Hongkong, which, has been in operation since the 2nd Febry 1845.
That the operation of this tax, while it produces but a very small sum to the Colonial Revenue, has been extremely detrimental to the trade of Hongkong, as will appear from the following facts.
In 1845 during 11 months, the sum received by Government from this tax was £304.8.10 or at the rate of £332.2.4 per annum.
In the years 1843 & 1844 a very large quantity of goods shipped from England, producing a glut in the markets here, and a large part of these goods were necessarily sold for whatever they could bring, often at a great sacrifice, having been kept on hand for one, two years or upwards.
By these means the revenue from this tax in 1846 was raised to £459.14.7. But after this artificial stimulus had ceased, the duty in 1847 sunk to £255.9.1, and in 1848 will probably fall as much in proportion short of that sum, as that was of the previous year.
Page 3
The Chinese have an insuperable objection to pay anything beyond what they have bidden, looking upon it as a squeeze; and damaged goods, which pay no duty, are scarcely anything whatever is now sold by auction beyond the effects of parties deceased, or about to leave the Colony.
In confirmation of this it may be mentioned that a party who in 1844 paid 5,000 Dollars for the good will of an Auctioneer then leaving Hongkong with a competence realised by his profession, has since abandoned the business, finding it altogether unproductive. Others who continue in the profession have scarcely any employment.
Your Excellency will find this confirmed by the Returns made to the Colonial Treasury for the last six months.
The oppressive nature of this tax has been acknowledged by the Home Government, by whom it was lately repealed; and your Petitioners are of opinion that the repeal of it...
2.
Hongkong, which, has been in
2nd Febry 1845.
operation-
since the
That the operation of this tax, while
it produces but a
very small sum to the Colonial
Revenue, has been extremely detrimental to the trade
of Hongkong, as will appear from the following
facts .
In
1845 during
// months, the sum-
£304.8.10
- received by Government from this tax was
or at the rate of £ 332 . 2.4 per
years
dvere.
annum.
In the
1843 $ 1844 a very large quantity of goods
shipped from England, producing as glut in the markets here, and a larger parts of thes
goods
1 for two years or upwards
after being kept on hand for tin
were
necessarily sold for whatever they scould bring
often at a
revenue-
- great sacrifice. By
these means
- from this tax in 1846 was raised to
the
L. 459.14.7.
Best after
this artificial stimulus
255.9.1, had ceased, the duty in 1847 sunk to £. 255-4
and in 1848 will probably fall as much in proportion short of that sum, as that was
of
-|-- · མནྟུལྤT+4 %= !!!ri-
the
year .
3.
185
The Chinese
revenue produced. the previous have an insuperable objection to pay anything hyos
what they have bidden, looking upon it as a
.ce is that except
squeeze; and damaged goods
anything
the
consequence
which- pay no drity, scarcely
whatever is now sold by auction beyond
the effects of parties deceased, or about to leave the Colony In confirmation of this it may
be
who in 1844 paid 5,000
mentioned that a party who in 1844
Dollars for the good will of.
an
Auctioneer then
leaving Hongkong with a competence realised by his profession, has since abandoned the business,
finding it altogether unproductive. Others who continue in the profession_ have scarcely any! employment
Excellency will find
nt as
Your
confirmed by the Returns made to the Colonial Treasury for the last six months.
The oppressive nature of this taxe
ment
has been acknowledged by the Home Governme by whome it was lately repealed; and y.
your Petitiomers are of opinion that the repeal of it
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