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The Budget was brought forward on the 13th of February. It proposed to continue the income tax, which experience had shown to afford a means of supplying the place of taxes repealed, until such time as the revenue should recover itself. The Minister then unfolded his scheme, which formed no unworthy complement to his great Budget of 1842. It proposed a reduction in the sugar duties, which could not be calculated at less than 1,300,000, and was expected to lower the price to the consumer by about 1-1/4d. a pound. The Minister then proceeded to refer to a list of articles, 430 in number, which yielded but trifling amounts of revenue, and many of which were raw materials used in the various manufactures of the country, including silk, hemp, flax, and yarn or thread (except worsted yarn), all woods used in cabinet-making, animal and vegetable oils, iron and zinc in the first stages, ores and minerals (except copper ore, to which the last Act was still to apply), dye stuffs of all kinds, and all drugs, with very few exceptions; on the whole of these articles he proposed to repeal the duties altogether, not even leaving a nominal rate for registration, but retaining the power of examination. The timber duties generally he proposed to continue as they were, with the one exception of staves, which, as the raw material of the extensive manufacture of casks, he proposed to include with the 430 articles, and to take off the duty altogether. On these articles the loss amounted to 320,000. The next and most important relief in the whole proposition was the article of cotton wool, on which the Minister proposed also to reduce the duty altogether, and on which he estimated the loss at 680,000; and these constituted the whole of the proposed reductions of the import dutiesthat is, sugar, cotton wool, and the numerous small articles in the tariff. The next items of reduction proposed were the few remaining duties on our exports, such as china-stone, and other trifling things, but including the most important article of coals, on which the duty had been placed by the Government, and at the result of which Sir Robert Peel candidly avowed his disappointment. The duties he estimated at 118,000. He then passed on to the excise duties, among which he had selected two items of great importance for entire repealthe auction duty and the glass duties. By a repeal of the auction duty he estimated a loss of 300,000; but as he proposed, at the same time, to increase the auctioneer's licence uniformly from 5 to 15 (making one licence answer for all purposes, whereas, at that time, several licences were often necessary to the same party) he expected from 4,000 auctioneers an increased income, so as to reduce this loss to 250,000. On the important article of glass he gave up 642,000. These constituted the whole of his proposals; and the surplus of 2,409,000 was thus proposed to be disposed of:Estimated loss on sugar, 1,300,000; duty on cotton repealed, 680,000; ditto on 430 articles in tariff, 320,000; export duty on coal, 118,000; auction duty, 250,000; glass, 642,000. Total, 3,310,000.

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The number of distinguished authors on miscellaneous subjects was very great at this time. In jurisprudence and political economy there were Jeremy Bentham, whose life ended in 1832; his eminent disciples, John Stuart Mill, Dr. Bowring, and Dr. Hill Burton; Archbishop Whately, Mr. M'Culloch, Mr. Sadler, and Mr. N. W. Senior. De Quincey began his brilliant career as an author in 1822, by the publication of "The Confessions of an English Opium-Eater."
ONE:

Guiding our corporate vision for success

HKBN is steered by a Board of Directors that intermingles a range of expert abilities for visionary thinking. Our board consists of eight Directors, comprising two Executive Directors, three Non-executive Directors and three Independent Non-executive Directors.

Bradley Jay HORWITZ
Bradley Jay HORWITZ
Chairman and Independent Non-executive Director

Bradley Jay HORWITZ was appointed as the Chairman and an Independent Non-executive Director of the Company on 6 February 2015. In 2005, Mr. Horwitz founded Trilogy International Partners and has served as president and chief executive officer since it was established.

