March 25th, 1922.j
HONGKONG
LEGISLATIVE
COUNCIL.
INTERESTING DISCUSSION ON CROWN LANDS RESUMPTION.
RENTS RESTRICTION ORDINANCE TO TO BE CONTINUED.
A meeting of the Legislative Council was held in the Council Chamber on March 23rd. There were present:- His EXCELLENCY TITE GOVERNOR (Sir REGINALD EDWARD StubbƐ, K.C.M.G.). HIS EXCELLENCY THE GENERAL OFFICER COMMANDING THE TROOPS (Major-
General Sir JOHN FOWLER, K.C.M.G., C.B., D.S.O.).
Hon. Mr. CLAUD SEVERN, C.M.G.
(Colonial Secretary).
C.B.E.
Hon. Mr. C. Mcl. MESSER,
(Colonial Treasurer). Hon Mr. E. R. HALLIFAX, O.B.E.
(Secretary for Chinese Affairs). Hon. Mr. E. A. IRVING (Director of
Education).
Hon. Mr. T. L. PERKINS (Director of
Public Works).
Hon. Mr. H. E. POLLOCK, K.C.
Hon. Mr. LAU CHU-PAK.
Hon. E. V. D. PARR.
Hon. Mr. A. G. STEPHEN.
Hon. Mr. A. O. LANG.
Hon. Mr. CHOW SHOU-SON.
CHINA OVERLAND TRADE REPORT
would allow of an extension of the Bank's the expansion of the Bank's currency and
capital and the keeping of reserves in offices where notes are issued. With ro- gard to the increase of the nominal capital from $20,000,000 to $30,000,000, the former nominal capital has been fully paid up and the Bank wishes to take Power to raise further capital as and when it is required. With these few remarks I beg to move the first reading of the Bill.
it.
The Hon. Mr. LANG: I beg to second
"
The first reading was agreed to. The " Objects and Reasons state: 1. The objects of this bill are:- (a) To give the Corporation power to increase its capital, with the con- sent of the Governor, up to $60,000,000. The present limit is $20,000,000.
(b) To increase the limit of the ordi- nary note issue from $15,000,000 to $20,000,000.
(c) To revise the requirements of the law as to the security to be held against the ordinary note issue. (d) To enable the Corporation to keep at certain places outside the Colony part of the security held against the
excess note issue.
2.-Under the existing law the excess uote issue must be fully covered by coin or bullion, under the control of custod- ians independent of the Corporation, and
Mr. A. G. M. FLETCHER, C.B.E. Clerk of this will be so under the new Ordinance
Councils).
ABSENT.
Hon. Mr. J. H. KEMP, C.B.E., K.C.
(Attorney-General).
THE MINUTES.
The minutes of the last meeting were approved and signed by the President.
PAPERS.
The COLONIAL SECRETARY, by command of H.E. the Governor laid upon the table an Order made by the Governor- in-Council under section 4 of the Importa- tion and Exportation Ordinance, 1915, dated the 16th day of March, 1922.
FINANCE,
The COLONIAL SECRETARY, by command of H.E. the Governor, laid upon the table Finance Minutes Nos. 18 and 19 and moved that they be referred to the Finan-
ance Committee.
The motion was agreed to.
The COLONIAL SECRETARY, by command of H.E. the Governor laid upon the table the Report of the Finance Com- mittee (No. 3) and moved that it be adopted.
The COLONIAL TREASURER seconded and the motion was agreed to. HONGKONG AND SHANGHAI BANK
AMENDMENT ORDINANCE. The Hon. Mr. H. E. POLLOCK, K.C.,
who, according to the Agenda, was to move the first reading of a Bill intituled An Ordinance to amend the Hongkong and Shanghai Bank Ordinance, 1866, asked His Excellency's permission for the Hon. Mr. PARR to do so.
