F
54
HONGKONG LEGISLATIVE COUNCIL
always given it. On adjudication one paid, but not for merely asking advice.
HON. MR LAU CHU-PAK-In that case, I withdraw my objection.
The heading, as amended, was ap proved.
Heading No. 5, relating to "' agree- ment for the sale of property was omitted and subsequent headings were re-numbered accordingly.
Heading No. 12, re-numbered 10, relat- ing to Bills of Exchange,
THE ATTORNEY-GENERAL moved an amendment to sub-clause exempting letters of credit granted in the Colony, authorising drafts to be drawn out of the Colony payable in the Colony. He mid- It has been suggested to me that this does not act quite fairly. I would point out that if it is found not to cover what it is intended to cover, exemption can be made by regulation at any time.
Hox. MR. LAU CHU-PAK-The Chinese want to know if letters of credit include private letters authorising people on the mainland to pay sums of money; people in the country-private individ- uals or firms suppose I write to Canton asking a firm or private individual to pay a certain sum of money to a friend or a member of my family, do you call that a letter of credit?
THE ATTORNEY-GENERAL-I should imagine that is not a letter of credit but a mere request. I am afraid I cannot give a definition off-band.
Ha EXCELLENCY-Payment is made here.
Hoy. MR. LAT CHU-PAK-It is rather confusing.
HON. MR POLLOCK-A letter of credit is usually issued through a bank.
Hrs EXCELLENCY (to Hon. Mr. LAU CHU-PAK-Is it done by a bank!
HON, ME. LAU CHU-PAK-No, not by bank-by a shop or a merchant. It is often done by the Chinese. Suppose want to send 850 to a friend on the mainland I write to a shopman I know, private individual trading there, to pay that money I do not know whether that in a letter of credit or not.
ΟΙ
to
|
HON. MR LAU ('HU-PAK—Tir... are actually on behalf of m of individuals living in the Colg trading abroad, but I meant on b
often do it myself; say if I was send money to be paid in Shak place very near here.
THE ATTORNEY-GENERAL --The i cult point is the case of a shop, i actually does this kind of banking a
HON. ME POLLOCK-That is a ber thing. The case put of Hon. We is a private family matter.
HIS EXCELLENCY-A number of deposit money locally and usuall money is paid out in other pla usual to send one letter with the and amounts. Where name and 2. is entered, I think it should come m letter of credit.
THE ATTORNEY-GENERAL HIG that the sub-head as drafted be a and that the Collector should ascend Chinese practice, and that any app exemption could be made by reg
This was agreed to. On the motion
Heading 13, relating to Bills of La
of the ATTURE GENERAL, the duty was amended substituting $5 for $3 in the two ph which it occurred.
HONGKONG LEGISLATIVE COUNCIL
is for any term not exceeding one & stamp duty of 50 cents will be He in respect of every $100 or part £ of the rent for one year; and e the lease is for any term exceeding year, $1 for every $100 or part there-
the rent for one year.
MR. POLLOCK-1
think
it
ld be more equitable to double the ant duty of 10 cents for every $100 au 30 years or more 50 cents for 8100. It is a big increase on a one lease, from 10 to 50 cents, and on rs', of 25 cents to $1.
os. MR. LAU CHU-PAK-I agree Mr. PoLLOCK. I think it is too
Sh
B
ATTORNEY-GENERAL pointed out 60 cents on a lease valued at $125 Month would mean only $7.50
EXCELLENCY-At present, it is
$1.50.
. MR. LAU CHU-PAK-It would burden on the lessee.
BE COLONIAL TREASURER-It is
all burden compared with the rent.
COLONIAL SECRETARY-The duty past has been very light, US EXCELLENCY-Who Heading 16, te-numbered 14-rond or the tenant! to Charter Party. The duty was an ed to 15 cents for every $100, inst 25 cents.
Heading 17, re-numbered 13
to conveyance on sale. The dyer amendert by substituting
$50,000, in both places in which it wor in the schedule.
Int.
JON.
Pays-the
COLONIAL SECRETARY—The
MR. LANG-The less we
in-
e rents the better: keep them down,
COLONIAL SECRETARY-In some
55 218
Healing 34, re-numbered 33-(Policy of Insurance) was revised, one of the altera- tions being to make the duty on re-insur ance the same as on a direct policy.
Heading 41, re-numbered 40 - relating to shares. The duty was altered from 10 cents for every $100 to 20 cents, payable before execution.
In Heading 42, re-aumbered 41, (ship- pers' books), the line between the two rates of duty was changed from $3 to $5.
On Heading 43, re-numbered 42—(tele- graphic transfer advice).
HON. MR. LAU CHU-PAK moved that the duty be reduced from 10 cents to 5 cents for every $100. He considered
cents would be more reasonable.
Hox. MR. CHAU SIU-KI seconded.
HIS EXCELLENCY-The Government have considered the point brought for- ward for exemption up to $10,000, but, acting on advice which they felt was sound, they consider that the tax is not one that will cause any hardship or, one would suppose, cause any such busi- ness to be transacted out of the Colony Therefore, I am to any great extent. unable to accept the amendment. (To the Hon. Mr. LAU CHU-PAK)-Do you wish for a division!
HON. MR. LAU CHU-PAK-I do not think it will be any good.
HIS EXCELLENCY-Heading 43, rê- numbered 42, stands part of the Schedule.
Heading 40, re-numbered 44—relating voluntary disposition inter vivos of property, was amended by substituting
to
$20,000 for 35,000. re-qumbered 20, rela
Heading 22, to agree with the new clause rela to exchange contracts, was ame
exchange contract cancellation notes. Heading 28, renumbered 91 lating to duty on foreclosure order amended so that the stamp duty of cents for
$100 will apply property not exceeding $20,000 in 7 instead of $5,000, and making the $1 for every $100 where the value of property exceeds $20,000, instead 85,000.
every
On Head 96, re-numbered THE COLONIAL TREASURER-If » ATTORNEY-GENERAL moved a new shop sends a list of people to pay various heading (2), providing that where sums of money.
lease, it granted in consideration d
I understand, the tenant pays half, the landlord pays half. In some cases tenant pays the lot: I don't think e is any case where the landlord pays lot.
IN EXCELLENCY-You might make it ents up to one rear, 50 cents up to years, and then the dollar. Would meet the objection?
On the motion of the Hon. Mr. POLLOCK, the Attorney-General authorised to
amendments
make
any
consequential on the re-numbering.
The Council then resumed.
was
HIS EXCELLENCY-In view of the large he amendment suggested by His Ex-feel it will be convenient to have the number of amendments, the Government ner was agreed to.
Bill re-printed as quickly as possible and mendments were made in the word-it is hoped that hon. members may have of leading 30, re-numbered 29. The the Bill, with all amendments printed,
2 was to make collateral securities by to-morrow evening,-or, at any rate, et to a duty of 10 cents instead of first thing on Saturday I propose to sects and extensions of time of adjourn the Council till Saturday, noon, inal mortgage, and transfers of when the third reading of the Bill will
gage, also, 10 cents on every $100. be taken.