Bradley Jay HORWITZ was appointed as the Chairman and an Independent Non-executive Director of the Company on 6 February 2015. In 2005, Mr. Horwitz founded Trilogy International Partners and has served as President and Chief Executive Officer since it was established. Trilogy International Partners was established to acquire wireless international assets in Haiti and Bolivia and to develop additional international wireless assets, primarily in South America and the Caribbean. Prior to establishing Trilogy International Partners, Mr. Horwitz served as President of Western Wireless International, having founded the company in 1995 while also serving as an Executive Vice President of Western Wireless Corporation. Previously, he was a founder and Chief Operating Officer of SmarTone Mobile Communications Limited. Mr. Horwitz graduated from San Diego State University, U.S. with a Bachelor of Science Degree in 1978.

William YEUNG
Chu Kwong YEUNG (William YEUNG)
Executive Director

Chu Kwong YEUNG is the Executive Vice-chairman of the Group and an Executive Director of the company. Mr. Yeung joined the Group in October 2005 as Chief Operating Officer and became Executive Vice-chairman in September 2018.

Chu Kwong YEUNG is the Executive Vice-chairman of the Group and an Executive Director of the company. Mr. Yeung joined the Group in October 2005 as Chief Operating Officer, responsible for overseeing customer engagement, relationship management and network development. In November 2008, he was appointed as Chief Executive Officer and became Executive Vice-chairman in September 2018. Prior to joining the Group, Mr. Yeung was Director of Customers Division at SmarTone Mobile Communications Limited, and served as a police inspector with the Hong Kong Police Force. Mr. Yeung holds a Bachelor of Arts Degree from Hong Kong Baptist University, a Master of Business Administration Degree from the University of Strathclyde, U.K., and a Master of Science Degree in Electronic Commerce and Internet Computing from The University of Hong Kong. Mr. Yeung was recognised as Champion of Human Resources by The Hong Kong HRM Awards 2010. Mr. Yeung is one of our proud Co-Owners.

Ni Quiaque LAI (NiQ LAI)
Ni Quiaque LAI (NiQ LAI)
Executive Director

Ni Quiaque LAI (NiQ LAI) is the Chief Executive Officer of the Group, and an Executive Director of the company. Mr. Lai joined the Group in May 2004. He has rich experience in the telecommunications, research and finance industries, and is passionate about developing HKBN Talents because he believes if you get the people right, the company will do great. Prior to joining the Group, Mr. Lai was an analyst and the Director and Head of Asia Telecom Research for Credit Suisse, where he was involved in numerous global fund raising initiatives for Asian telecom carriers.

Ni Quiaque LAI (NiQ LAI) is the Chief Executive Officer of the Group, and an Executive Director of the company. Mr. Lai joined the Group in May 2004. He has rich experience in the telecommunications, research and finance industries, and is passionate about developing HKBN Talents because he believes if you get the people right, the company will do great. Prior to joining the Group, Mr. Lai was an analyst and the Director and Head of Asia Telecom Research for Credit Suisse, where he was involved in numerous global fund raising initiatives for Asian telecom carriers. Mr. Lai holds a Bachelor of Commerce Degree from the University of Western Australia, and an Executive Master of Business Administration Degree from Kellogg-HKUST, Hong Kong. He is a Fellow member of the Hong Kong Institute of Certified Public Accountants (HKICPA) and CPA Australia. In March 2016, he was recognised as Best CFO by FinanceAsia Survey of Asia's Best Companies 2016 (Hong Kong). Mr. Lai is one of our proud Co-Owners.

Deborah Keiko ORIDA
Deborah Keiko ORIDA
Non-executive Director

Deborah Keiko ORIDA was appointed as a Non-executive Director and a member of the Nomination Committee of the Company on 20 November 2015. Ms. Orida is the Senior Managing Director & Global Head of Active Equities at Canada Pension Plan Investment Board (“CPPIB”), a substantial shareholder (as defined in Part XV of the Securities and Futures Ordinance) of the Company.

