1921-04-22 — Page 2

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THE HONGKONG

TELEGRAPH.

THE STAMP DUTIES.

OPPOSITION BY CHAMBER OF COMMERCE.

man said:

FRIDAY, APRIL 22, 1921.

to

If any member present would In the midst of this commercial to apply, for instance, to a marjwo like to address the meeting on any and shipping depression, when we insurance policy taken outdo of these points, or has suggestions want to do our best to cut down Landon or New York on a ship- make which will be of as charges, we are faced with pro-ment of goods to Hongkong, the sistance to the Chamber and its posed taxation to increase them, marine insurance policy of which representative, in contesting por- and, in my opinion, unduly and is attached to a bank draft, Or, tions of thia Bill, we hope he will unnecessarily. The revenues to in the event of a claim being made be derived from the new taxation on an insurance company, whether

now do so.

with and in im.

of

With

Loans Suggested for Meeting Expenditure.

I will now with your permission which has recently been put into it is intended that such a London A general meeting of the mem-Alex Ross and Co. (Mr. 4. S. D. read ertain proposed resolutions force, and which it is now pro- or New York policy must be bers of the Hongkong Chamber of Cousland); J. M. da Rocha and which have been prepared by your posed to extend to our every-day stamped on the new scale. Commerce was held in the Old Co. (Mr. A. D. Barretto); Rudolf Committee and which will, after business transactions, is intended, regard to proposed new taxation Chamber of Commerce Room, Welff and Kew, Ltd. (Mr. C. II. heating your views, be put to this take it, to meet the cost in ajof marine insurance policies there City Hall, yesterday afternoon, for W. Kew); Mr. A. G. da Rocha; Meeting.

large measure of the municipal are insurance experts present the purpose of ascertaining the Mesars. David Sassoon and Co., The Chairman read the reeglu. and harbour developments of the who will enlighten us as to the views of the general body of [1Ad. (Mr. A. M. Bowes-Smith); E. tions, as follows:-

Colony.

effect of the proposed taxes, Per- members on the proposed Stamp D. Sassoon and Co., Ltd. (Mr. A.

Proposed Stamp Ordinance of I thoroughly approve of all the sonally, I honestly think the pro- Ordinance, 1921.

1S. Gubbay); Shewan Tomes and

1921.

Government is doing to develop|possis as at present drafted ars Mr. A. O. Lang (Vice-Chairman)Co. (Mr. R. Farrant); Shui On 1. That as regards the proposed the Colony, both on this island impracticable, and if put into was in the chair, supported by the S. S. Co., Ltd. (Mr. Chan Sui-ki); Stamp Duty on Agreements for and at Kowloon, with reclamations effect would lead to diversion of from the Colony. Committee: The following were H. Skott and Co. (Mr. G. E.sale of goods, in view of the fact and other improvements which the business. present and represented:

development Wettin); Soares and Co. (Mr. A. that no such similar duty has prepatural

the (Applause). Messrs. J. M. Alves and Co. (Mr. M. L. Soares); De Sousa and Co., viously been imposed within the Colony calls for. Some of us As regards Sale Notes for J. M. Alves; Arculli Bros. (Mr. Lt. (Messrs. E. V. M. R. de Sousa British Empire, and in view of the think that certain roads or other Goods or Merchandise, with R V. Curreem); Asiátic Petroleum and F. E. A. Remedica): Stewart fact that this proposed duty will works are not of immediate prac-great deal of business at present no sale notes issued, Co., Ltd. (Mr. W. H. Belt); Ander-Bros. (Mr, Evan Ormiston); South fall far more heavily on the Euro.tical utility and there will always there are sen, Meyer and Co., Ltd. (Mr. British Insurance Co., Ltd. (Mr. peun Importer and will not affect be differences of opinion on points and the innovation will be irk

as aseme and obstructive to the Gerald Fanvelle); Banque de F. S. Harrison); Mr. F. Smyth; to anything like the same extent of that kind; but, taken Pindo Chine (Mr. V. Harsot); Mr. P. P. Talabi (Mr. M. P. Talati);the Chinese dealer, and in view of whole, I do not think the Colony is smooth running of business be-

the grent practical difficulties marching ahead of the times in yend the value of the revenue. Botelho Bros. (Mr. P. V. Botelho); Messrs. Union Trading Co., Ltd.

