May it please Your Excellencies, The conces of Bonded Warehouses at this port is a subject that has eng, attention for many years, The Shanghai General Chamber of Commerce moved actively in the matter during the years 1868/1869, as appears from their published Report for the period, with the view of bringing it to practical and successful issue. It was then understood beyond doubt that Bonding would be applied at any rate to the public Wharves, when arrangements were completed, privilege of Bonding was not then conceded, but the principle understood to be accepted received no contradiction, although the subject has since on several occasions been brought under discussion. Meantime the trade of the port expanded, existing Whatves and Warehouses were ex: tended, and new ones were established to meet the growing commerce of the port.
With a confidence begotten of trust in the position as it was understood to exist, and not doubting that when the appropriate moment arrived for the declaration of Bonding, those Wharves would participate in the privilege, the public in Shanghai invested their capital in these undertakings, never for ® moment supposing that an attempt would be nade to place those structures, created for the needs of the commerce of the port, at disadvantage. The extension and construction of Wharves was known, and their object well understood, but no ion nor hint was given that the principle as enunciated in the earlier discussions upon the subject would be departed from.
Rumours, however, in connection with the matter were prevalent some two months ago, and the Chamber of Commerce endeavoured to elicit information as to what was proposed to be done, and failing in this, a public meeting of that budy was held on the 9th December last, when a resolution was passed for communication to Your Excellencies, and your Memorialists were much surprised to learn from Customs Notification No. 279, dated 29th December, 1887, and which was notified to them in the form of an advertisement in the evening newspapers of the 30th, and North-China Daily News of the 31st idem, that Bonded Warehouses would be established as on and from the next day, viz., Ist January, 1888, and that Bonding was confined to the China Merchants' Steam Navigation Company's Lower Hongkew Wharf, thus confirming the rumours upon which the Chamber of Commerce This action is im direct opposition to the system which they were fully justified in expecting would be adi ed, and with which in their minds the public in Shanghai invested their money in wharves and other similar property. Even admitting for the sake of argument that to have excluded them from partaking in the exercise of the concession could be shown to be a strictly legal measure, and not implying any violation of Treaties, or internat it is certainly contrary to all les of equity, and to the amity which characterise the intercourse of friendly nations. The step which has been taken will certainly result in a loss of vested interests, and whilst it is an evident curtailment of the prefect freedom of trade which has always prevailed at Shanghai, it is calculated to produce a feeling of uneasiness and uncertainty, which must have a most damaging effect upon the prosperity of this emporium of the Tt would not be an argument this assertion to say that Bonding not being compulsory, the commerce of Shanghai is at full liberty of not making use of the appointed Warehouses, by paying the duties at once. Your Excellencies are aware that immediate payment of duties constitutes a tax which would place those upon to incur the outlay at a disadvantage as compared with those who did not require to P*The absence of any interval between the announcement and actual execution of the Beferential Bonding has prevented. your femorialista from bringing the matter before Your Excellencies at an earlier moment.
The procedure which has been adopted appears to them both ill-advised and hasty, and, in view of the gravity of the interests imperilled, most unusual.
Your Memorialista desire to impress upon Your Excellencies the importance of these interest, and pray that you niay ernestly urge upon the ChineseAuthorities the propriety and justice of extending to the public wharves and such institutions as the incidence of business requirements necessitate, the privilege of bonding under proper re-gala tons and, guarantees a¥ is done) in england, in America, and several other maritime countries of of the world.
Text read from the printed page and cleaned; old type leaves the occasional error.