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426 revenue which had to be refunded. In 1870 the revenue decreased slightly (by £1,791) and somewhat more in 1871 (by £14,711). But Sir Richard could boast of having so regulated the finances, that, during a period of unexampled commercial disasters in China, the Colony emerged from a state of insolvency to one of assured financial stability, without leaving a single claim unsatisfied or borrowing a fraction from the Special Fund which had unavoidably accrued from the gambling licences.

It has already been shewn that this financial success was achieved principally by means of the Stamp Ordinance (12 of 1866). When Sir Richard first announced (August, 1866) his intention of introducing a Stamp Act, the foreign community seemed to be rather at a loss, at first, what to think of the measure. But when the second reading of the Bill was carried in Council (September, 1866), one local paper (China Mail) boldly supported the principle of the Bill, whilst another paper (Daily Press) opposed it and complained that the Bill was hurried through whilst the unofficial Members of Council were ignorant of its contents and bearings. A public meeting was held (September, 1866) and, in pursuance of the resolutions passed, a Memorial protesting against the confirmation of the proposed Ordinance was accordingly signed by almost every firm in the Colony. The principal objections which the foreign community had against the Bill consisted in the following allegations, (1) that stamps would seriously obstruct commerce, a surmise which subsequently proved unfounded; (2) that the measure was of such an expansive character as to encourage extravagance on the part of the Government, an imputation born of distrust which subsequent events contradicted; (3) that the incidence of this form of taxation would fall principally on foreign commerce, whilst the Chinese would manage to evade it. The force of this latter allegation, which appears to have been a correct forecast of the subsequent working of the Stamp Ordinance, was enhanced by the statement, which was made in a public paper at the time, that, as things then stood, the