Permission having been granted, The Hon. Mr. PARR said: move the first reading of a Bill intituled An Ordinance to amend the Hongkong and Shanghai Bank Ordinance, 1866
also. In future, however, the excess note issue will mean any issue in excess of $20,000,000 instead of $15,000,000 as at present.
or
3. The present requirements of the law as to the security to be held against the ordinary note issue are that coins securities approved by the Secretary of State must be kept with the Crown Agents, or with trustees appointed by the Secretary of State, equal in value to of the first $10,000,000 of the issue, and that the remaining $5,000,000 of the issue must be fully covered by such coin or securities, so deposited. The new Ordin ance will provide simply that of the ordinary issue, which issue will in future amount to $20,000,000, must be so covered. 4. The comparison between the exist ing law and the new Ordinance can also be made in the following way, as regards the first $20,000,000 of the total issue. Security under present law:-
of $10,000,000 in coin or securities. $5,000,000 in coin or securities. $5,000,000 in coin or bullion. Security under new Ordinance:
of $20,000,000 in coin or securities. It will thus be seen that the value of the security will not be altered, but that the Corporation will be relieved from the necessity of keeping coin
or bullion against any part of the first $20,000,000 of the total note issue.
24
303
of the coin or bullion. of a satisfactory scheme for the custody
7.-Clause 4 is the usual saving clause.
SUPREME COURT (O.J.) EMER- GENCY ORDINANCE. H.E. THE GOVERNOR: The Attorney- General, unfortunately, is detained another place; I will therefore ask the Colonial Secretary to move the second reading of this Bill.
10
The COLONIAL SECRETARY : I beg to move the second reading of the Bill in- tituled "An Ordinance to make tempo- rary provision for the appointment of solicitors to appear in the Original Juris- diction of the Supreme Court Court in certain emergencies."
The COLONIAL TREASURER seconded, and the motion was agreed to.
The COLONIAL SECRETARY then moved, and the COLONIAL TREASURER Seconded, that the Bill go into Committee for con- sideration clause by clause.
The Council consented. The Bill passed through Committee without amendment and on the Council resuming.
The COLONIAL SECRETARY moved that the Bill be read a third time.
The COLONIAL TREASURER seconded. The third reading was agreed to, and the Bill accordingly passed into law.
MERCHANT SHIPPING (ALIENS
EMPLOYMENT) ORDINANCE. The COLONIAL SECRETARY moved the second reading of the Bill intituled "An Ordinance to restrict the employment of aliens and of former enemy aliens on certain British ships registered in the Colony of Hongkong."
The COLONIAL TREASURER seconded. The second reading was passed, and the Bill was then carried through the further stages and passed into law.
CRWN LANDS RESUMPTION ORDINANCE.
The COLONIAL SECRETARY moved the second reading of the Bill intituled "An Ordinance to amend the Crown Lands Resumption Ordinance, 1821." He said: With regard to this Bill, I would like to add to what the Attorney-General said in moving the first reading, that in respect to representations which have been made relating to Clause 2 (e), in which the fear has been expressed that holders of lands under permit and settlers. where they have no guarantee that their titles would be renewed may be deprived of their land and buildings without proper compensation-on behalf of the Government I would like to say that these cases would be treated in the same in which they have equitable manner always been treated in this Colony, and any compensation in respect of their purely temporary rights will be on an adequate and equitable basis. The Ordi- nance, as has been pointed out, is aimed at preventing speculation in cases where purchases are mado beyond the value of the land in expectation of a compensation in the event of resumption to which the holder of the temporary title has no right at all.
Since
5.-It will be noted that one provision disappears in the proposed new section 13, 1.e., the requirement of the latter part of the present section 13 (1), that the Corporation must keep at each of It's establishments an
amount of coin or bullion equal in value to one-third at
The COLONIAL TREASURER seconded. least of the notes issued from such estab-
The Hon. Mr. LAU CHU PAK: I beg to lishment and actually in circulation. It
is considered that this may be left to the first reading of this Bill many Chinese the discretion of the Corporation.
who have invested largely in landed pro- 6.--Sub-section (4) of section 13 will perty in this Colony have been very much enable the Corporation, subject in all alarmed as to the safety of such invest- respects to the approval of the Governor, ments and their confidence in the good to keep, in places outside the Colony faith of the Government has also been In their opinion this where notes may be issued by the Cor- much shaken. poration, part of the excess
note issuo ill, although simple in form, if passed security, which must, of course, be in into law, would have very far-reaching coin or bullion. The bringing of this results, inflicting great loss on
have helped .BO largely section into practical operation, is of who
the up course, dependent upon the arrangement build
prosperity
The purposes of the Bill are so fully set out in the "Objects and Reasons" that I have little to say further in explanation. Owing to the great increase in trade in this and neighbouring ports in recent provisions of the existing Ordinance have been found very cumber some in practice. This Bill provides much-needed reform and opportunities for
rears,
the
those to of this