THE HONGKONG GOVERNMENT GAZETTE, 9TH JANUARY, 1886.
11
5. In cordially reciprocating your Excellency's kind expressions, we can only hope that every administration of the Government of Hongkong will be marked by an observance of the same sound constitutional rules which have invariably guided you, by the same healthful freedom of speech and abundant opportunity for debate, and by the same avoidance of any tendency to infuse private views and individual fancies into the legitimate current of public business.
6. With these words we respectfully bid your Excellency Farewell, hoping that you may long enjoy the rest earned by more than a quarter of a century's service, and that your unequalled experience may be found of service in the Councils of the Empire.
His Excellency replied as follows:--
I can only say a few words in thanking my Honourable Friend, the Senior Un-official Member, for the extremely kind terms in which he has spoken of me; and I thank the Council for this most gratifying reply to my address. I shall always as long as I live treasure it as one of the most precious heirlooms of my family.
There being no other business on the Order of the Day, the Council adjourned until Wednes day, the 6th proximo, at 4 P.M.
Read and confirmed, this 6th day of January, 1886.
ARATHOON SETHI,
Clerk of Councils.
W. H. MARSH, Administering the Government.
GOVERNMENT NOTIFICATION.--No. 7.
The following Bills, which were read a first time at a Meeting of the Legislative Council held this day, are published for general information.
•Council Chamber, Hongkong, 6th January, 1886.
ARATHOON SETHI, Clerk of Councils.
A BILL
ENTITLED
An Ordinance to repeal the Usury Laws and to fix a legal rate of interest.
B
E it enacted by the Governor of Hongkong, with the advice of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited for all purposes as "The Usury Ordinance 188 ."
2. Ordinance No. 7 of 1844, and so much of Ordinance No. 5 of 1856 as relates to the Act of the 17th and 18th years of Her Majesty the Queen Victoria chapter 90, are hereby repealed, but such repeal shall not be deemed or taken to revive the Law and Statutes of England relating to Usury, as they existed prior to the passing of the Ordi- nances hereby repealed, or of the said Act of the 17th and 18th years of Ier said Majesty.
3. Where interest is payable on any contract, express or implied, or on any debt or sum of money, but the rate of such interest is not fixed by the contract or by the parties or rule of Law, the rate thereof shall not exceed $12 per centum per annum. Provided always that it shall be lawful for the Supreme Court of Hongkong and every other Court having jurisdiction within the Colony, in awarding interest in any action suit or matter, to allow a lower rate of interest, if the circumstances of the case render it just and expedient.
4. Nothing herein shall be taken to affect or repeal any Ordinance relating to Pawnbrokers.
Short Title.
Pepeal of
No. 7 of 1814, No. 5 of 1856, In part and Exclusion of English Law.
[Re-enact- ment of No. 7 of 1844, s. 1.1
Rate of interest where no agreement, e. [17 land 19 V. c.90 s. 2.]
Not to affect Ordinances relating to Pawnbrokers.
[Foid. s. 3.]
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