Deborah Keiko ORIDA was appointed as a Non-executive Director and a member of the Nomination Committee of the Company on 20 November 2015. Ms. Orida is the Senior Managing Director & Global Head of Active Equities at Canada Pension Plan Investment Board (“CPPIB”), a substantial shareholder (as defined in Part XV of the Securities and Futures Ordinance) of the Company. Ms. Orida joined CPPIB in 2009 in Toronto and has held senior leadership roles, including Managing Director, Head of Relationship Investments International, covering Europe and Asia, and was most recently Managing Director and Head of Private Equity Asia. Ms. Orida is responsible for leading Active Fundamental Equities, Relationship Investments, Thematic Investing, Fundamental Equities Asia and Sustainable Investing. Prior to joining CPPIB, Ms. Orida was an investment banker at Goldman Sachs & Co. in New York and Toronto where she advised management teams and boards on mergers and acquisitions and financing transactions. Prior to Goldman Sachs & Co., Ms. Orida was a securities lawyer at Blake, Cassels & Graydon in Toronto. Ms. Orida previously served on the Board of Directors of Nord Anglia Education and the Board of Directors of the Investment Committee of the Bridgepoint Health Foundation and was the Chair of the Board of Directors of Vitalhub Corp., a mobile healthcare startup company. Ms. Orida holds a Master of Business Administration from The Wharton School and a Bachelor of Laws and a Bachelor of Arts from Queen’s University, Canada.

Zubin Jamshed IRANI
Zubin Jamshed IRANI
Non-executive Director

Zubin Jamshed IRANI was appointed as a Non-executive Director, a member of the Audit Committee and a member of Remuneration Committee of the Company on 30 April 2019. Mr. Irani is a Partner with TPG Capital and leads the Asia Operations Group. He brings over 20 years' experience in building strong teams, driving performance and managing change within businesses.

Zubin Jamshed IRANI was appointed as a Non-executive Director, a member of the Audit Committee and a member of Remuneration Committee of the Company on 30 April 2019. Mr. Irani is a Partner with TPG Capital and leads the Asia Operations Group. He brings over 20 years' experience in building strong teams, driving performance and managing change within businesses. At TPG Capital, Mr. Irani has worked in the consumer, healthcare, financial services, telecom and technology sectors. Prior to TPG Capital, Mr. Irani was with United Technologies Corporation ("UTC") where he led the business in India which included Carrier Air-conditioning and Refrigeration, Otis Elevators and UTC Fire & Security. Mr. Irani started his career at McKinsey & Company and worked in the Cleveland, Detroit, Copenhagen and Mumbai offices, serving several multi-national clients with a focus on automotive, industrial and post merger management. Mr. Irani holds a Masters in Materials Science and Engineering from Massachusetts Institute of Technology, U.S. and a Bachelor of Technology in Materials Engineering from Indian Institute of Technology Kanpur, India.

Teck Chien KONG
Teck Chien KONG
Non-executive Director

Teck Chien KONG was appointed as a Non-executive Director and a member of the Nomination Committee of the Company on 30 April 2019. Mr. Kong is a Partner at MBK Partners and is based in Hong Kong. With extensive investment experiences in both the telecommunication and media industries, he has led MBK Partners’ investments in WTT Holding Corp, China Network Systems Co., Ltd. and Gala TV Corp.

Teck Chien KONG was appointed as a Non-executive Director and a member of the Nomination Committee of the Company on 30 April 2019. Mr. Kong is a Partner at MBK Partners and is based in Hong Kong. With extensive investment experiences in both the telecommunication and media industries, he has led MBK Partners’ investments in WTT Holding Corp, China Network Systems Co., Ltd. and Gala TV Corp. Prior to MBK Partners, Mr. Kong spent five years at Carlyle Asia Partners, where he was Vice President and co-head of the Singapore office, and three years in the investment banking division at Salomon Smith Barney in New York and Hong Kong. Mr. Kong currently serves on the Board of Directors of Apex International Corporation, Teamsport Topco Limited and Siyanli Co. Ltd., and has experience serving on Board of Directors of Beijing Bowei Airport Support Limited, China Network Systems Co., Ltd., Gala TV Corp., GSE Investment Corporation, Luye Pharma Group Ltd and WTT HK Limited. Mr. Kong holds a Bachelor of Business Administration from the University of Michigan Business School, U.S., and has completed an executive management programme at Harvard Business School, U.S..

