1921-04-22 — Page 12

THORNYCROFT

HJOHN L THORNYCROFT & CO., LIMITED,

SHIFRÜILDKES AD ExoixxnxS,

LONDON, SOUTHAMPTON AND BALNERTOKE..

Shanghai Ofice: 10, Kiukiang Road.

THE HONGKONG DAILY PRESS, FRIDAY, APRIL 2ND. 1.

15 B.H.P. 30 B.H.P. 50 B.H.P. Engines

in Stock

For quotation apply-

SHANGHAI OFFICE.

SPECIAL

3 DAY SALE

OF

LUSTERISED LISLE HOSE

Men's Lusterised Lisle † Hose in an assortment of Dark Tan, Palm Beach, Pearl Grey, Gunmetal Grey, Cordovan, or Bottle Green. Sizes 10 to 113 in. $1.25 Pair or 6 Pairs for $6.00

MACKINTOSH

& GO., LTD.

MEN'S WEAR SPECIALISTS.

16, DES VŒŒUX ROAD,

HONG KONG HOTEL

Telephone No. 483.

SOLE AGENTS

IN

TELEPSON 29.

STAMP DUTIES.

THE

PROTESTS BY CHAMBER

Ο Ε

COMMERCE

VEXATIOUS AND HARMFUL LEGISLATION."

GOVERNMENT LOANS SUGGESTED.

-

2-That as regards the proposed taxa yeara. A sufficient amount of funds could tion on policies of marine insure the raised in this manner to meet the ance other than all risks, this

meeting of the opinion that the expenditure and the cost of up-to-date taxation "proposed is far greater development of the Colours and with than the business can successfully i

contend with and is impractical anual amortisation provision" which aud that unless the scale and appli- cou'd be fully met by taxation which will cation of the proposed duty are not unduly penalize, the Colony's comes.

|

amended and limited to twice the merce. With the taxation proposed,.-

present duty, marine insurance

business which would otherwise be business will, I believe, have to carry. transacted in this Colony will be charges higher than those prevailing in transacted elsewhere...

-That as regards the proposed in any of the ports of the East.

crease of stamp duty on land tran- "I think we should, therefore, try to per- sactions, the same will constitute an sunde the Government, in the reconside excessive hurden on this' important

resource of this Colony and the in- ration 1 trust they will give to this Bill erenss should not exceed 50 per in seriously consider adopting the issue cent. of the present scale of staup of loans to meet their expenditure, parti.. duties. That che purchasers of land

in this Colony should have the cularly where water reservoirs, roads, re- option of paying the conveyance clamations, and harbour improvements stamp duty either on the agreement

"are in question. If they will adopt, this of sale or on the ultimate convey;

principle I feel confident they will not That as regards the increase in 'need to introduce these increased levies, stamp duty proposed in respect of

anco.

Bills of Lading and Shippers Notes, n the conduct of business, and I would this meeting is of the opinion that submit that it should be a radical prin the stamp duty on these documenta eiple "of the poltey of this Colony to should not be increased above 25 minimize taxation charges on business cents, the equivalent of six perce

at a two shillings dollar. Alter transactiong; to keep such taxes down to natively, if the 30 cents tax is main the fewest possible, and to so legislate tained the rate of freight involved that business transactions shall not be

should be increased from $3 to $20,

5.-That the proposed increase of stamp hampered by the compulsory making out duty on Charter Parties is put of of forms which in general practice are all proportion to what is reasonably

OUTSTANDING ORJECTIONS.

With regard to the various new charges

nssessable on such documents, and not used, and the absence of which sim that in view of the large number plifies and conduces to smooth running of Charter Parties which are con-of business. cerned with routes between other ports than of Hongkong and where in such places the Charter Parties could be legitimately effected in the other ports concerned, this meeting proposed, so far as I have been able to is of the opinion that it would be scrutinize the Bill, the outstanding ob- to the advantage of the revenue to jections that occur to me.are the applica withdraw such duty. -That this meeting is of the opinion that the stamp duty on share trans fers be limited to 20 cents per $100. 7. That as regards Clause 20 of the proposed Ordinange, this meeting is

