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(6)
Mr. BOSMAN said that rather than see any new documents taxed, he would much prefer letting the Schedule remain as it was. He did not wish to admit a principle that the Schedule was capable of any expansion, and that is what would be virtually done if any of these new items were approved.
Mr. KATE objected to Mr. Bosman's resolution, which if they passed would most certainly stultify any good they could do. He did not wish to see any new items introduced into the present Schedule, except, perhaps, one relating to Policies of Insurance, but he proposed that the Meeting should now take up the sections of the Schedule affecting Commercial interests, seriatim, and express their opinions upon them.
If a position of opposition to the Stamp Act was now taken up, they would lose the opportunity of perhaps benefitting and improving the existing Schedule. The Stamp tax was now a stern necessity, and the duty at present incumbent upon then was, he apprehended, to fit the burden to their backs, if possible.
The meeting accordingly went into the consideration of the sections seriatim, begiming with section the fourth, relating to Bills of Exchange.
Mr. TAYLOR was very warmly in favor of a sliding scale, he was not prepared to say what, but certainly one as low as could possibly and consistently be fixed upon. Mr. KAYE thought every bill drawn, however small, ought to have some Stamp upon it; make it in the case of small bills, say 2 or 3 cents.
Mr Schurze said that a sliding scale, on the basis of one half
per mil, would be found to be much too large, he thought that a tenth per mil would certainly be enough.
Mr. DELRANCO thought that if a sliding scale was adopted, adhesive and not Impressed Stamps ought to be used.
Mr. BOSMAN had never heard of the hardship of the present schedule on drawers of Bills of Exchange.
Mr. TAYLOR said there were plenty of such instances connected with the draw- ing of small bills.
Mr. KAYE then proposed, as an amendment to Mr. Taylor's original resolution, "That the duty in the schedule ou Bills of Exchange be allowed to stand as it is, but that all drafts on demand, irrespective of amount, and Bills of Exchange others wise drawn for sums not exceeding $500, be subject to a duty of 2 or 3 cent- only," which was received with great applause.
Mr. HITCHCOCK offered again another amendment to this: "That all Bills of Exchange under $250 be free; over this amount and under $500, be charged 24 cents; over 500 and under 2,000, 48 cents; over 2,000 and under 5,000, 96 cents; and over 5,000, $1.50.
There being no seconder to Mr. Taylor's resolution it fell to the ground that of Mr. Kaye, therefore, stood as the original resolution, and was seconded by Mr. Jackson.
Mr. KRESSER then proposed a second amendment: "That an ad volorem duty be recommended on Bills of Exchange and Promissory Notes on the following scale : under $100, 5 cents; over 100 and under 500, 25 cents; over 500 and under 1,000, 50 cents; over 1,000, one half per mil, adhesive or impressed stamps to be used; at the option of the public.
This resolution also fell to the ground, there being no seconder, the question accordingly stood on Mr. Kaye's resolution with Mr. Hitchcock's amendment, seconded by Mr. Rowett. This last was put to the meeting, and lost by a very large majority, only 3 voting for it.
(7)
Mr. Scuurze wished to propose another amendment. This however had no seconder. The question accordingly narrowed itself down to Mr. Kaye's original resolution, which was put to the meeting and carried by a vote of 15 for and 6 against. Mr. BOSMAN hoped the Chamber could rely on the Chairman's support to this expression of opinion by the Chamber, although he had not been in favor of it. The CHAIRMAN said he could not pledge himself to any such support.
Mr. DELBANCO thought that in this event a committtee ought to be appointed to wait on the Commission to support the views of the Chamber, at a further stage of the Meeting, however, he wound bring this forward in the shape of a resolution. The Meeting then went to the next clause, No. 6, relating to Bills of Lading. Mr. RowETT rose and said that he was most decidedly opposed to any altera- tion in Section 6,--the imposition of a stamp on Inward Bills of Lading was a tax unheard of in any other part of the world, and with reference to the proposed addi- tional tax on Bills of Lading for Treasure, it was simply a blow aimed at the Banks, The CHAIRMAN here assured Mr. Rowett that he was under a wrong impression with regard to Treasure Bills of Lading; the Commission had no intention, in mak- ing the suggestion, to aim a blow at the banks, the idea was simply to obtain a fair contribution towards the revenue from the very valuable trade in Opium carried on in this port, at times such as we have seen, but lately when nearly all remit- tances for Opium went forward to India in Treasure and few if any in Bills. After some further conservation, Mr. Rowett proposed the following resolution, which was seconded by Mr. Macaulay, and unanimously carried :--
"That the only alteration which is desirable in the clause referring to Bills of Lading, is that the words 'or acknowledgment of, or for any goods or effects to be expected,' be omitted, and the opinion of this Chamber is entirely against any stamp on Inward Bills of Lading, or to an ad valorem stamp on Bills of Lading for Treasure to ports out of China."
Mr. BOSMAN next proposed that Section 5, relating to Bottomry and Respon- dentia Bonds, remains as it now stands, which was seconded by Mr. Delbanco, and unanimously carried.
Mr. HELLAND objected to anything like a sliding scale relating to charter parties, and he therefore proposed that Section 6, on this subject, also remain as at present in the schedule, which was seconded by Mr. Lapraik, and unanimously carried.
The CHAIRMAN said that he would inform the meeting that the Commission had proposed a sliding scale in this very instance.
Section 7, relating to the Transfer of Shares was next taken under consideration, and Mr. Bosman, seconded by Mr. Kresser, proposed that the tax in section 7 be reduced per cent., instead of an additional tax for every $1,000 it should be for every $100.
The attention of the meeting was next called to Sections 13, 14, and 15, relat- ing to Assignments, Mortgages, and Re-assignments The Chairman stated that the legal profession had already very strongly memorialized the Governor on these points, and although the subject was of more or less interest to mercantile men, still, he thought it could be left safely in the hands of the legal profession.
Mr. TAYLOR said that before going further he wished to refer to clause 8, regarding Powers of Attorney. He certainly thought this clause was not so elear as it ought to be, especially for the comprehension of the Chinese. He certainly thought some attempt ought to be made to make the matter more comprehensible to the natives.
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