1929-10-25 — Page 5

When Children Grow

Thin And Weak. TRY TREATMENT WITH Baby's Own Tablets.

THE REASON WHY.

Malnutrition, or inability to de- rive nourishment from food..'ly a common trouble with little chil- dren, and is due to stomach or bowel weakness. Another cause

of loss of flesh and strength is

worms..

To correct stomach and bowel allments in infants and the very young is the specific purpose for which Baby's Own Tablets were devised. Administered for a few days they drive out worma,

THE HONGKONG TELEGRAPH.

THE STAMP DUTIES

REPORT.

MINORITY REPORT BY MR.

SCOTT HARSTON.

HON. MR. BRAGA'S -

VIEWS.

11

The report of the Committee appointed by the Government to consider the amendment of the Stamp Ordinance contains lengthy memorandum by the Hon. Mr. WE L. Shenton, as well as appendices by the Hon. Mr. J. P.

Having regard to, the fact that Braga and Mr. J. Scott Harston dissenting from certain of the re-the present contract stamp duty came into foros by reason of an commendationą, There is nothing equal to Baby'a Mr. W. E. L. Shenton's memo- arrangement made with the Stock Own Tablets to assist teething and randum is as follows:

Exchange in 1921 it should be to quickly assuage its pains. They Since my return to the Colony Iabolished altogether.

That in future the ud valorem cool feverishness. relleve croup have perused the C.S.O. Ales in and colds, bring enim restful sleep connexion with this matter and the stamp duty be payable in respect

]] perfectly

way. petition in opposition to the proof all sale transactions whether natural Through their use little sufferers posed Ordinance. I have discuss the shares are actually transfer- rapidly improve, regaining appe-ed the proposals with the Commit- red into the name of the seller or tee of the Hongkong General nor and that whether the sales tite, colour, strength and spirit.

Chamber of Commerce and with for cash or a forward transaction, but that in respect of all ether I have had a joint. conference transactions such as transfer for with the Honourable Colonial the purposes of mortgages, tempor Treasurer und the Honourable Sirary loans, transfers in respect of Henry Pollock, ang at such con- Trusteeships, Executorships and Feronce it was arranged that donations of shares a nominal should draw up a Memorandum on stamp duty of $2 only be charged the subject.

and the same to be certified in like manner by the Treasury on the transfer document.

in

Chemists everywhere sell Baby's On Tablets, or post. free at 60 cents per vial, from the Dr. Wil liams Medicine Co. 60, Kiangse Road, Shanghai.

October

New Orthophonie

Victor

Records

Can Be

Obtained

from

a number of brokers and others.

I have three objects in mind: (a) That the Government should receive" its fair mensure of

stamp duty on each share transaction. by which I mean, each purchase of shares in the Colony, That the Government should receive its fair measure of death duties, and

() That it is for the general benefit of the Colony that the speculator be not pre- ferred to the genuine inves- tor, in other words, "pur- chases for a rise in the'mar- et, host of which are for ward contracts, shall bear the same taxation as an in- vestment transaction.

I do not think there should be new or increased taxation-in fact Cam suggesting a remission of the [ contract stamp duty.

My view is that eneb and 'every purchase of shares should pay to the Government stamp duty on the same basis whereas at the present time. in "practice the genuine in- vestor in fact pays a great deal more, because he is buying the shares with the object of holding

TSANG FOOK PIANO then, he registers them in his

COMPANY.

8, Des Vœux Road Central

(Entrance Tee House Street) Telephone C. 4148.

TIENTSIN CARPETS

Special Show at CHELLARAM'S

OPPOSITE HONGKONG HOTEL.

PRICES MODERATE

BATTERY CHARGING

and all kind of car repairs competently effected:

by-

J

FIAT GARAGE

67, Des Voeux Rd. C. Tel C, 4821,

FLETCHER'S

Up til 1921 only transfer stamp duty was paid, but in that year all stamp duties were reviewed and raised in many cases based on

FRIDAY, OCTOBER 25, 1929.

must

particularly in transactions direct between principals.

No stamps on transfer deeds, and legislate for non-paying of dividends as already proposed.

Second Appendix.

16

2. The documents which were ruled out aretadata

(a) The Potition against the Draft Bill to Amend the Law relating to Stamp Duty published in the "Hongkong Government Gazette" dated 9th November, 1928; (b) My Memorandum dated 11th June, 1929, with criti- cisms of the Hon. Mr. W. E. L. Shenton's Memorandum of the 6th February, 1929, and his Reply to my criti- cisins; and (e) The letter of the 9th July from the Colonial Secretary', Straits Settlements, and its enclosure.

190

5

OUR NEW BRITISH CROSSWORDS.