The Hoogkong Chamber of Commerce THE CHAIRMAN'S SPEECH... held a largely, attended meeting last The CHAIRMAN, said: Gentleme,-I svening to consider the proposed Stamp | must apologize for the fact that this meet Ordinance of 1921. In the absence ofing is irregular in that insufficient notice, the Chairman (the Hon. Mr. P. H. Hols in accordance with what is laid down in oak) the Vice-Chairman (Mr. A. O. the Rules and Regulations of this Cham- Lang) presided.

ber, has been given. This was manifestly The following were present:Mosers, inipossible if your views on the proposed J. M. "Alves & Co. (Mr. J. M Alves); Stamp Ordinance were to be in the pos Arculli Bros. (Mr. V. Curreem); Asiatic session of the Chamber's representative Petroleum Co., Ltd. (Mr. W. H. Bell) the Legislative Council before the Anderson, Meyer & Co., Ltd. (Mr. Gerald second reading, which as you are all Fauvelle); Banque de l'Indo Chine (Mr. (sware, comes up on the 28th inst. As the V. Harsat): Botelho Bros. (Mr. P. V. Bill is of momentous importance to the Botelho) Bradley & Co., Ltd. (Mr. J. A. Colony in generat, it is a matter of great Plunumer); British-American

Tobacco regret that the Government could not "see Co., Ltd. (Mr. W, B. Kennett); Butter its way to accede to the request for a field & Swire (Mr. G. T. Edkins); British longer postponement of the second read- Borneo Timber Co., Ltd. (Mr.-G. 3, ing, and 1 personally am of opiniau that Lakin); Mr. G. K. Hall Brutton; Cald-sufficient time has not been given to beck Macgregor & Co. (Mr. C. Lafrentz); permit of the Bill being thoroughly gone Canadian Pacific Ocean Services, Ltd. into in every detail. (Mr. J. H. Wallace): Canton Insurance Your Committee, however, meet this Office Ltd. (Mr.. F. C. Hall); Cawasjee Bill in no antagonistic spirit. It is re- Pallanjee & Co. (Mr. R. B. Cooper); cognised that the Government must find China Fire Insurance Co., Ltd. (Mr. Ja means of augmenting its income, that Cozbrune); China light and Power Co. is, if all the annual expenditure must Lid. (Mr. W. J. Hawker); China Mutual come out of the annual revenue. But it Life Insurance Co., Ltd. (Mr. B. W. is felt that the means suggested for the Tape): China Provident Loan and More replacement, or partial replacement, of guge Co., Ltd. (Mr. H. H. Taylor): China the loss in the opium revenue is open Sugar Henning Co., Ltd (Mr. E. B. Oto criticism, and that criticism, if hesitation in supporting the spirit of Mr. Hornell); Chun On Fire Insurance Co. founded on reason, will receive the syar Lang's remarks on the question before Ltd. (Mr. T. "N. "Chau); Commercial pathetic consideration of Government, Union Assurance Co., Ltd. (Mr. G. H. which, even if no respecter of any parus, but I would like to represent, as ho Elliott); Mr. H. A. Cartwright: S. J. ticular interest, has, I am convinced, no has that my views

tion of increased taxes in the cases of Marine Insurance, Sale Notes, Charter Parties, Bills of Lading, and Blank Transfers of Securities, and in connec

of the opinion that this Clausetion with these we must consider Clanse should be withdrawn as "being un-17, which reads as follows:- workable but that if it is desirable

to tax share transactions the duty on share contract notes be still further increased.

MR. G. -T. EDKINS.

MY. G. T. EDKINS said—l, have no

are held in no

GARAGE. David & Co., Ltd. (Mr. E S. Abraham intention of deliberately killing the antagonistio spirit to the Government.

HONGKONG AND SOUTH CHINA

FOR

THE STUDEBAKER CAR

We have just received a consignaout of these Cars

ing:~:

BIG BIX TOURING

(7 Passenger)

SPECIAL SIX TOURING

(6 Passenger)

(5. Partenger)

(5 Passenger)

SPECIAL SIX SEDAN

LIGHT SIX TOURING

FIRST CLASS LIVERY SERVICE.

