1921-04-25 — Page 2

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THE HONGKONG.

TELEGRAPH.

MONDAY, APRIL 25. 1921.

THE STAMP DUTIES.

A meeting was held at the Chinese Chamber of Commerce on Saturday to receive the report of the special committee appointed at the last meeting to ascertain the views of the Chinese business community with regard to the proposed increases in the stamp duties. The Hon. Mr. Lau Chu-pak, supported hy Messrs. Lo Cheung-shiu, Li Po-kwai and Ip Lan-chuen (Secretary), presided over a large at- tendance.

which

aré

the donor dies within three years. tion with the proposed increase of induce people to have their goods If such dispositions are now daty we would invite your atten- insured at destination or else chargeable with ad valorem duty, tion to our remarks on Heading 17 where outside the Colony, thus this provision of the Estate Duy respecting the increased duly on resulting in serious losers to the Ordinance 1915 should be rope:- Conveyance on Sale.

Insurance Companies and to the The existing scule (4).-Letter Heading 12

of Treasury. CRITICISED BY CHINESE CHAMBER OF COMMERCE. ed, otherwise a double duty in

such cases would be paid.

Credit. Does this refer to letter should not therefore he increased Section 27 (6) and (7)-Share of credit established by an import-ore than 100 per cent it, Contract Notes with options-Weling house through a bank in this

$1,080 and under 20 cents each have been informed that options Colony to cover imports? If it

policy.

Over $1,000 50 cents each are never dealt in in this Colony, does, it is presumed that the draft and so these two sub-sections accompanying each shipment will

polley. would seem unnecessary.

fall within Heading 12 (1), and Beading 34 (6)—The acale for Section 29. Transfer of shares, not 12 (6); otherwise, the import Fire and Accident policies should -If sub-section (1) were passed business may be over-taxed. be the same as that recommended The Chairman proposed a vote of thanks to the special com-

as it now stande, it would cause

Heading 12 (6)-Kill of Ex-by us for Marine policies under mittee, who had had a strenuous time during the last five days. They

endless trouble and inconvenieni- had worked up to 8 or 9 p.m. every night. (Shouts of 11 p.m.)

ence, and would result in the de-change of any other kind whatso-Heading 34 (4),

Heading 34 (7)--For duplicates This ever except a bank note). The following report from the Committee was then read by thepreciation in value of all local heading evidently applies to all of policies we consider a fixed fee Secretary.

stocks, owing to the inevitable The Hon. Mr. Lau Chu Pak, and that the ad valorem stamp is decrease in the number of people (4), which are not specified in the

instruments defined in Section 3jof 10 cents quite sufficient.

Heading 41-We are of the Chairman,

only payable on the conveyance, dealing in them. Further, it Schedule. It should be made opinion that the proposed duty of Chinese General Cham- In fact the Section in question would not have the effect, if such quite clear whether a letter au- 50 cents for every $100 ou Share ber of Commerce, applies to agreements of a very effect be an object of the Bill, ofthorising payment of money to, Transfers is excessive and should

particular nature, Hongkong, 22nd April, 1921.

checking speculation, for anyone Sir,

rather raro in practice. More-

so inclined could deal in stocks say. The writer's family and docu-not be more than 15 cents, which We, the undersigned members over, the English Act contains a other than local stocks, which meats of similar nature, would be would mean an advance of 75 per

subject to the heavy duty of 10 cent on the present scale, of the special Committee appoint proviso to the effect that where an would mean the draining of scents for every $500. We main- Heading 41 (4).-We consider ed by this Chamber to examine agreement liable to.be stamped much needed money out of the

tuin that they should not be. that a duty of $1 for every $100 the Bill to amend the law relating with the ad valorem stamp has, in Colony. We would therefore urge

to Bear Heading 13-We are of opinion on Share Warrant to Stamp Duty, and to make re- fact been stamped only as an that the Section be withdrawn. commendations for such modifica- agreement, it is nevertheless re- Section 41 (2)-Liability in theat the duty of 30 cents under issued in the Colony is not too low tions as we may consider neces-garded as duly stamped for

case of firms.A person apper.this section should be reduced to having already taken into con- sideration the reason given in the sary in the interests of the trade purpose of proceedings to enforce ing to have the management of

Heading 14. We think that & Objects and Reasons for raising of this Colony, beg to submit the specific performance or to recover the tem should be liable only if he results of our deliberations. We agreement.can be stamped as knowingly is a pary to the failure, duly of 20 cents finstead of 25 the rate from 30 cents to $2.