which such 1 duty will these developments. A visit to As to Charter Parties the Bradley and Co., Ltd. (Mr. J. A. Messrs. S. M. Churn and J. C. have on the

sale of goods Shanghai, and a view of the rapid change proposed appears to be Plummer); British American Barretto); Union Insurance

generally Tobacco Co., Ltd. (Mr. W. B. Society of Canton, Ltd. (Mr. meeting strongly opposes the in there in the spread of the settle since many charter parties, th in this Colony, this development that has taken place likely to lead to loss of revenue

Kennett); Butterfield and Swire Lander).

position of this proposed duty ments away from the early buai- routes such as Hongay-Swatow, [(Mr. G. T. Edkins); British Borneo, The Secretary having read the which will oppressively and un ness centre, brings home how will probably be executed out of Timber Co., Ltd. (Mr. G, M, Lakin); notice of the meeting, the Chair-duly hamper the conduct cslow in the past has been the the Colony which is not directly Mr. G. K. Hall Brutton: Messrs,

business in this Coleny,

development of this Colony con- concerned in the business. Caldbeck, Macgregor and Co. (M. Gentlemen,{ must apologize | 2. That as regards the proposed pared with that of the Shanghai It appears to me to be unneces- C. Lafrentz); Canadian Pacilie for the fact that this meeting is taxation on policies of marina in settlements.

sary to penalise Blank Transfers Ocean Services, Ltd. Mr. J. H. irregular 111 that insufficient surance other than Holl risks, this We want more house accom-of Securities in many special Wallsee); Canton Insurance Office, notice, in accordance with what meeting is of the opinion that the modation and lower rents, and we cases such as when they are held Ltd. (Mr. F. C. Hall); Cawasice is laid down in the Rules and taxation proposed is far greater can only get such advantages by against bona fide advances for Pallanjee and Co. (Mr. R. B. Rogulations of this Chamber, has than the business can successfully opening up new areas away from specific purposes. Cooper); China Fire Insurance been given. This was manifestly contend

As to Bills of Lading a tax of Co., Ltd. Mr. J. Cochrane); China imposible if your views on the practical and that unless the the cities by means of roads, the

the cost of which we are being called 30 cents on $3 freight seems to Light and Power Co., Ltd. (Mr. proposed Stamp Ordinance were scale and application of W. J. Hawker); China Mutual to be in the possession of the proposed duty are amended and pan to pay for. We want more me high and again may lead to Life Insurance Co., Ltd. (Mr. B. Chamber's representative on the limited to twice the present duty, business sites and we can only less of revenue on the many small W: Tape); China Provident Loan Legislative Council before the nating insurance business which get them by reclamations and reshipments coastwise

would otherwise bo transacted inmoval of military and naval sites. better to supply any higher charge and Mortgage Co., Ltd. (Mr. H. second reading, which, as you are this Colony will be transacted else do not think we should quarrel on freight of say, $20 upwards. H. Taylor); China Sugar Refining all aware, comes up on 25th inst.

with providing the necessary ex-it does not seem wise to make the Co., Ltd. Mr. E. B. J. Hornell); As the Billig of momentous im

than the normal 3. That as regards the proposed penditure for these requirements, charge more Chun On Fire Insurance Co., Ltd. portance to the Colony in general, increase of stamp duty on land but I think the means should be home rate of Ed. (Mr. T. N. Chan); Commercial it is a matter of great regret that transactions, the same will enati. found, as Mr. Lang has suggeest- Turning to another part of the Union Assurance Co., Ltd. (Mr.the Government could not see its tute an excessive burden on this, through the issue of Govern-Bill, Clause 43 should have at- G. I. Elliott); Mr. H. A. Cart way to accede to the request for a important resource of this Colany ment loans in the same way that tention. It gives the collector or |wright; Messrs. S. J. David and longer postponement of the second and the increase should not exceed Governments and municipalities his delegates, who may be any- hocmicoxtecrilexIOCHICOMICCHICOXHOOL. (Mess. E. S. Abraham reading, and I personaly and of 50 percent of the present sense of all the world over issue them to body, authority of access which and D. J. Ellis); Deavor, Looker, opinion that sufficient time has stamp duties. That the Purchasers meet development expenditure. provides to my mind unnecessarily Deacon and Harston (Mr. W. E. not been given to permit of the of land in this Colony should havej (Applause). These loans should wide powers to the Government L. Shenton); Dennys and Bowley Bill being thoroughly gone into the option of paying the Canvey-be repaid by specified amortisation to inspect private books and