MOSQUITOES! MALARIA

AVOID BOTH

1348

USING WHITEAWAY'S MOSQUITO NETS & NETTING

Mosar

NETTING BY THE YARD

72-izohes

$135&$1.65

90 yards $1.75

108 in widi $2.00 yard

Quotation given for any size or style of Net. Made to -order at Shortest Notice.

WHITEAWAY, LAIDLAW & CO., LTD.,

HONGKONG.

714

VEXATIOUS AND HARMFUL.”

The Government must have additional revenue but I do not think they have

17.-Every instrument executed out of the Colony by any person, not being, a bill of exchange or a promissory note, shall, before being executed, used, brought into force, acted upon, or registered, within the Colony, be stamp- ed according to the rate of duty to which it would have been liable if it had been executed in the first instancD within the Colony, whatever the pro visions of the schedule to this Ordinance may be with regard to the time before which or tho period within which such an instrument, if executed in the first instance within the Colony, should be stamped.

Taken literally this Clause has a very chosen either the happiest time or appro- | comprehensive effect and it would be help-1.

and Mr. O. 3. Ellis); Deacon. Looker." goose that lays the golden egg,” Deacon & Harston (Mr. WE L Shepton); Dennys & Bowley (Mr. Bulmer Johnson); Dodwell & Co., Ltd. (Mr. G. It was felt that as opportunity should M. Dodwell); Donnelly & Whyte (Mr. L be given to the general body of members M. Whyte) Eastern Asbestos Co. (Mr. of the Hongkong, General Chamber ofpriate means for securing it under this ful to have it cleared up as to whether T. W. Hill); Eastern Extension "Austra Commerce to express opinions which Stamp Ordinance (Applause.) I dare it is intended to apply, for instance, to lia and China Telegraph CofMr. M. Eight assist your representative the say, at this moment, almost every Britisha marine insurance policy taken out in FAirey) Fung Tong (Mr Wong, Tak Jegislative Council in resisting vexatious. Kwg); General Electric Cool Chind harmful legislation, for undoubtedly company in this Colony, and probably the London or New York on a shipment of Ltd. Mr. B. Raworth); Gibb, Laviome of the provisions in the Bill under business concerns of other nationalities goods to Hongkong. the marine insur ston & Co. (Mr. A. O. Lang); Gilman review would neessarily have a tendency as well, are centring their energies on ance policy of which is attached to Co. Ltd. (Mr. G. Miskin); Goddard to drive business away from the Colony Douglas (Mr. T. Arthur); Green Island and might conceivably at least in time reducing costs and charges for running bank draft. Or in the event of a claim Cement Co., Ltd.-(Mr. Alha Keith); T. Tare the effect of reducing revenue their businesses. That, in any case, is being made on an insurance company E. Grifith, Ltd. (M. R. G. Hall); A. rather than increasing it.

the position with shipping and engineer whether it is intended that such a London and S. Hancock (Mr. H. Hancock); W. Before making any reference to those ing trades, not only here, but all over or New York poljoy must be stamped on A. Hannibal & Co. (Mr. J. Robertson); particular items in the Bill to which ex Handelmaatschappy Transmarina" (Maception is taken by your Committee, the world. You will have seen the Reuter the new scale? With regard to proposed

D. H. te Wechel); Hogg: Karanjia & Co. think it is perhaps pertinent to ask whetelegram of a day or two ago which new taxation of marine insurance policies Ltd. (Mr. N. B. Karanjin); Hollandther it really is necessary that expendi Pacific Trading Co (Mr. J. Hvanture of a capital nature, such as the stated that Great Britain is suffering there are insurance experts present who Gennep Lahrs) Helland China Trading building of ronds, erection of houses, for from the worst shipping slump in living will enlighten us as to the effect of the Co. (Mr. A. W. van Andely, Hongkong Government employés, etc., should be memory, and it enanot be overlooked proposed taxes. Personally, I honestly Electric Co., Ltd. (Mr. F. R. Marsin provided for out of revenue.