$100 on bond,

Heading 41 (5)-For Share have had three sittings, and we damages for the breach of con-etc., for, as sub-section (3) im-cents) for every have individually ascertained the effect that in any case such an oliedly admits, he may not be a bottomry, general average and Contract Notes, we suggest the should be suf- following scale of duty, in sub- views of a number of Chinese tract, and also a proviso to the knowing party to the failure at respondentia

stitution for that given in the business-men on particular phases agreement only, the ad valorem all of the Bill, and on the Bill general- duty can be borne by the convey- Section 430 Inspection.--| Heading 16. The present duty Schedule:

for Up to $1,000 ance, if the conveyance be pre- This power is very wide, and the on Charter Party is 10 cents We would now deal with the sented for stamping within " resulting injustice and inconveni- every $100, and we consider an in- Over $ 1,000 to $ 10,000..$ 2.00 $ 10,000 to $ 25,000..$ 3.00 Bill seriatim, adducing arguments months after the first execution ence to the public may he very ease of 10 cents instead of 15 for our views, and adding recom- of the contract or within such great indeed. It is submitted cents) ample, if we are to be able mendations, where necessary:— longer period as the commissioners therefore that the power to au-a

Section # (15). Letter of may think reasonable in the cir-thorize a search should not be against so much keen competition. the producing countries, Hypothecation. The words "with cumstances of the case."

vested in the Collector who, As a banker" in the second line should be deleted, as otherwise any hypothecation to a person ether than a banker would have to be stamped as a mortgage within the meaning of Section 3 (19).

Section 3 (15) (f). Marketable securities. This is obviously a mistake, and apparently should read "Any

deed operating as CHFO@HOOH mortgage of marketable securities

issued in the Colony."

Section 4 (1) (c) and (d). Re- gulations.-These sub-sections seem unnecessary in view of Sec- tion 5 (7), and Section 30 (3).

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17

13

$ 25,000 to $ 50,000..$ 4.00

export trade

#1

$10.00 This seale should yield a sub-

$ 50,000 to $100,000..$ 6.00 $100,000

which would lead to ye

Heading 43.-We suggest that

a

In our deliberations and record-

To sum up, therefore, the law the head of the department, would Charter parties could also be stantial revenue. and practice in England has al-or may be unconsciously biased in effected elsewhere outside the ways been and is to stamp an favour of granting authority to Colony, and in that event the re- Telegraphic Transfer Advice for any sum below $10,000 be exempt- agreement for the sale of property search, but should be vested in a venue would suffer.

oned from duty, and that the duty with an agreement stamp (6d. or person habitually reting in a judi- Heading 17-Conveyance 10-), and the ad valorem stamp is cial capacity. We suggest that Sale. The duty on a sale where on an advice for any sum exceed- always borne by the conveyance. for the Collector should be sub-the amount or value of the consi-ing $10,000 should be 5 cents for The following is a quotation from stituted the Puisne Judge, who deration does not exceed $5,000 every $500 instead of 10 cents, in

off

same. namely, 50 view of the fact that, unlike re- the Preliminary note to Sale should act only on a sworn state-remains the Land in volume

the ment which need not be filed cents for every $100: but in these mittances by bills of exchange, Encyclopedia of Forms and Pre-made public. This can impose antays the values of very few pro-telegraphic remittances entail sub- cedents, page 126:Where the hardship on the department, and perties are below $5,000, and so stantial expenditure on cost of subject of the contract is an would be a great safeguard to the this apparent exemption from telegrams. equitable estate or interest, the Public.

General higher duty confers no real bene- ecntract may be stamped with ad Section 45,--The iniitation of it on property-owners, except calorem duty as a conveyance, in time for making complaint or very few. It is the doubling ofį Section 5 (5) and (6). Liability which case the conveyance when laying information should be one the rate on value or consideration nendations, we have kept in view duty. We think that the executed will not be liable to any year which should be ample. exceeding 35,000 that will press the fact that there is a deficit of about $3,000,000 to be wiped outs community. liability to stamp should be laid duty (8.59 (1); (3)). But inas- Section 46.--The penalty is hard on by the Legislature on party that the Legislature may sufficient to enable proceedings to that for the first offence it should proportionately the value of pro-Rates would yield at least $1,000,- any one much as a Gd. or. 10a-stamp is much too severe, and we suggest The increased duty would increase We understand that the additional 7 per cent recently imposed on think reasonable, and that it be taken for specific performance not exceed ten times the amount perty, would be inconvenient and unjust or damages for breach of the con-af duty, which penalty should in higher rent, and this, in turn, 000 annually, while tho additional to make more than one party tract (8.59 (4)), this course is not no case exceed $2,000; and that would result in increased wages, taxes on liquor and tobacco would liable civilly and criminally for generally followed" (ie, even an events imprisonment without timately the general community bring in a like amount, leaving the due compliance of the Section. agreement relating to equitable the option of a fine should not be will suffer. We mention that the only $1,000,000 to be found to ad-

imposed. Section 9-Liability of persons interest).