Mr. Bulwer Johnson); Dodwell in every detail.

ance stamp duty either on the funds, allocated over a period of documents and this, I think we and Co., Ltd. (Mr. G. M. Dodwell); Your Committee, however, meet | Agreement of Sale or on the ulti- {years. A suficient amount of should urge, should be amended, Donnelly and Whyte (Mr. L. M. this Bill in no antagonis-mate Conveyance.

funda could be raised in this (Applause). There is no question Whyte) Eastern Asbestos Cotic spirit. It is recognis- 4. That as regards the increase manner to meet the expenditure of a warrant being necessary, no (Mr. T. W. Hill); Eastern Extened that the Government must find in stamp duty proposed in respect and the cast of up-to-date develop-appear to higher authority and no sion Australasia and China Tele-a means of augmenting its income, of Bills of Lading and Shippersment of the Colony, and with an-redres provided in the event of graph Co. (Mr. M. E. F. Airey); that is if all the annual expendi-Notes, this meeting is of the nual

provision, the power being misused. Ap Fung Tang (Mr. Wong Takure must come out of the annual pinion that the stamp duty on which could be fully mes by taxa- from these objections I kwong); General Electric Co. of revenue. But it is felt that the these documents should not be in-tion which will not unduly think the proposed measure war- China, Ltd. (Mr. A. B. Raworth; mans suggested for the replace-creased above 25 cents, the equival penalize the Colony's commerce.rants such an innovation.

eat of sts pence at a two shilling with the taxation proposed, busi- With these remarks, gentlemen, Gibb Livingston and Co. (Mr. Ament, or partial replacement, llar. Alternatively, if the Sness will. I believe, have to carry support the Chairman and beg 0. Lang); Gilman aid Co., Ltd. the loss in the opium revenue sents tax is maintained the rate charges higher than those prevail-to second the resolutions to be

criticism; and Douglas Mr. T. Arthur); Greeneriticism, if founded on reason, ed from $3 to $20.

freight involved should be ingrening in any of the ports of the laid before you with the hope that the Government will seriously Island Cement Co., Ltd. (Me. will receive the sympathetic con- 5. That the proposed increase Allan Keith); T. E. Griffith, Ltd.sideration of Government, which, of stamp duty on Charter Parties is I think we should, therefore; consider the views of this Cham- (Mr. R. G. Hall); A. and S. Han- even, no respector of any par-fout of all proportion to what is

try to persuade the Government, ber and hesitate before unduly enck (Mr. 31. Hancuck); W. A.ticular interest, hus, I am

business of the in the reconsideration I trust they weighting the

the handicaps the Hannibal and Co. (Mr. John vineed, no intention of deliberate-deuments, and that in view of the will give to this Bill, to consider Colony with Robertson); Handelmaatschappy ty killing the "guose that lays the large number of. Charter Parties seriously adopting the issue of proposed Ordinance as it stands loans to meet their expenditure, would. introduce. (Loud applause). "Transmarine" (Mr. D. H. te gulden egg."

