1921-04-26 — Page 2

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EXPANDED METAL

FOR PLASTER WORK AND RE-INFORGED ODKORETE CONSTRUCTION

AS

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THE HONGKONG TELEGRAPH.

THE STAMP DUTIES.

Full Report of Council Debate.

The second reading of the Cr- dinance amending the law with regard to the Stamp Duties ro. sulted in a longthy discussion at yesterday's" meeting of the Lo- gislative Council.

The Attorney General in moving the second reading of the Bill anid he had to acknowledge the as sistance received from Various bodies, members of both Councils and others. The time had, unfor- |tauntély, been short and ho thought they were greatly indebted to the [various bodies who at such short time had examined the Bill and given to the Govemment the benefit' of their advice and deliberations. ; Of course, taost of the criticism bad| taken the form of efforts to reduce. the increases proposed by the Bill and to inquer the Government to jomis eartain other duties altogether. Even where to Government ind not been able to agree with all the arguments put forward, he thought | the arguments had helped very mach to clear up the position and would enable them to come ever- (tually to a just decision.

Doubling the Duties.

I had been suggested more thun once that as the Government had bern asking for a million only from, stamp duties and as the present yield was Ss500,000 or $000,000, they could obtain their end by simply | doubling the existing duties. He would itke to point out that there were a good inany items under the; present stamp law which could not be fairly doubled or even increased) at all. There were others that they thought could not safely be doubled, because it they were a possible! effect might be either to drive away, trade from the Colony, which was af thing one must always bear in mind. Or else would be to Vncourage evasion to such RI extent that

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double the amount of the yield, of the present tax. But doubling, as a means of acquiring another million dollars of revenue per year, was perfectly impossible also becomes thero were certain iteurs which i amounted to more than half the present duty which could not fairly or safely he doubled. They z badi,, Therefore, to look far ether means of increasing the stamp revenne.

Free Trade.

If laid bern suggested both in that f Connell and where, that the duties to be raposed by this Bl wore an attack on free trade. Hel reptured to say that that was an improper use of the term "free trade : and that nothing in this Bill had any bearing at all on the question of free trade. Free trade, he thought. was used in two senses, in the first place as being opposed to a system

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Bills of Exchange,

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of monopolies or chartered on. polig, ho iliought, to rely on the

any instrument at all to be drawn was not quite clear to what it panies-there was nothing of that system of loans for the purpose.

Clause 17 provided that instru up on cancellation of exchange might refer. It was meant chielly kind here and in the second sense)

Amendments to the Bill. ments executed out of the Colony. contracis. The duty draft pro-to refer to appeals from the I considering the Bill, the Gov-ant being for bills of exchange or vided that there would, in future, Collector to the Summary Court as being opposed to a system of! taxation under which import dutiestnent had come to the conclusion promissory notes, shall before being be some instrument on which and it had been suggested that were imposed upon imports from that a gemi many of the proposals fexrguted, used, brought into force stomp duty must be paid. The the clause might be transferred nboard or by honaties given for pro.

must be either altered or acted upon or registered within the instrument was to be called an from its present place to Section tection of bone industries.

This randoned, There were also a Coliny, be stamped with the duty Exchange Contract Cancellation 15, which dealt with Appeals Bill, of course, impused no importer of small amendments which for which they would have been Note. Some document must be against assessment, but he did not uly whatever and gave a bounty, it was propose to put forward infliable if they had been executed and on that document duty mast that clause. A party appealing to executed as a cancellation note think it would add very much to

It had nothing at all to do with the committee, some being more draft-[here in the first instance, It had question of free wade. He mentioning amendments, others of some been pointed out that that might be

be paid.

Collector had clearly got to Late Registration.

Under Heading ed that because sometimes plorasos light substantial importance; and unduly hampering, in the case of

33, Part- were very dangerous and it might proposed to go through the Bill policies, bills of lading, and, he dealing with the late registration haps the simplest thing would be Clause 29, which was a clause stated case, and he thought per- be that that phrase might get abroad and state the amendments, which thought, receipts for bills of ex duty, it was proposed now to to omit that onus and it might be said that Hongkong Hery proposed to bring forward in change; and he thought that if some abandon. There were so many gelber. It did not exist under the clause alto- was abandoning the policy of free mmittee and state what provi-formal wording could be found to difficulties in this section that itt Ordinasee an they had trade. The only duties at all impos

signs of the Bill they were prepared exempt these from this section, had been thought better not to got on very well without it. e in that connection were that that stage to abandon.

that exemption might very well be impose the duty but to accept the

Limitation of Time. aties on liquor and tobucen, which!

