Please do not think that there will bbe no opportunity for individual views to be expressed, Every opportunity will be given to Fepresentatives bodies who so wish (o express their views fo the Committee, The same thing applies to Individual ratepayers who may have given thought to taxation problems, "Above all, please do not think that the Council hopes that the Committee will merely give its blessing to the laxisting system, The Council and its oMfeiais appreciate that there have been inequalities of taxation, We have been trying to find remedies. We shall be delighted if the Committee is able to devise something which will remove grievances and put things fon a fairer basis, "As you have been good enough to come here, T would like to say something about a few other matters, [Apart from the question of unfairnesses in the present system, a lot of people think that the Council ought to introduce entirely new taxes, 1 do not want to seem to be opposing new ideas but I would like you just to think over some of the dimeuities Involved, For years the Council has been advised by its lawyers that its taxing powers are limited to the collection of wharfage dues and Hence fees, land tax and rates on buildings, We are quite ready to ask the lawyers to think again and see if [they can interpret our powers more widely; but please remember that no tax is'any good that cannot be enforced in the Courts, A municipality jean not exist on taxes which individuals can refuse to pay. Therefore you have to have taxes which the Courts in the Settlement will regard fas legally binding, and that is why the Couneit cannot go beyond the gal interpretation of the Land Reulations Tax From Business Profits Putting aside the legal dimeuities, 1 suggest that you all give some thought to the type of new taxes that you will like to see introduced, Many people appear to think that the Coun-fil, ought to collect a tax on income from business profits, Just consider how incredibly dimeuit that would be In -Shanghai, Again, you must re~ member that no tax is fair unless Jeverybody pays on the same basis, Can you imagine the diMeulty of finding out the real income and real profits of the various individuals and businesses of different nationalities in this ety? We should require an army of Investigators, accountants, inspectors, and even then we probably should not get at the truth, Also, we have no rights to insist on inspecting the accounts or the books of business house Another popular line of thought is fa tax on the Stock Exchange and other exchanges. T do not want to be misunderstood, and I will say at once that the Council would be delighted If it could obtain, either by voluntary gift or compulsory levy, any reasonable share in the income made from stock exchange or other similar transactions. But would it really be wise to rely on such a tax to meet the Council's ordinary expenditure? What you want, to run municipality, axe taxes that you can rely upon. 'A tax on the Stock Exchange would bring in a lot of income when business was good: during slump period it would bring in practically nothing. I would there fore myself advoedte that if such tax was introduced it should be used only {o meet abnormal and extra ox: penditure.
Text read from the printed page and cleaned; old type leaves the occasional error.