think the proposals na at present drafted Hongkong Fire Insurance Co., Ltd. (In England, as well as in the Dominions that this Colony is directly, as well as are impracticable, and it put into effect A. Piercy); Hongkong Rope Manufactus aud-some of the Colonies, such expendi. indirectly, connected with those con would tend to diversion of business from ing Co., Ltd. (Mr, W. J. Hawker); Hong turs is provided for by raising loans, and corned in that slump. kong and Shanghai Banking Corporation only the interest and amortisation fund

the Colony, -(Applauss), (Hon. Mr. A., G. Stepbeu); Hongkong charges fall on the rates. Posterity thus Tramway Co., Ltd. (Mr. W. E. Roberts): bears & share in the cost of development, Hongkong Import and China Produce Ex-and it appears to your Committee that port Co. (Mr. S. E. Iemad); W. G the same admirable principle should Humphreys & Co. (Mr. E. Humphreys); apply bere.(Applause.). J.D. Hutchison & Co. (Mr. T. E. Pearce); THE CHIEF OBJECTIONS.

THE WRONG MOMENT.

In the midst of this commercial and shipping depression, when we want to

Mr. R. Hancock; the Hon Mr. Ho Fook The principal provisions of the pro-from the new taxation which has recently some and obstructive to the smooth run

the International Banking Corporation

Agreement relating to sale of goods, Marine policies of insurance, Property conveyance,

Bills of lading and shippers' notes. Charter parties, and

Blank transfers,

on which I am already in possession of expert advice,

nesa fransactions, is intended, I take it, revenue.

to meet the cost in a large measure of the As to Charter Partios the chango pra municipal and harbour developments of posed appears to be likely to lend to low the Colony,

of revenue since many Charter Partios,

I thoroughly approve of all the Govern with routes such as Hongay/Swatow, will ment is doing to develop the Colony, probably be executed out of the Colony both on this island and at Kowloon, with which is not directly concerned in the reclamations and other improvements business.

.

IRKSOME INNOVATIONS... As regards Sale Notes for Goods or do our best to cut down charges, we are Merchandise, with a great deal of busi- faced with proposed taxation to increase

ness at present there are no Sale Noten them, and, in my opinion, unduly and unnecessarily. The revenues to be derived issued, and the innovation will be irk (Mr. Geo, Hogg); Jardine, Matheson &posed Ordinance to which, as it appears been put into force, and which it is now ning of business-beyond the value of the Co., Ltd. (Mr. D. G. M. Bernard); John-to your Committes, the business, man proposed to extend to our every day busi- son, Stokes & Master (Mr. C. A. Hooper can take reasonable exception as being and Mr. D. J. Lewis); Lane, Crawford & damaging both to his personal interests Co. (Mr. F. M. Crawford); Liverpool and to the Colony's prosperity are those and Fondun and Globe Insurance Co., which relate to Ltd. (Mr. W. E. Hale); Lowe, Bingham & Matthews (Mr. AR Lawe); W. R. Loxley & Co. (Mr. D. C. Russell and Mr. W. L. Patterden); Lammert Bros. (Mr. H. A. Lammert); Mr. W. Logan; Mr. Lo Cheung Shui, Mercantile Bank of India,

which the natural development of the It appears to me to be unnecessary: to.. Ltd. (Mr. N. C. Wilson); J. R. Michael

Colony calls for. Some of us think that penalise Blank Transfers of Securifica in & Co. (Mr. Vivian Beujamia and Mr

certain roads or other works are not of many special cases such as when they are: W. E. Joseph); Mitsui Bussen Kaisha, If any member present would like to immediate practical utility and there will held against bona fide advances for Ltd. (Mr. W. Mizuno); Moller & Co address the meeting on any of these always be differences of opinion on points specific purposes, Ltd. (Mr. S.-F. Williamson) Mustard & points or bas suggestions to make which of im kind; but, taken as a whole, I As to Bills of Lading a tax of 30 canta Co. (Mr. J. H. Scott); Mackinnon, Mac will be of assistance to the Chamber and do not think the Colony is marching

