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The Daily Press.
HONGKONG, JUNE 26TH, 1891.
CORRESPONDENCE.
We do not bold ontsetras vaRLonsible for fus opinions. expressed by our Correspondente.]
THE SHARE SALES BILL. TO THE EDITOR OF THE "DAILY PRENE." DEAR SIR-Supporters of Mr. Keswick's Bill seem never tired of reiterating that the opposi- tion have no arguments but interested ones to bring forward. May I vouture through your medium to express some, to me, very strong rea- sons why the Bill should not become law. These reasons bave previously been brought up in course of the discussion, but I do not think have been sufficiently dwelt upon or accentuat-
ad considering their importance, and with the usaal partiality have been ignored by the sup. porters. First and foremost is the inadvisability
of in any way artificially interfering with the normal condition of the share market, which is governed by its own unwritten laws of supply and demand and its exigencias and emergencies; which is very sensitive, and any one-sided inter- ference with which is not ouly diametrically opposed to all principles of political economy, the freedom of contract, and free trade, but will, in at- tempting to mitigate one evil, foster endless others, chief amongst which is bulling," which when ram- pant and unchecked is more a source of ruin to tbe "swaddling clothail" class of speculators than "bearing" is. Another argument is the savour- ing of class, not to say personal legislation, which is such a strong element in this Bill, and which a good many of its chief supporters make no bones about acknowledging. The depression. of an already depressed market which is sure to follow the passing of the Bill, if its con- ditions are strictly followed, is another reason why it is inadvisable to proceed with it. The loss of revenue from the diminution of stamps on contract notes and transfer deeds, although a certainty, is a small matter and one that in view of the larger interests at stake nead not be dwalt upon. Thanking you in anticipation
for inserting this letter,-Yours faithfully.
J. Y. V. VERNON
Hongkong, 25th June, 1891.
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