This resolution, gentlemen, requires but little comment from the Council. I have endeavoured, in dealing with the Report and accounts for the past year, to make clear to you that additional revenue is essentially necessary if Shanghai is to be administered on the lines of the best municipalities in Europe and America and to be provided with such modern conveniences and improvements as its position and responsibil ities call for. The last assessment of land in the Settlement was made three years ago, ata time when the increase in the value of real estate had only been partially felt, and there is no doubt that much property is now paying taxes upon assessments which are considerably below market value. This remark applies with special nev to the outlying districts of Hongkew. The As ¢ Commitive which, if you adopt this resolution, will be nominated by the Council will no doubt follow the policy of its predecessors and, hile carefully weighing the conditions obtaining in each ease, will take into duo consideration the possibility of a future decline in the existing values of land. It has been pointed out on more than one occasion in the past that the rate levied on land in Shanghai is comparatively higher than that of certain representative munici-polities elsewhere. In determining, how:
taxation which should be borne by this ever, the just proportion of the burden of class of property, it should be taken into consideration that in Shanghai a great deal work tending to the improvement of private property is paid for cub of the public funds. I refer especially to the During the past year the amount expended purchase and making up of new roads, on such work was Tls. 66,000 or, roughly, half the total revenue derived from the land tax. If these facts are borne in mind it will, think, be generally admitted that the re-assessment of land is an equitable and necessary measure.
Mr. F, Axpensos—I have much pleasure in seconding the resolution.
The motion was then put to the meeting and carried unanimously.
Mr. F, Axprnsox—I rise to move—
Resolution VII.—That the estimated oxpenditure in the Municipal Budget, for the Fear commencing Ist Jaauary, 1899, and ending 31st December, 1899, as proposed by the retiring Council, together with the recom.
nations attached thereto, be approved and adopted, and the Council be authorised to impose, collect, and recover the rates; taxes, dues, and fees recommended therein, and to raise, should it be considered expedient to do so, a sum not exceeding Tls. 110,000 (taels one hundred and ten thousand) by the issue of debentures, redeemable in not less than five years, and not more than twenty years from date of issue, and bearing interest Trate not exceeding 6 per cent. per annum for
Text read from the printed page and cleaned; old type leaves the occasional error.