Vesting Orders

matte, He fad not had time suggestion made by the Stock- Clause 45-Limitation of time. were not touched by the Hill.

Preceding to explain in detail draft an unendment to that effect, brokers' Association to increase It was proposed to add to that. Short-Term Loans.

| the proposed amendments to the but he had no doubt some form of the duty on share contract notes clause another sub-section provid

instead. Another suggestion

Bill, the Attorney General drew at-words could be found. mule for

trution to Clause X, Sub-Clause 29, obtaining additional revenue- WAN on page of the Bill, containing a

Agreements For Sale, Clause 21 was the clause deal-

to obtain the money by means of definition of the term Vestingling with the duty on Agreements dealing with the liability of car of the Collector. short term loans. On that he only Orders." It had been pointed out for Sale.

misleading to the man in the street.

luty.

5-in the

ing that no prosecution whatever Liability of Corporate Bodles.

shall be instituted under this Or- Clause 41, Sub-Clauses 1 and 2, dinance except with the consent.

Penalties, It was proposed to porate bodies and firms, and the wanted to say that he thought the that that definition included too omit that altogether and with it failure of officers and servants to

Clause 46. It was proposed to phrase "extraordinary expenditure."anch. Under that definition, it had of course the corresponding head stamp-he was not sure that he insert after the word "commits," which appeared in the estimates been pointed out that vesting orders Schedule,

ing-Heading No.

fally grasped the objection to the words "or attempts to com- and which was perhaps quite a genuindo on the appointment of new duty on agreements for sale of but they were prepared to alter think many cases would occur in In other words, the these clauses as they now stood, mit" any offence. He did not phrase for this purpose, was a little trustees would have to pay stamp property would not be introduced. them so as

to conform with the which these added words would It had been suggested that to make done in that case was to omit that would not result in a very large ance dealing with failures to:

What was proposed to be He thought it was a duty which sections of the Companies Ordin- take effect, though same might,

Inspection. roads and put up houses and other sub-clause altogether and insert injyield, because he thought that comply with the section of that! buildings, they ought not to rely on Sub Chuso a definition of Con- eases to which it would apply in Ordinance by officers and servants. Clause 43. That was the clausė He had intended to refer to taxation but obtain short loans for veyance on Sale-after the word this Colony were small in number. He thought the proposal which which gave power of inspection the purpose.

During the time he "instrument" "any derree or order had been in the Colony-for 20 years establish his case against the

had found favour was Exchange Contracta,

already and search. This had been object- Clause 23 was the clause deal. contained in Sub-Clause 1: "Every ed to, but he thought unreason- -they always been making decision given, and it could only ing with exchange contracts and director, manager, secretary and ably.

It was a clause that no roads and had always been putting be carried out by means of a hon, members would find on the ether officer who knowingly is a honest person had any ground of up beiflings. It was a constantly of any Court." That would make table a proposed new draft to that Party" to the default. If that was objection to. It was a clause in- rocurring expenditure. Although it the section practically Clean, Delicious & Appetising, did result in permanent improve the other section and would confine change of substance but what he knowingly or wilfully, authorises from having to bear an undue copy of clause. This was not really a not sufficient he suggested "who tended to save the honest person Once Tried Always Asked For.

European Menus a la carte at ments in the Colony, still as Hong-the duty on vesting orders to vest. should call a drafting amendment. " permits." This was the form share of the tax by reason of the All Hours. Teas, Ice Cream,

kong was fortunately developing asing orders on sale.

It might be He thought he explained it in appearing in the Companies Ordin- evasion of duty by the dishonest Cold Drinke, Cakes, etc., Special Dining Room for dinner always would have, he hoped, for duties on vasting orders they had this; in the Schedule was a list of

Celony they had always had, and that they would not get all the introducing the Bill at the last ance and they were prepared to person. It would only be used,

Council meeting.

The point was adopt either for this section. however, he had no doubt, in parties, accommodating 40 per-many years to come, to meet this hoped to gut, but he thought, on duties to be imposed on particular Nons, with Drawing Room at expenditure on ronds and buildings, the whole, it was fairer in the instruments. There was nothing be thought, chiefly on the ground Clause 42 had been objected to, tached.

And it would be a most shortsighted wonended draft.

in Clause 23, as drafted, to require that it was indefinite and that it

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(Continued on Page 3, 4 and 6.)