5

53

| R

37

58

59

£60

(c) That it would drive money further transfer document certi

away from the Colony and fed as before, and so on through be detrimental generally to each transaction until eventually business interests.

the ultimate buyer desires to re- To meet the objections raised I gister the shares in his name, suggest that the stamping of share when he will send in to the com-

The Hon. Mr. J. P. Braga's Ad- transfer documents be abolished pany concerned the share scrip dendum to the Report. altogether; that the present trans and the intermediate transfer. I sign the Report under reserva- fer stamp duty be no longer placed documents.

tion. At the final meeting of the Should the buyer desire to raise Committee held on the 30th July I on the transfer document but in future be paid in respect of and a loan on the shares he has pur argued for, the inclusion of cor- contract chased, he will hand to the tender tain documents as Appendices to impressed on the sale note, and that in lieu of the stamp the share scrip and transfer doen- the Report. My motion was des on the transfer document, the ment and if the lender is not satis-feated by a majority of votes:

sharoa to the Treasury impress a cortificato to fled with the security as it stands duty has been paid and that such reglater the shares in the name of the effect that the requisite stamp he will send the

company whose shares they are, certificate be a discharge to the the lender and obtain, if so, de- company concerned from further sired, a new transfer document in enquiry as to whether the requisite the name of the lender or his representative on payment of a stamp duty has been paid.

fixed stamp duty of $2. It will not | be essential for the lender to re- gister the shares in hia or his nomines's name, as the transfer document can be in blank, in the case of mortgages and it will only be in respect of sale transactions that the transferee's name be filled in the transfer document. When the loan is paid off, the bor rower will be able to get the shares transferred back into his name by getting a fresh transfer document certified for on payment of the same nominal stamp duty of $2 documents in the Appendices to or in the case of a blank transfer the Report. The Petition wna it can be destroyed.

presented to the Officer Adminis- | All transfer transactions whe-tering the Government of Hong- ther sale transactions or

other-kong and was numerously girned wise will be adjudicated by the by Bankers, Firms, Associations, Treasury and certified on the Merchants and Residents--both 12 Regretted. transfer document.

Europeans and Chinese-of the 13

16 Narrow Allet. In view of the bargain made Colony. It is a valuable contribu-17 Examine carefully. with the Stock Exchange in 1921, tion to the question forming the

Relate. it would be unfair to insist on the subject matter of consideration by present contract stamp duty in the Committee. To the presenta addition to the stamp transfer tion of the Fetition is due the ap duty and I therefore advise its pointment of the Committee. Since 24 Opposite in place. abolition.

it has been thought necessary to 28 Common print the Draft Bill of last Novem-28 Sitting room, ber as an Appendix, even though 30 Habituate. It had been published in the "Go-32 Entangles. vernment Gazette" of the 9th of 35 Female gre. that month, I am of opinion that 37 Harsh. it is all the more necessary that the Petition should also be in corporated in the Appendices. It has not been given official publica tion and may be lost sight of if the proposal to do away with blank transfers or to increase the scale of stamp duties on contract notes is revived.

For the purpose of effectively carrying out my proposal, it will be necessary to legislate as fol- lows:

¦

In my opinion the scheme above set out will have the follow

results:

(a) All sule transactions in the Colony in connexion with shares whether negotiated by a Member of a Stock Ex-ing change or otherwise must "bu evidenced by a contract in writing which must con- particulars of the , tain

shares sold and the price. (b) The delivery of shares to

!

the buyer in connexion with a sale transaction must be accompanied by transfer document containing the names of the seller and the buyer, particulars of the shares sold and signed by the seller and buyer, such transier document having thereon a certificate from the Treasury signed by the proper officer to the effect that the requisite stamp. duty has been paid. (e) Non-compliance with the provisions of the Ordinance must be enforced by sub- stantial penalties, against agents and principals.

:

(a) The penalties will have the effect of enforcing com- pliance with the proposed Ordinance. Ë

(b) In almost all cases the shares will be transferred into the name of the buyer because it will cost the buyer nothing to do so and he will get all the right of a shareholder.

(e) In the case of mortgage and loan transactions the system of blank transfer is

preserved.

8. I will recapitulate briefly the reasons I advanced for the in- corporation of the foregoing

share

Across

1 Long protruding teeth. 5 Unemployed. 6 Foray.

11 Fecule.

Endure.