Mr. I. Dirkett: I would like to Wechel); Hogg, Karanjia and Co., It was felt that an opportunity between other ports than of Hong particularly where water reser- Ltd. (Mr. N. B. Karanjia); Hol-ghould be given to the general kong and where in such places the voirs, roads, reclamations and propose an amendment to Resolu- are in lions 6 and 7 on behalf of the Stock land Pacific Trading Co. (Mr. G.Body of members of the Hongkong Charter Parties could be legitimate harbour improvements

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H. van Gennep Luhrs); Holland General Chamber of Commerce to ly effected in the other ports con question. If they will adopt this Exuiange. In Resolution 6, that China Trading Co. 3. A. W. van express opinions which might as-cerud, this meeting is of the principle I feel confident they afteen cents" be substituted for Andel); Hongkong Electric Co.sist your representative on the opinion that it would be to the will not need to introduce these twenty cents," and that the fol

to increased levies on the conduct lowing be added to Resolution 7: Ltd. (Mr. F. A. Marsh); Hongkong Legislative Council in resisting advantage of the revenue

of business, and I would submit and that holders of shares be com Fire Insurance Co., Ltd. (Mr. A. vexatious and harmful legislation, withdraw auch duty.

6. That this meeting is of the that it should be a radical princi-led to transfer same into their Piercy); Mongkong Rope Mann-[ for undoubtedly some of the pro- facturing Co., Ltd. (Mr. W. J.visions in the Bill under review onion that the stamp duty on ple of the policy of this Colony to

own names before receiving any Hawker); Hongkong and Shang would necessarily have a tendency share transfers be limited to 20 minimize taxation charges dividends thereon,"

cents per $100.

busineas transactions; to keep hai Banking Corporation (Han. to drive business away from the 7. That as regards Clause 29 of such taxes down to the fewest Hon. Mr. Pollock: Just to put Mr. A. G. Stephen); Hongkong Colony and might conceivably at the proposed Crdinance, this meet-possible; and to so legislate that the matter in form I beg to second Tramway Co., Ltd. (Mr. W. E.least in time-have the effect ofing is of the opinion that this Claust business transactions shall not be Mr. Birkett's amendment. I should Roberts); Hongkong Import and reducing revenue rather than in- should be withdrawn as being unhampered by the compulsory say with regard to Clause 29 that I China Produce Export Co. (Mr. Jercasing it.

workable but that if it is desirable making out of forms which in entirely agree that that clause, e S. E. Ismail); W. J. Humphreys | Refore making any reference to to tax share transactions the duty general practice are not used, and if it were amended in the most d and Co. (Mr. E. Humphreys); J. taose particular items in the Bill on Share Contract Notes be still the absence of which simplifies the manner would be wholly unwa D. Hutchison and Co. (Mr. T. E} to which exception is taken by further increased.

and conduces to smooth running able. (Applause). It is certainly Pearce); Mr. R. Hancock; Hon. your Committee, I think it is per- The Chairman.-Gentlemen, the of business,

not desirable that, if any legislation Mr. Ho Fook; International Bank-haps pertinent to ask whether it matters mentioned by me are now With regard to the various new is to be passed with a view to pro- ing Corporation (Mr. G. Hogg); really is necessary that expendi-open for discussion,

charges proposed, so far as I Jardine, Matheson and Co., Ltd. ture of a capital nature, such as Mr. G. T. Edking:I have no have been able to scrutinize the Dieting registration of transfers of (Mr. D. G. M. Bernard Johnson the building of roads, erection of hesitation in supporting the spirit Eill, the outstanding objections suros, such legislation should be A geyser helps you to begin the Stokes and Master (Messrs. C. A. houses for Government employees, of Mr. Lang's remarks on the that occur to me are the applica- forced through under the absurd day well. Hot water for bathing, Hooper and D. J. Lewis) etc., should be provided for out of question before us, but I would tion of increased taxes in the penalties in Schedule No. 41 of this shaving, etc., instantaneously, at Lane Crawford and Co. (Mr. F. revenue. In England, as well as like to represent, as he has, that cases of Marine Insurance, Sale Bill. That is all I have to say, Sir, any time without preparation or M. Crawford); Liverpool and the Dominions and some of the my views are held in no antagon-Notes, Charter Parties, Bills of execpt just to make one romark, if I trouble. Economical, durable and London and Globe Insurance Co Colonies, such expenditure is pro-istic spirit to the Government. Lading, and Blank Transfers of may, by way of correction of what efficient, for gas or oil.