Stanley CHOW
Stanley CHOW
Independent Non-executive Director

Stanley CHOW was appointed as an Independent Non-executive Director of the Company on 6 February 2015. Mr. Chow has over 21 years of experience as a corporate lawyer in Hong Kong and Canada, including more than 18 years of expertise in dealing with the Stock Exchange's Listing Rules during his time in private practice and as a senior manager at the Stock Exchange's Listing Division.

Stanley CHOW was appointed as an Independent Non-executive Director of the Company on 6 February 2015. Mr. Chow has over 21 years of experience as a corporate lawyer in Hong Kong and Canada, including more than 18 years of expertise in dealing with the Stock Exchange's Listing Rules during his time in private practice and as a senior manager at the Stock Exchange's Listing Division. Mr. Chow was a partner in the Hong Kong office of Latham & Watkins, an international law firm, from March 2009 to February 2014. Prior to joining Latham & Watkins, Mr. Chow practised law with Allen & Overy, from November 1996 to January 2009 where he was a partner in its Hong Kong office for over 8 years. As a corporate lawyer in Hong Kong, Mr. Chow has advised on a broad range of corporate finance and mergers and acquisitions transactions. Prior to his time in private practice, he was a senior manager in the Stock Exchange's Listing Division from May 1995 to October 1996 and also practised law with Canadian law firms in Hong Kong and Canada. Mr. Chow is a member of The Law Society of Hong Kong's Company Law Committee and was admitted as a solicitor in Hong Kong in 1995 and in England and Wales in 1994. He was also admitted as a barrister and solicitor in British Columbia, Canada in 1994 and in Ontario, Canada in 1991. Mr. Chow graduated from Queen's University, Canada with a Bachelor of Commerce (Honours) Degree and holds a Juris Doctor from the University of Toronto, Canada.

Quinn Yee Kwan LAW
Quinn Yee Kwan LAW, SBS, JP
Independent Non-executive Director

Quinn Yee Kwan LAW, SBS, JP, was appointed as an Independent Non-executive Director of the Company on 6 February 2015. Mr. Law currently serves as the Deputy Chairman of Professional Conduct Committee of the Hong Kong Institute of Certified Public Accountants, and is an advisor of the Hong Kong Business Accountants Association.

Quinn Yee Kwan LAW, SBS, JP, was appointed as an Independent Non-executive Director of the Company on 6 February 2015. Mr. Law currently serves as the Deputy Chairman of Professional Conduct Committee of the Hong Kong Institute of Certified Public Accountants, and is an advisor of the Hong Kong Business Accountants Association which he was previously the Director and the Vice President of such Association. Mr. Law is currently an Independent Nonexecutive Director of Bank of Tianjin Co., Ltd. (stock code:1578) and ENN Energy Holdings Limited (stock code: 2688), both of which are listed on the Main Board of the Stock Exchange. From 1 August 2012 to 31 July 2018, Mr. Law was a council member cum Audit Committee Chairman at the Hong Kong University of Science and Technology. From 1 March 2008 to 28 February 2013, Mr. Law was the Deputy Chairman and the Managing Director of the Urban Renewal Authority, a statutory organisation in Hong Kong. Mr. Law is a Fellow of the Hong Kong Institute of Certified Public Accountants and is also a Fellow of the Association of Chartered Certified Accountants. He was admitted as an Associate of the Institute of Chartered Secretaries and Administrators on 11 November 1980. In view of Mr. Law’s experience in reviewing or analysing audited financial statements of private and public companies, the Directors believe that Mr. Law has the appropriate accounting or related financial management expertise for the purposes of Rule 3.10 of the Listing Rules.

