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HONG KONG LEGISLATIVE COUNCIL.
It is right to warn the Council that if the Colony is to continue with its waterworks scheme, admittedly an urgent necessity, and other works almost as pressing, the money will have to be procured by means of a loan; and supply will be needed for the interest and sinking fund. The Community has been, I believe, in a spirit of resignation expecting some increase in the Assessed Taxes, but it is proposed to keep this as a first reserve against the service of the loan when it is floated. The intention is not to raise the loan in one total sum, but to begin on an issue of Treasury Bills until it can be more clearly seen what the ultimate needs of the Colony will be.
I beg to move the resolution, which stands in my name on the agenda paper.
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"Resolved that pursuant to section 41 of the Liquors Consolidation Ordinance, 1911, Ordinance No. 9 of 1911, on and after the coming into operation of this resolution the duties to be paid upon intoxicating liquors heretofore or hereafter imported into, distilled, made or prepared in the Colony shall be assessed as in the following Table provided that, in the case of dutiable liquors heretofore or hereafter imported into the Colony the dollars and decimals thereof stated in the Table shall be conventional dollars reckoned as the equivalent of one shilling and eight pence sterling; and that consequently to arrive at the actual amount payable in Hong Kong currency the conventional dollar stated in the Table shall be multiplied by 20 and divided by a figure settled by the Colonial Treasurer from time to time representing the average opening selling rates for the previous month of the Hong Kong and Shanghai Banking Corporation for demand drafts on London and until so settled the figure shall be 11.37.
TABLE.
PART I.
EUROPEAN TYPE LIQUOR.
per gallon.
On all liqueurs, and on all champagnes and other
sparkling wines
$10.00
On all brandy, gin, rum, whisky and other spirituous
liquors
6.00
On all port, sherry and madeira
4.00
On all other still wines
3.00
On beer, porter, cider, perry and stout
0.60
On all intoxicating liquors above the strength of 18 degrees under proof, for every degree above such strength, in addition to the appropriate duty as above
0.07
412