20
drafted by the Crown Agents, and transmitted with Lord Derby's - despatch no49 of the 6th Inarch ultime, was read a first and second time in the Colonial
Legislature, and was then
referred, in the customary
manner
for the consideration
of
the Finance Committee, which (it will be recollected), is composed
of the whole Council, with the
exception of the Governor.
உ.
eAfter careful
consideration, the Finance Committee
adopted
#
#
adopted unanimously the subjoined Resolutions, which were moved
d by
the Chief Justice, and seconded by M. Ryrie, the denior Unofficial Member:
That, considering the present unsettled value of silver, and more especially the steady depreciation of it which has taken place during the last twenty-five years, it is highly danger ous and inexpedient for this silver-using Colony to contract any debt re-payable in gold, in "connection with which, judging from the experience of the past, a heavy loss in exchange is "almost sure to be sustained.
should
That instead of adopting such a course, it is desirable that the Government, raise money for its requirements by issuing, from time to time, from the Treasury in Hongkong, Deben- tures bearing interest at the annual rate of five per cent., thus avoiding costs and commissions "of every kind, as well as the risk of loss on exchange.
#
کو کہ
"That the raising of a loan in Hongkong, besides being free from all the expenses connected with the issue of debentures or stock at home, except for printing and stationery, will add to the Revenue of the Colony in Stamp Duty and in other ways; and moreover the Government will be in a position, from time to time, to redeem its own debentures in any number, and to fix a much shorter period for the ultimate redemption of the loan than would be possible under
the proposed Ordinance. The charge for interest will also be minimised, as the Debentures "will be issued only as funds may be required.
$
The Committee therefore resolve that it is undesirable to proceed further with the Loan Bill in its present shape.
موجود
HONGKONG, 4th November, 1885.
3.
The main reasons.
which actuated the Finance Committee will be found their annexed report.
in
Hongkong