225
36
HONGKONG LEGISLATIVE COUNCIL
The most novel feature of the bill in that dealt with in sub-head (2) of Heading 41-late registration duty. This subject is also dealt with in clause 29 of the bill. It is an attempt to deal with the question of blank transfere. The use of blank transfers obviously leads to a great many transfers of shares escaping duty. Trans- fers pass from hand to hand; they are not registered, and no doubt the transfer duty is frequently evaded on such trans- fers. Section 29 provides that if a transfer of shares is not registered within one month from the date of transfer, then it has got to pay an additional late registra tion fee of $1 per $100; if not registered within three months, $2; six months, $5; one year $10 the object being to induce people to register their transfers as soon sa possible so as to obviate the possibility of transfers taking place which never come to the knowledge of the company and which therefore may evade payment of transfer duty. It is proposed I do not know whether the copies of the Bill before members now contain the provi- sion, or not, but it is proposed to add to Clause 29 a further sub-section (8) which will read as follows:-
Every person who transfers to any other person any share which is on a share register, which is required by law to be kept within the Colony shall forthwith make and execute an instrument of transfer of such share."
There are two exemptions from these payments of transfer duty: one is transfer of shares on registers which are not required by law to be kept within the Colony-as for instance. English shares, Straits shares, and shares in China com- panies-and the other is the transfer of share warrants to bearer.
DUTIES ON AGREEMENTS FOR THE BALE
or codą
There are three duties, air, which are entirely new to this Colony, and, I think, without precedent anywhere. One is Heading number 4-agreements for the sale of goods. These, I think, are axempt everywhere else, but it seemed to be a convenient point at which to collect duty, and the duty imposed by the bill is a very light one, of one dollar a flat rate of one dollar, but this does not apply to amounts under $100, and it does not apply to a memorandum of retail sale in a shop.
EXCHANGE CONTRACTS
The duty imposed on exchange co is also new, that comes is 22, and the lause 23 The Heading under imposed only on exchange contracts do not result in remittances, that say on contracts which are caner set off.
HONGKONG LEGISLATIVE COUNCIL
37
ATTORNEY-GENERAL read Stand- Colony. What that time shall be we must Jr No. 38.
and agreed to. motion for the first reading was
. MR.
HOLYOAK-I wish to lengthy adjournment between second reading for the reason at principles are involved. In the it is a direct attack on Free and, therefore, the Chamber of
should have the fullest op of discussing the various alter and new taxes proposed. In the place, as you are aware, the Hon. Fook, the Hon. Mr. Stephen and will be leaving the Colony shortly ong period, and although we are be represented by very worthy es, it is but reasonable that full unity should be given for dis- before they are called upon to Bill of such importance to the f the Colony.
The third tax which is new imposed on telegraphic transfers clause is 28 and the heading is 43. seems to be no reason why remirce by bill of exchange should pay while remittances by telegraph pay nothing, and it is proposed impose a duty on telegraphie tra The duty is the same as the preses of exchange duty. That duty low, much lower than the duty in land and lower than the duty Straits; and I think it will not undue burden on commerce. It move the first reading.
THE COLONIAL SECRETARY se the motion.
now consider. I thought a fortnight might not be too long. I am perfectly willing to hear what honourable members think, but they must bear in mind that there has been considerable delay in bringing the Bill forward because of the great difficulty in drawing it up, and the sooner we pass it into law the better.
Hos. MR. POLLOCK-With referencs to the date of the adjournment I am in formed that the hon. member on my right (Mr. Holyoak), and the Hon. Mr. Ho Fook, and the Hon. Mr. Stephen will be leaving on the 28th inst. which is the very date your Excellency has mentioned.
HEXCELLENCY-That data was muem- tioned as the shortest time for the It is very unfortunate adjournment. that these members should be leaving. I leaving the Colony on that date. Every day this Bill is not passed means
considerable loss of revenue. I
had no idea that the hon. members were
A
meats.
hope that they will leave A memo EXCELLENCY--Honourable mem-
randum of whatever remarks they have aware that a Committee representing to make on the Bill. We want to HON. Ma. POLLOCK-In* view.
mportant interests in this Colony have their opinions, but I do not think the learned Attorney-General has sidered this Bill for months past it matters much whether they are actually would ask that several copies of the Bill is the outcome of its should be sent to the Hongkong arations. The object of the Bill is given in the Council; it might even be Chamber of Commerce, the more revenue and the amount for consideration before the Council an advantage to have their memoranda Chamber of Commerce and the is estimated will be raised by
If it would be convenient we Brokers' Association. I would als was down in the estimates which might have a meeting before they go before the second reading is takro..
a reasonable interval before the Council last October on
the honourable member and nearly way-say, on Tuesday, the 26th or Mon-
the 25th, day,
I am Bot saying members here voted. They were
that we should pass the Bill then, but it sale that a sum estimated roughly would give members who are going away
llion dollars was to be raised
an opportunity of discussing the Bill. dional stamp duties and that some of We could have another meeting for pass-
uld be new and some would makeing the second reading if it is desired. rable advances on the present
that
HON. MR. HOLTOAK-1 show' friend to support the request of my honen
HIS EXCELLENOY-You are not is) in speaking to the Bill. There debate on the first reading.
I do not understand what the HON. MR. HOLYOAK intimated that able member means when he says this suggestion was agreeable to him.
se duties will interfere with free
They certainty do not do that.
Hts EXCELLENCY-Then we will bring
are one or two duties which will the Bil
on for second reading on
HON. MR. HOLYOAK-I shal compelled to vote against the Bill on um allowed to speak in support of pastry beneficial effects in controlling the 25th inst. and if the discussion is ous which cannot be considered then not completed we can have a further
ment.
THE ATTORNEY-GENERAL exp that when a Bill is introduced for ling the mover explains the bill.
debate occurs on the second read in Committee.
HON. MR. POLLOCK-I ́should to ask the authority for the stale that no debate is allowed on the reading.
Or the benefit of trade or the henefit Colony and in that respect they to be applauded rather than el. I therefore consider that we the Bill through because we 0 raise the revenue. We wish to
the various reasonable time for its considera-
parties who led and who represent trade inter- ofessional interests and all the * affected by this Bill in this
are
meeting to complete it.
standing I am perfectly agreeable.
HON. ME HOLYOAK--OⱭ that under-
THE ATTORNEY-GENERAL The Bill can go into Committee and be recommitted, if necessary, at the following meeting of the Council.
The Council was thereupon adjourned to April 26th, at 2.30 p.m.