20 Wild animals. 22 Christmas song. 23 Sacred lyric.

40 Boy's name. 43 Ancient Greek dialect, 45 Inorganic body. 47 Smail dot. 48 Overthrows. 50 Puzzlę.

62 Pertaining to agriculture. 53 Commonplace. 55 "Affirmative reply. 57 Pred. 59 Wrench. 61 Otherwise, 62 Guides..

68

63 Woman of rank. 64 Arouse from sleep. 65 Prevent from doing.

Down

1 Fling. 2 Rule.

4. As regards my Memorandum which is a criticism of the Hon Mr. Shenton's proposals in refer- ence to the Stamp Duty payable in (d) As in almost all cases the respect of share transactions, shares will be transferred frankly I must confess I cannot into the name of the trans-appreciate the arguments ad- feree, the identity of the vanced for its oxclusion. In brief, shareholder for the pure the arguments were: first, that it poses of death duty will would make the report too bulky; not be lost except in enses secondly, that in the opinion of where the Shareholder dur the learned Chairman of the Com- "ing his time deliberately mittee only "proposals" should be intends evasion to take incorporated in the Appendix: place after his death and I and, lastly, that the Report would consider that there must be be obscured by the greater very few of these cases. volume of "the Appendix. The 10 Lived. (c) The compromise arrived at first and third arguments can be with the Stock Exchange in disposed of by the fact that my 1921 has been provided for. Memorandum would not exceed

3 Knowledge. 4 Mournfully.

6 Ecclesiastical dignítary, 7 Before.

8 Mend. Q Embellish.

(f) The Investor and the specu-three pages or so of print. Even KUMSANG TRAGEDY.

lator are placed on the same basis. (No new taxation is suggest

ed in fact as far as the in- vestor is concerned he will pay less in the future..

name, so as to obtain all the bene- fits of a shareholder and clear his purchase from any lien which

In practice the system will be as might be escreized by the com- follows:-On a sale of shares be-. pany against the registered hol-ing entered into the broker or the der. The speculator holds the seller as the case may be will make shares with a blank transfer al-out a contract evidencing the tached and pays only the contract transaction and the same will be stamp duty, which is far lower stamped at the Treasury with an than the amount paid by the ad valorem stamp for the amount genuine investor, in stamp trans the transaction calls for, and the fer duty.

same will in the usual course of business be either delivered to thu buyer or a notification thereof sent to the buyer. When the shares are to be delivered to the seller, the recommendations of a commis- the broker or the seller will take, slon held for that purpose. It was the contract to the Treasury to

I have the honour to be. proposed to enforce the immediate gether with a transfer document

Sir, registration of all, transfers of and the Treasury will on produc- shares and do away with blank tion of the contract,

stamp the

(Sd.) W. E. L. Shenton. transfers so that the Government transfer document with a certi- The Hon. The Colonial Secretary

Annexe F. should receive transfer stump duty fieate which will be signed by the on all transactions, but in ego-requisite Officer in the Treasury Proposed Revision of Stamp tiation with the Stock Exchange it to the effect that the requisite ad Duty on Contracts. was arranged that instead of en-valorem stamp duty has been paid. Up to $ 1,000 forcing the immediate registration This stamped transfer together of transfers, a share contract with the scrip for the shares will stamp varying from $1 to $101 be handed to the buyer who will should be placed on each share then be at liberty to either retain. contract.

the scrip and the transfer docu-i The stamp transfer duty payablement as they then stand or trans- at the present time is 20 cents for fer the shares into the buyer's every $100 or part thereof.

abce ure:

a

name.

The principal objections raised |. The company whose shures they to the proposed amending Ordinary, on receiving the transfer docu- ment with the Treasury certificats (a) That it detrimentally affects will be exonerated from making the negotiability of shares further enquiries as to whether Ly abolishing the system of the requisite stamp duty has been. blank transfers.

paid.

(b) That it would force the bulk of the shares in the Colony into the names of nominees of the banks,

INHALINE

THE

PREVENTS "FLU"

AND

CURES COLD

PHARMACY

(FLETCHER & CO. LTD.,)

A.P.C. Building.

Tél. C.345.

4

Should the buyer not desire to register the transfer, then when the shares are again solt a fare ther contract will be made and a

FRECKLES AND HIS FRIENDS

WHO'S "THAT NOW? I NEVER SAW THAT MAN

'BEFORE!!

LOOKS LIKE HE'S COMING

HERE,

TOO!

IMPRESSIVE SCENES AT

FUNERAL.

14, Receiving.

55

15 Pertaining to tone.

16 Sacred hymn.

18 Rose-like.

21 Mischievous child.

29 Brought about.

place.

25 Departs. 26 Disturbance."

-27

20 C

29 Water-course.

31 Observation.

33 Kind of fairy,

-

34 Strike with the beak.

38

ignatched.

20

38

32

30 Wealth.

42 Swift.

41 Irritable..

41 State of perpetual warfare.

45 Infected with measles.

40 Assign.

48 Okt.

49 Emancipated.

51 Joined with stitches,

54 Mind,

65 Barm.

56 Agitate.

58 Moisture deposited at night, 60 Cercal.

Yesterday's Solution.