on 83 freight seems to ms high and again kenzie & Co. (Mr. P. L. Knight), Moxon its representative, in contesting portions ahead of the times in these various may lead to loss of revenue on the many developments A visit to Shanghai, and small shipments constwise. It aces Taylor (Mr. H. Birkett and Mr. E of this Bill, we hope he will now do so. Raymondy New Zealand Insurance Co-will now, with your permission, read a view of the rapid development that better to apply any higher charge on Ltd. (Mr. C. V. Mark) North China In- certain proposed resolutions which have has taken place there in the sprend of the freight of say $20 upwards. It does not surance Co. (Mr. L. F. Townend); Orient been prepared by your Committee and settlements away from the early business seem wise to make the charge more than Tobaero Manufactory Co. (Mr. H. which, after hearing your views, will be centre, brings home bowalow in the past the normal home rate of ed

has been the development of this Colony Turning to another part of the Bill, Tisling); the Hon. Mr. H. E. Pollock, put to this meeting.

compared with that of the Shanghai Clause 13 should have attention. It gives |K.C.; Reisn & Co. (Mr. W. G. Saunders);

settlements. Robertson, Wilson & Co. (Mry G." W; Sewell), Alex. Boar & Co. (Mr. A. 3. D. Cousland); J. M. da Rocha" & Co. (Mr. A. D. Barretto); Rudolf Wolff & Kew, Ltd. (Mr. C. H. W. Kew) David Sos soon &Co., Ltd. (Mr. “A. M.“ Bowes- Smith); E. D. Sassoon & Co., Ltd. (Mr. AS Gubbay): Shewan, Tomes & Co. (Mr. R. Farrant), Shui On S.S.-Co., Ltd. (Mr. Chau Sui Ki); H- Skott & On. (Mr. G. E. Wettou); Boares & Co. (Mr. A. M. L. Soare),† De Solist & Co., Ltd. Mr. E ̃VM R. de Sousa and Mr. E. A Remedios) Stewart Bros. Mr. Evan Ormiston) South British Insurance Co Ltd. (Mr. F. 9 Harrison); Mr. F. Smyth PP. Talati (Mr. M.-T. Talati); Union Trading Co., LT (ML 5. M Churn and M J. O Barretto); Union Insurance Society of Canton, Ltd (Mr Paulder) Mr. A. G. da Rocha, and the Secretary ~| (Mr=D, K. Blair) and wate

THE RESOLUTIONH....

The following were the resolutions be fore the meeting

the collector or his delegates, who muy be anybody authority of access which pena vides to my mind unnecessarily wide powers to the Government to inspect private books and documents, and this I think we should urge should be amended.

Q: QOVERNMENT LOJAS BOUGERTZE That as regards the proposed Stamp We want more house accomodation and Duty on Agreements for sale of lower rents, and we can only get such goods, in view of the fact that no advantages by opening-up-now-areas such similar duty has previously way from the cities by means of roads, Applause) There is no question of-a- been imposed within the British the cost of which we are being called warrant being necessary, no appeal to -Empire, and in view of the fact that upon to pay for. We want more business higher authority and no redress provided this proposed duty will fall for sites and we can only get them by rain the event of the power being mitused more heavily on the European im- clamations and removal of military and Apart from, these objections I do not porter and will not affect to any naval sites do not think we should think the proposed mocature warrantasgen thing like the same extent the quarrel with-providing-the-necessary ex an innovation. Chinese dealer, and in view of the ponditure for these requirements, but I With these remarks, gentlemen, I sup great practical difficulties which think the means should be found, as Mr port the Chairman and beg to second the such a daty will have on the sale of Lang has suggested, through the issue of resolutions to be laid before yon, with the Kooda generally in this Colony, Government Loans in the same way that hope that the Government will acriously this meating strongly opposes the Governments and municipalities all the consider the views of this Chamber and imposition of this proposed duty world over issue them to meet develop hesitate before unduly weighting the which will oppressively and unduly ment expenditure (Applaus.) These business of the Colony with the handicapa hamper the conduct of business in loans should be repaid by specified amor the propond -Ordinance as it standa ng this Colonya Ma

́tisation funds, allocated over a period of would introduce.—(Loud applauso)