recent increase of 7 per cent. in just the Budget. Now. according preparing instruments requiring As regards the Attorney Gen-i

Rates and Taxes is already having to the Estimates for the current Schedule,

la prejudicial effect upon rents.year, the revised estimate of the Stamp Duty-This Section is superal's other point that stampingi

Heading 1--The proposed in-We would therefore arge that the sum derivable from Stamp Duty posed to have heen taken from the an agreemen: would have the

of the Adjudication Fee duty be not raised.

for the year 1920 is given as. of crease English Act mentioned in the effect of preventing evasion

Heading 26 (1).-Lease, if $3,100,000; and it would appear margin, but on reference to that! Stamp Duty, it is submitted that from $1 to $:0 is unreasonably

in consideration of althat the simplest method of rais- Act it is found that the following Stump Duty cannot be evaded in large. When a new Bill is intra-granted

We have obtained duced embodying numerus total-premium or fine. For the sameling extra revenue would be to important words after the first either case.

as given in respect of double the existing stamp duties, |paragraph and before (a) and (b) the opinion of a large number of ly new features not easily under-reason are omitted: "with intention to persons who deal extensively in standable of the layman, it does Heading 17, we recommend, that adding one or two new items which defraud Her Majesty." We urge land, and we are convinced that not seem reasonable or desirable the duty should be 50 cents for have hitherto escaped taxation. strongly that words of a like evasion of Stamp Duty on convey to raise the fee to such an amount every $100, whatever the amount The Bill under consideration is un-

would undoubtedly prevent of the premium or fine.

doubtedly designed to produce nature, such as "with intent to ance has practicably been

must many people from going to the Heading 26 (2).--Lease, if more than 31,000,000 a year; but evade Stamp Duties," should be existent. All assignments inserted, as otherwise a person be registered in the Land Office by Collector to seek enlightenment.granted in consideration of a rent. we are of the opinion that the Gov- employed or concerned in the pre- the purchaser for his own protec- We are of the opinion that $2 We think that 50 cents instead of ernment should not try to raise a paration of any instrument istion, and the Land Officer never should be ample.

$1 for every $100 should meet the revenue in excess of its necessary Heading 4.-Agreement Or liable for all the penalties if he passes any deed for registration

case of a lease for a period not expenditure, otherwise extravag

The Govern- omits fully and truly to set forth until it has been duly stamped. memorandum relating to the sale! exceeding 10 years, in view of the ance would result.

of stamping of goods, &c. This is a new im-existing scale as given below:- ment may be making provisions to The agreements ad valorem confers post, and although the duty is 1 Year 10 cents for every $100. meet the shrinking income deriv- no. benefit to the Revenue, where-fixed at only $1, it would, if levied, 3 Years 25 cents for every $100.able from opium but on the other innocent.

and entail bardship on many, and Section

grave inconvenience 141). Collector's

30 Years 50 cents for every $100. hand, it should be remembered that power to make Regulations. A trouble will be caused to pur-might drive business, away from

Heading 30 (2) and (3).-We the construction of new roada and the Colony. Take the case of the consider that 10 cents (instead of new government quarters, which though this Section is taken from chasers,

Morever, the following point is Kau-Pat Hong, Chinese Commis-20 cents) for every $100 on exten- have been the principal cause of the English Act, we think that in Hongkong the Regulations (if not provided by the new legislasion Agents working on a 2 persion of the time of an original our depleted Treasury, cannot go

a man bascent. commission. Between 60 and jany) should be made by the Gov-ion, namely, where

Mortgage, or on transfer or as-on forever. To introduce new ernor-in-Council, and not by the agreed to buy a piece of land and 70 per cent. of their business is in

signment of a Mortgage, etc., legislation that would cause annoy- Collector.

then re-sells portions at different sales amounting to sums ranging

should be ample.

fance and inconvenience to the poo- In a Section 16. Appeal to

Gov- times, or re-sells portions and re-from $120 to $200 each.