Ltd. (Mr. W. E. Hale); Lowe, vided for by raising toans, and The Government must have ad-Securities, and in connection with fell from you as to the date to which Sold and fixed by

Bingham and Matthews (Mr, A. R. only the interest and amortisation ditional revenue, but I do not these we must consider Clause 17, the Government adjourned the [Lowe); W. R. Loxley and Co. fund charges, fall on the rates.think they have chosen either which reads as follows, in case second reading. The second read- (Messrs. D. C. Russell and W. L. Posterity thus bears a share in the happiest time or most appro- you have not all taken it in: ing was taken at an early date be- II. A. Lammert); Mr. W. Logan; appears to your Comm ttee that this Stamp

17-Every instrument executed cause the Hon. Mr. Stephen and the Pattenden); Lammert Bros. (Mr. the cost of development, and it priate means for securing it under

Ordinance. Ap-out of the Colony by any person. Hon. Mr. Ho Fook aro leaving the Mr. Lo Cheung Shui; Mercantile the same admirable principle plause). I dare say, at this not being a bill of exchange or Colony for a time on the 28th. inst. Bank of India, Lid. (Mr. N. C. should apply here. (Applause). moment, almost every British com- a promissory note, shall, before we agreed to that inadequately Wilson); J. R. Michael and Co. The principal provisions of the pany in this Colony, and probably being exocuted, used, brought short edjournment because it was (Messrs. Vivian Benjamin and W.proposed Ordinance to which, as the business concerns of other into force, acted upon, or register-

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C. Joseph); Mitsui Bussan Kaisha, it appears to your Committee, the nationalities as well, are centringed within the Colony, he stamped understood-in fact n pledge wa Ltd. (Mr. W. Mizuno); Moller and business man can take reasonable their energies on reducing costs according to the rate of duty to given by the Government-that if Co., Ltd. (Mr. S. F. Williamson): exception as being damaging both and charges for running their which it would have been liable the Unofficial Members should re- Mustard and Co. (Mr. J. H. Scott); to his personal interests and to businesses, That, in any case, is if it had been executed in the first sire certain provisions of the Bill to Mackinnon, Mackenzio and Co. the Colony's prosperity are those the position with shipping and instance within the Colony, what stand over to a later date, that do (Mr. P. L. Knight); Moxon and which relate to:

ergineering trades, not only here ever the provisions of the schedule sire of the Unofficial Membors would Taylor (Mesas. H. Birkett and E. Agreement relating to Sale of but all over the world. You will to this Ordinance may be with be acceded to by the Government.

Goods,

have seen the Reuter telegram regard to the time before which (Applause). Marine Policies of Insurance Property Conveyance, Bills of Lading and Shippers Notes,

Clean, Delicious & Appetising, B. Raymond); New Zealand, In- Once Tried Always Asked For.surance Co., Ltd. (Mr. C. V.

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Mark); North China Insurance Co. All Hours. Teas, Ice Cream, (Mr. L. F. Townend); Orient

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Tobocca Manufactory Co. (Mr. H, Special Dining Room for dinner Tisling); Hon. Mr. H. E. Pollock, | parties, accommodating 40, por-K.C.; Messrs. Reiss and Co. (Mr.

one with Drawing Room at W. G. Saunders); Robertson, Wil on which I am already in pesses-connected with these concerned would be helpful to have it clear-

of a day or two ago, which stated or the period within which such Hon, Mr. Pollock seconded, Mr. that Great Britain is suffering an instrument, if executed in the Birkett's amendments, from the worst shipping slump in first instance within the Colony Mr. W. B. Kenncit: Ik it in or living memory, and it cannot be should be stamped.

der to refer to any clauso not overlooked that this Colony is Taken ally this clause has tiened in these proposals? directly, as well as indirectly, a very compréhensive effect and it:

HING LUNG ST. Phone 515] tached.

Charter Parties, Blank Transfera,

son and Co. (Mr. G. W. Sawell); sion of expert advice.

in that slump):

ed up as to whether it is intended

The Chairman: Yes.

(Continued on Page 3)