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expressed the opinion in Executive Council that the new scheme would endanger the revenue, I directed any further action in the matter to be stopped until Mr. Lister had prepared an estimate of the effect of the proposed change, and until I had ascertained the views of the unofficial members of the Legislative Council on the point at issue.
4. On being pressed for an estimate, Mr. Lister rather gave a vague reply, and appeared disposed to concur with the Attorney General and to withdraw from his former statement that the new tariff would be not only equitable to the Chinese but profitable to the Government.
5. On the other hand, Mr. Lowcock said, "I am of opinion that the reduction in the value of stamps on short term promissory notes is very desirable; the present duty on business such as that alluded to by the Stamp Collector, of which there is no doubt a large amount in the Colony, being quite oppressive; and there is little doubt that more revenue will be collected under the proposed reduced rate.