118
is mour
The Draft Loan Bill
before the Council and
will be considered in Committer
at the next meeting.
I have the honour to be, My Lord,
Your Lordship's Most Obedient
Humble Servant,
March
THE
The Daily Press off! April 1854_
PROPOSED INCREASE OF STAMP DUTIES.
THE
The COLONIAL TREASURER-Sir, I beg, to move the first reading of a Bill entitled the Stamp Ordinance, 1886. The minute which has just been laid on the table, to which I have de- voted considerable thought, will really show arerything which is to be explained about this draft. I may mention that the minute was writ ten a month ago, but as it was naturally in a very rongb, hasty, and incomplete form, it has since then been carefully revised, and it now em- bodies my final recommendations in the mat ter. It really sums up the whole of the debate which took place in Finance Committee on the question. I may say the Ordinamoo itself. which I Sold in my hand, embodies hardly any change at ail from the present one bey and the two saall anndnents ordered by the Secretary of State which were embodied in a small supplementary Ordinance, and which are now introduced here. Byond that there is no change worth calling a change, and the whole attention of the Council may therefore be centered on the schedals.
Hon. P. RYRI-Much as I object to in- creased taxation I feel it is necessary to gat money from somewhere, and I therefore second the first reading of this Bill.
Hoa L. JACKso-Tour Excellency, I beg to say a few words on this Stamp Ordinance of 1888. Some months ago, when we were all anxiously considering to what side we should turn for an increase of revenue, many means suggested themselves, but I think beyond daficit is doubt the best way of aeting a by an increase of the Stamp duties. And even with the increase which is now pro- posed of some fifty per cent. in most of "the items I believe the Stamp duties will be lighter than they are in the Straits, in India, or the United Kingdom, and I am perfectly sure this is a tax that will not in any way militate against the prosperity of the port. I would speak of a spirit tax in a very different way, as one which would very decidedly militate against the pro- sperity of the port. I am sure this $50,000 or $60,000 which it is proposed to raise by increasing the stamp duties will be so scattered over every person interested in the trade of Chins that it will not be felt or interfere with our pro-i sperity. On the other hand, if we had attempted to increase the municipal rates I think it would have been a great mistake. I think land and property are as highly taxed as they ought to be in this colony, and after carefully considering the matter I throw in my lot with this Stamp Ordinance. I think it the best and wisest
measure.
Hon. W. KESWICK-The remarks made by my hon. friend opposite leave me very little to say in support of this Ordinance. It has always appeared to me that when we are unfortunately called on for additional revenue no better tax than the stamp duty could possibly be devised. Its collection will add nothing to the expenditure
of
of the colony and consequently the increase in the amount will be a clear gain. To that extent it has an advantage over any other tax that could be devised. As my hon. friend has mentioned, the charges in connection with land already in existence are sufficiently onerons to make it very desirable they should not be added to. It is very desirable that living should be rendered as rea sonable and cheap in this colony as it is possible to render it. We have here a very poor popula tion, poorer perhaps than in any other part of the world except in China itself, and in order to encourage the growth and prosperity of the colony it is desirable taxation of a direct kind should be as light as possible. In the form in which this tax will be collected it will not fall heavily on the trade of the port. In !consideration of the protection afforded here to merchandise from all parts of the world, to the shipping which frequents our harbour, and to the general commerce which centres here, it is only right that those should contributo some- thing to the revenue of the Colony. On bills of lading, policies of insurance, bills of exchange, and the other documents which will have to bear pro-
a stamp I think it most desirable, fair, and per a charge should be made, and entortaiding those views I have pleasure in supporting the Bill.
The question that the Bill be read a first time! was then put and carried unanimously.
The COLONIAL TREASURER-I beg to move, sir, that this Bill be referred to a special com- mittee composed of the Hon. the Acting At- torney-General, Hon. P. Ryrie. Hon. W. Kos- wick, Hon. T. Jackson, Hoo. Wong Shing, and myself, to consider the contents of the schodule. His EXCELLENCY-Hon. gentlemen of tho Legislative Council, I am very glad to find the ineasure the Government is obliged to bring in with a view to increasing its revenue to meet: the charges of the loan moets with snch general approval both from the official and unofficial members. I think it a better measure than the Spirits Bill introduced 1st year for the reason explained by one of the hon. gentlemen who have spoken, that it does not affect the freedom of the port and will not be felt It will bring in, I believe, about $10,000 more than it was estim- ated the Spirit Farm would produce, and here we have some basis to go on in making a calculation, whereas in the case of the Spirit Farm it was purely conjecture; we had no basis to go upon, and ay opinion was that the $63,000 estimated was rather more than we were likely to get, at least for the first yoar or two. I think it very desir- able we should refer this Bill at once to the Special Committee, as I understand two of the gentlemen proposed on that committee are shortly leaving the colony, and I should like them to have an opportunity of considering the schedule, which contains the gist of the matter, before they go. I therefore hope the Committee will meet before long. The question is that this Bill be referred to a Special Committee.
Carried,
1
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