58
To
GENTLEMEN,
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In re STAMP ORDINANCE.
HONGKONG GENERAL CHAMBER OF COMMERCE, 20th March, 1868.
W. H. ALEXANDER, Esquire.
The Honorable P. RYRIE, Esquire.
F. W. MITCHELL, Esquire.
HONGKONG.
I am directed by the Hongkong General Chamber of Commerce to hand you for your consideration the accompanying Report of a Meeting held at their Rooms on the 17th Instant, on the subject of the Stamp Act.
I have the honor to be,
Gentlemen,
Your most obedient Servant,
THE HONGKONG
J. W. WOOD, Secretary,
GENERAL CHAMBER OF COMMERCE.
GENERAL MEETING,
IN RE
THE STAMP ACT.
A very large Meeting of the Chamber was convened on Tuesday afternoon, the 17th March, 1868, to discuss the present Schedule of the Stamp Act, in view of the enquiries that are now going forward by the Commission lately appointed by the Governor, and also for the purpose of suggesting such amendments as might be thought necessary.
The Honorable P. RYRIE, Chairman of the Chamber, presided.
At the opening of the Meeting, the election of Mr. Belilios, as a Member of the Chamber, by the general Committee, was confirmed.
The CHAIRMAN then proceeded to explain the objects of the present Meeting. Every one present kuew, no doubt to their cost, the existence of our Stamp Act, and the inequalities that had been found to exist in the present Schedule attached to the Ordinance. The Governor had become convinced of this, as experience was gained in the practical working of the Ordinance, especially as to the imperfect nature of the Schedule, and accordingly had placed the matter in the hands of a Commission, with the view of having it thoroughly revised and its imperfections sifted, as also with the idea of getting more generally the views of the Mercantile Community upon any alteration and amendinents that might be considered desirable and necessary for a more equitable adjustment of the tax than at present existed. There were altogether twenty-one Sections in the present Schedule, but as there were a number that did not so immediately concern Mercantile interests, an abstract
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had been made of such sections as it would be desirable for the Meeting to consider. He hoped that there would be the fullest expression of opinion as to the experience that any and all had gained in regard to the various clauses of the Schedule, in order that the Commission and the Governinent might have all the aid possible in making the tax as bearable-now that there was no alternative but to accept it- as possible. He would also state that a very material reduction was suggested by the Commission on the present tax on Bills of Exchange, but that in order to make up any loss, that might thereby ensue to the required amount of revenue necessary to be raised, viz., $110,000, it had been thought advisable to make some additions to the present Schedule in the items or documents to be taxed. These proposed additions he would now proceed to read. First, a small tax on Average Statements. Second, a small adhesive stamp to Godown orders. Third, an im- pressed stamp of 2 cents on all Bank checks. Fourth, an adhesive stamp of, say 10 cents, on Inward Bills of Lading. (Several present said such a thing was quite unknown in any part of the world.) Fifth, on Treasure Bills of Lading to ports out of China, the same Stamp as upon Bills of Exchange. Sixth, on Policies of In- surance a tax of about 10 cents for every thousand. These were the only additions. that had been proposed, in view of the reduction of the tax on Bills of Exchange, but if it was the opinion of the Chamber that the very large tax now imposed on Bills should remain, well and good, but it had been very generally understood that this had been found to be burdensome, especially in the case of those drawing for small amounts. The generally expressed feeling heretofore had certainly been that the present rate was most unequal, therefore, a modification had been very thoroughly considered by the Commission.
A good deal of conversation followed regarding the new items proposed to be introduced, when Mr. BOSMAN rose and said that he most decidedly objected to the introduction of any new clauses, and proposed that a resolution be passed to the effect that the Chamber is opposed to any additions to the existing Schedule, or to the imposing of a tax on any other documents than those already embraced in the list, and that he felt assured the Chairman, as Member of the Stamp Commission, could not have approved of the introduction of those new sections.
The CHAIRMAN then rose, and begged to be allowed to correct Mr. Bosman with reference to his last statement, he did approve of most of the new items, but not all of them, still he was well aware that the Governor had no wish to get more than the specified revenue, $110,000, from the Stamp tax, but his object in the present instance was to get a more equitable tax. The object of the Commission in proposing these additions was to counterbalance the very large reduction that was proposed to be made in the present rate levied on Bills. It was thought that the best way to accomplish a fair reduction in this item was to have a sliding scale, instead of the one rate that now existed.
Mr. DELBANCO thought it would be very difficult for the Chinamen to ever understand a sliding scale. The present Schedule he thought was very well indeed, except that part of it relating to Letters of Hypothecation-and he had certainly not heard of any great complaint as to the rate on Bills.
Mr. TAYLOR thought the present rate certainly pressed very unequally, and he was decidedly in favor of a sliding scale.
Mr. JACKSON Saw no reason why this tax should not stand as it was, so long as the public paid the dollar and not the banks.
The CHAIRMAN said that if Mr. Bosman's resolution was put it would certainly shut up the Meeting, there and then, and this was by no means a desirable result, since they had met to recommend alterations, and not by one sweep express their disapprobation, and that is what putting Mr. Bosman's resolution would amount to.
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