighth per cent., but he wished to hear discussion on this point when the ordinance was read a second time. In conelading his remarks, he said that ene was a very simple Stamp Act, and even those opposed to the principle of stamps would confess this. He did not see how it was pos sible to make a stamp duty palatable. He thought the Council would find that the feeling of their countrymen at home, was not in favor of exempting this colony from obligations which were common to all communities, and for the discharge of which it was necessary something must be done. The Ordinance was read a first t'ine.
SUPPLEMENTARY ESTIMATES.
The GOVERNOR theu introduced the Supple- mentary Estimates Ordinance. and said:-The Estimated Revenue and Expenditure of the Colony for 1867, was-Revenue, $980,520; Ex- pen liture $997,305.60. The actnd Revenue and Expenditure-including, for the purpose of comparison, the receipts and payments on ac- conut of the Imperial Post-Office has been, Revenne. $963,519, Expenditure, $835.032. The Revenue, however, appears more pro- ductive than it really should do, because a con- siderable portion, viz.: $66,300 is due to a sale of land. which belongs more to capital than Reveune, and because a better system of collee- tion of Taxes enabled nearly all the rates due for the year to be collected during the year. and consequently left fewer arrears out- atanding at the end. The Stamp Ordin ance having been in operation only a few months during 1887, produced only $28,282, but the mouthly collections shew that the receipts to be expected from the Schedule than in force would produce in a year about the amount estimated, viz.: $110,000. The re. ceipts from the Junk and Registration Ordi. nance have more than doubled what was expected. The Expenditure shews a decrease of about $180,000, but of this $94.000 is caused by the non-payment of the Military Contribution. which forms a debt still due by the Colony, and the remainder is principally attributable to the
postponement of important Public Works, more especially the Reservoir at Pokefulum, the re- clamation of ground at Bowrington, and the paving of streets in Taipiushan. There is also à considerably diminished charge for gaols. The nominal excess of Assets over Liabilities, at the end of 1867, was something over $25,000, or about that which was anticipated last August, when the Estimates for the current year were in course of preparation. The Supplemen tary Fatipates now submitted, amounting to nearly $135,000, are not for any addi tional expenditure, but are merely brought forward to cover certain alterations which were found necessary in the appropriation of the ex- penditure. The $135.000 now asked for, there- fore forms a portion of the $835,000 of Expendi- ture above shewn, the actual expenditure in accordance with the Origin:1 Estimates baring been only about $700,000. The detailed Estim tes to be sent round to members indicate exactly the services apon which the different appro- priations have been made. A considerable sum: is shewn as expended under the head of Police, the larger portion of which is connected with the raising and equipment of the Sikh force. In Public Works most of the alterations con- sist of small items which could not well be- foreseen a year in advance, and of payments ant estimated-because it had been anticipated that the works in respect of which the payments took place would have been completed in the previous year. The greater part of the sums required for Roads, treets, and Bridges are on account of Kowloon-the Government having been obliged to resume many of the lots sold. In Special Expenses there was a saving of most of the expenditure connected with a Colonial Gun Vessel, but the purchase and fitting of a Gunpowder Depot and a Floating Police Station, and sundry other small ex- peuses, have about exha sted the saving thus effected.
The Ordinance was read a first time, and the Council then adjourned.
615