A

10

GROTTO ANERGY APA · REDULAR PASTIME ASSE A ́ ́COMPENSATED AFAR. 7.0 L LENO QULY MUD SNAR CRAMBUM MANUA RG ALBUM

RECTIFY R SCOW HAT HERE C X C TALE A® DEGI LATATED PRCOATE EREMITA 2 ·A· 7ESTATE ~ D MALTEAS MENAGA

Captain Crouch, Lieut. Wolfe- for the sake of argument that it

Barry, Lieut. Sugden, representing Command did, as a statement of reasoned

Headquarters and observations on the Hon. "Mr.

parties from 20th, 12th and 31st Shenton's proposals its exclusion.

Heavy Batteries, A firing party in my opinion, is not justified, es-

was provided by the dead soldier's pecially when, in reply, Mr. Shen.

The funeral of Lance Corporal own battery, the 20th Heavy.. I do not suggest that transacton wrote to the Secretary of tho

Wreaths were sent-by-Lieut.- tions between authorised dealers Committee on the 14th June, that E. Bellerby which took place Col. W. F. Christian, Commanding of the Stock Exchanges should be "paragraphs 4, 5, 6, 7 and 8 also taxed any more than they are at paragraphs 22 and 23 contain ex at Happy Valley yesterday after Royal Artillery, Hongkong, Junior Battery, present...

cellent creative suggestions. I noon, was an impressive one. The N.C.O.'s 20th Heavy think that, the Committee would do dead soldier was accorded military Officers Mess, RA, Lyeemun.. Offcors Mess RA, Hongkong, well to consider these suggestions, honours, and his coffin was borne Hongkong and Singapore Brigade, with a view to their adoption." I urged at the same time that, in all by men of his own rank from the R.A., Gunners 20th Heavy Battery, fairness to the Hon. Mr. Shenton, cemetery gates to the graveside, Sergeants' Mess, Kowloon, Ser eants' Mess, Stonecutters, Officers his replies to my criticisms should also find a place in the Appendix. where the officers and detachments Mess, Stonecutters, R., Ser. 5. The value of the official com- who attended, the service were geants Mess, Victoria Barracks, munication from Singapore les in

Married Families, Stonecutters.

2,500 5,000 7,500

.10,000 12,500

• 15,000

17,500

20,000

$ 1 Stamp.

3

12

10

For every additional $5,000 or part thereof, $2,

Present Stamp Duty on Contracts. Up to $1,000

10.000 20,000, 50,000

.$ 1

3 5. 7.60.

H

10 above 60,000.

Share dealings through brokers or direct between clients must be subject to these duties.

Provide penalties for evasion,

IS HARRY ORMSBY

ANYWHERES.

AROUND, MY."

Boy?

the fact that when the new Stamp grouped. From Wellington Bar N.C.O.'s 12th Heavy Brigade. Bill was discussed in Committee racks to the cemetery the coffin at a meeting of the Singapore was borne on a gun carriage. Legislative Council on

the 25th

covered with the Union Jack, with COME TO US March last, it was decided to, re- duce the flat rate of duty charge- the deceased's helmet and belt on able on transfers to 15 cents for every 3100 of consideration. The top

FOR YOUR

original proposal was to charge The burial service was read by RADIO

on

"certified" transfers 10 cents per $100, and "blank" transfers 30 cents per $100.

The flat rate of 15 cents per 3100 is less than the Hongkong rate of 20 cents.

J. P. Braza. Hongkong, 31st July, 1929, (Continued on Page 9.)

The Station Agent

YES-YOU'LL FIND HIM OVER THERE IN THE HOUSE!

TELEGRAM FER YOU = I FIGGERED AS HOW IT WAS IMPORTANT SO. I. TOTED IT

UP FER

You!

the Rev. Scott Little, Senior] Chaplain to the Forces. The following members of the Royal Artillery, China Command, were present as mourners. Major Tuke, commanding 20th Heavy) Battery R.A., Major Hewson, com- manding 12th Heavy Battery R.A.,

WELL-THAT'S MIGHTY NICE OF. YOU, ORB THANKS.

NERY MUCH!

NEEDS

SHORT WAVE EQUIPMENT AND ALL SPARES IN STOCK.

NOTE THE ADDRESS—

„THE UNION STORE

37, Des Vœux Road,

By Blasser

7 FEELING

TELEGRAMO

SUDYSIDE 1979 JUNE IS AMB M

HARRY ORNSEY

BAR O RANCH

FINE

THE LEFT N..

SHOULD REACH BAR O

IN A FEW DAYS. DONT TELL FRECKLES AND TAG REGARDS

HENRY MCGOOSEY

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