412
THE HONGKONG GOVERNMENT GAZETTE, 21ST SEPTEMBER, 1872.
The Honorable the Acting Attorney General, Chairman of the Special Committee on the Bill for the Licensing and better Regulation of the Business of Brokers, brings up the Committee's Report, and the same is read and received.
The Report is as follows:--
"Report of the Select Committee of the Legislative Council upon "The Brokers' Ordinance, 1872."
"The Committee having fully considered this Ordinance in its various bearings, and taken such evidence on the subject as they thought sufficient, have now the honor to report as follows:-
"1. The feeling of the general body of European Brokers practising in this Colony is altogether opposed to the Ordinance. Their collective opinion is expressed in the memorandum appended to this Report, which is so numerously and respectably signed as to be entitled to much weight.
"2. The Committee recognize much force in the objections urged by the signataries of that document, especially in those which arise from the difficulty of applying the Ordinance to the Chinese.
"3. The Ordinance with certain modifications is regarded favorably by the majority of the Brokers who confine their business solely to operations in Bills and Bullion. The views of these gentlemen were conveyed to the Committee by Mr. Coxon, who on behalf of those he represented considered that an Ordinance on this subject would be greatly to the benefit of the Community at large. He, however, pointed out that the proposed Ordinance does not interest or affect Exchange Brokers in any way. "4. The Committee, therefore, doubt the advisability of pressing legislation against their wish upon a class whose co-operation is in a great measure essential to its successful working.
"5. The Committee have been given to understand on good authority that there is a very general desire on the part of the Brokers to incorporate themselves, and that efforts have been lately directed towards the formation of an Association with certain powers of regulation over its members. It is believed that with the assistance of the Legislature in giving legal force to their Bye laws, and with the co-operation of the merchants and bankers, such an association could be successfully formed and carried into effect.
6. The Committee are fully of opinion that the object of the Government in initiating the present measure would be far better fulfilled by means of such an association than through the instrumentality of an Ordinance.
They, therefore, recommend the postponement of any legislation on the subject, in order to give the Brokers time and opportunity to form such an association as they have in view.
"THOMAS C. HAYLLAR. "HENRY LOWCOCK. "JAMES GREIG."
His Excellency moves that the recommendation of the Special Committee be entertained, and that Legislation for the Regulation of the Business of Brokers be for the present postponed. Question put, and carried.
His Excellency lays on the Table the Appropriation Bill for 1873, and says:--
"In laying before you the Estimates of Revenue and Expenditure for the Year 1873, which will be read to you and explained in detail by the Honorable the Acting Colonial Secretary, I have only to observe that they have been prepared with all the care I could bestow upon them.
"There are various objects for legitimate outlay, which may probably be submitted to you at a later period of the Year, if the state of the Colonial Finances is found to justify it.
"Meanwhile, it affords me great satisfaction to inform you that the Colonial Revenue is in a healthy and progressive condition, and will, I am very confident, suffice to meet the estimated Expenditure, leaving a reasonable surplus at the end of the Year."
The Honorable the Acting Colonial Secretary then enters into details regarding the Estimates, and brings under the notice of the Council particular items of the proposed Expen- diture, and anticipated Revenue of 1873.
After which, the Appropriation Bill on the Table is read a first time.
Read a Despatch from the Right Honorable the Secretary of State for the Colonies, No. 89 of the 27th June, 1872, conveying Her Majesty's Confirmation of Ordinance No. 2 of 1872, for the
No comments yet.
Private notes are available after approval.