Heading 30 (4).-Perhaps it ple und possible loss of revenue as use. transaction amounting to $150, ernor-in-Council.-Under Sub-sec-tains portions for his ow

$3 as

would make the intention of the certain provisions of this Bill un- commission, tion (3) of this Section there is a Numerous difficulties will arise on they receive

law clearer if the word "d-doubtedly would, is a chort-sight, right to appeal to the Governor-in-such occasions, whereas the dif-out of which they have at present Council in the event of the Col-ficulties will disappear altogether to allow a discount of 1 per cent. itional" were inserted before the fed policy, and we are sure that their notice, the Government would lector refusing to grant special if the old practice was reverted or $1.50 for cash payment and to word "principal" in the third cuce these defects are brought to leave, but the right of appealing to, namely, stamping the ad pay 5 cents for stamp on the re-column headed “Duty,"

Heading 33-As the present have them remedied. We cannot to the Governor-in-Council on the valorem duty on the conveyance. eeipt, leaving only $1.45 for them- refusal of the Collector to remit Section 22. Certificates to prac-selves. If they had to pay $1 for duty on a Partnership instrument urge often enough and too strong- as tending to injure trade, the penalty as provided by the tice. It is submitted that the re- the memorandum of sale, as re-is $5, we suggest that the new rately that the sections mentioned. by

from this have only 45 cents left, out of be made $10 and not 820; other us Section is not expressly stated, venue to be derived

We think that the time is op- and we think that this should be source is not large, and that it po sa pain wise, the duty will press too should be withdrawn. added.

would be unfair and unjust to which have to be paid over-hend heavily upon small tradesmen who

It would not be pos- have to euter into partnerships.portune for the Government to con- Section 21. Duty on Agreement impose on only certain sections of expenses.

Heading 34 (4) Marine Policies sider seriously the question of for Sale. In the Objects and the Community taxes on earnings, sible to make the purchaser pay Reasons, the Attorney General from which other sections of the the whole or a part of the addi. other than hull risks for time. raising loans to meet the expendi- Clean, Délicious & Appetising, stated that the object of the Sec- Community are exempted. The tional duty, as they could buy The proposed duty is 50 cents for ture on permanent improvements, Once Tried Always Asked Fortion is to prevent evasion of con- conditions in England and indirect from the producing centres very $1,000, as against the exist-þeuch as reclamations, the construc- tion of reservoirs, &c. This will In in China: nor, for the same rea-ing scale: All Hours. Teas, Ice Cream, ⚫veyance duty, and that it is copied Hongkong are not identical.

$1,000 and under 10 cents each obviate the injustice and hardship imposed on the present genera- Cold Drinks, Cakes, etc.,

from the English Acts. Dealing England, unless there were some on, could the commission of 2 per

policy. Special Dining Room for dinner with the latter point first, it will legislation, it would be difficult to cent, be increased. As the pro-

Over $1,000 25 cents each tion by casting on them the whole burden of expenditure on capital be found on reference to the Eng-prevent frand by persons posing posed duty may lead to loss of parties, accommodating 40 per-

policy. 28 members of certain professions trade, and consequent loss of re- Bons, with Drawing Room at lish Act that the English Act ex-

The new rate, if imposed, would improvements which posterity, as tached.

cepts from its operation any when they are in fact not such venue

a smail cidental to trade, such as stamp give rise to the curious situation well as they themselves, will bene agreement relating to any estate members; whereas in

urge cf the duty paid being in excess fit. or interest in lands tenements or place like Hongkong, such neces- duty on recceipts, &c., we

In conclusion we desire to bring of the premium received. For of all kinds, especially for ship- JAPANESE ON FRIENDSHIP TRIP hereditaments as well as proper- aity does not exist. It is submitt that it be not imposed. building and engineering works.

Heading Agreement for the instance, in the case of a shipment to your notice that the Chinese TO WASHINGTON.

ty locally situated out of the United therefore that the whole of ed Kingdom as

well as goods, this Section should be deleted, as sale of property. In connection for Canton, insured for $10,000, Comununity feel very strongly Fourteen members of tho Japan-¡

as Heading 15 of the with Section 21 (1), we have al-the net promium received by the that when a Committee was ap ose parliament have left Tokyo wares, stocks, ship, vessel, etc., well

ready suggested that daty be not more important Insurance Com-pointed by the Government to con The effect of the Eng- Schedule. etc., etc. for Washington for the purpose of

Section 24 Gifts inter vivo. required to be paid when the panies is about $4,20, and by sqme sidor this very important Bill, not mooting members of Congress and lish Legislation is that all agree- promoting friendship between the monta for the sale and purchase of Voluntary dispositions inter vivos agreement is executed, but when small Companies only $2.50. Now a single Chinese representative Japanese and American peoples. property in England are liable to are liable to estate duty under the the conveyance on sale is com-according to the new rate, a duty was included therein, and that Another party is to tour China. be stamped as an agreement only, Estate Duty Ordinance 1915, if pleted, as at present. In connec-of $5 has to be paid! This would

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(Continued on Page 8.)