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During the recess of Parliament, a dispute occurred with Spain regarding the Falkland Islands, which led to the very verge of war. In 1764 the French, under Bougainville, made a settlement on Falkland Sound; but Spain putting in a claim that these isles were part of her South American territory, Choiseul, the French Minister, abandoned the settlement, and the Spaniards changed its name from Port Louis to Port Soledad. The very next year, 1765, Commodore Byron was sent to form a settlement on another of the islands, which he named Port Egmont, in honour of Lord Egmont, First Lord of the Admiralty. Such were the distant islets to which, in 1769, Spain began to assert her claim. The Governor of Port Soledad sent repeated messages to Captain Hunt, of the Tamar, stationed at Port Egmont, requiring the abandonment of the place. When the notices were succeeded by threats, Captain Hunt sailed home to lay the matter before his Government. He landed at Portsmouth in June, 1770, and made known the Spanish interference to the Cabinet. Meanwhile, the Spaniards, taking advantage of Hunt's absence, had, about the time that he arrived in England, dispatched to the Falklands Buccarelli, the Governor of Buenos Ayres, with five frigates and one thousand six hundred men. Having entered the port on pretence of wanting water, and finding the Tamar absent, and only two armed sloops there, and a mere handful of soldiers, Buccarelli landed his force, and, after the firing of a few shots for form's sake, the English surrendered, and were permitted to depart with all the honours of war.At this crisis George Grenville brought in and carried through a measure, which showed how useful he might have been, had he never been raised out of his proper element to rule and alienate colonies. He was now fast sinking into the grave, though but fifty-eight years of age. This measure was a bill to transfer the trial of controverted elections from the whole House of Commons to a select Committee of it. Ever since the famous Aylesbury case, the whole House had taken the charge of examining all petitions against the return of candidates and deciding them. This was a great obstruction of business; and Grenville now proposed to leave the inquiry and decision to the select Committee, which was to be composed of fifteen members of the House, thirteen of whom were to be chosen by the contesting claimants for the seat, out of a list of forty-five, elected by ballot from the whole House. The other two were to be named, one each, by the contesting candidates. The Committee was empowered to examine papers, call and swear witnesses, and, in fact, to exercise all the authority previously wielded by the whole House. It was opposed by Welbore Ellis, Rigby, Dyson, and Charles James Fox, not yet broken from his office shell into a full-fledged patriot. It was, however, carried, and being supported in the Lords by Lord Mansfield, who on this occasion manifested an unusual disregard of his party principles, it was passed there too.When peace was made in Europe, the United States became anxious for peace too. Madison had begun the war in the ungenerous hope of wresting Canada from Great Britain, because he thought her too deeply engaged in the gigantic war against Napoleon to be able to defend that colony. He believed that it would fall an easy prey; that the Canadians must so greatly admire the model republic that they would abandon monarchy at the first call, and that he should thus have the glory of absorbing that great world of the north into the American Republic. In all this, he and those who thought with him found themselves egregiously deceived. The Canadians showed they were staunchly attached to Great Britain, and the attempts at invasion were beaten back by the native militia and by our handful of troops with the greatest ease. Meanwhile, the blockade of the east, and the seizure of the merchant shipping, drove the New England and other eastern States to desperation. Throughout this war Great Britain made a uniform declaration of a preference for peace, but her offers were regularly rejected so long as Napoleon was triumphant. The United States, professing the utmost love of freedom, were the blind and enthusiastic worshippers of the man who was trampling the liberties of all Europe under his feet. It was not till the last momentnot till he had been defeated in Russia, driven by Britain out of Spain, routed and pursued out of Germany, and compelled to renounce the Imperial Crown of Francethat the American Government began to understand the formidable character of the Power which it had so long and so insolently provoked, and to fear the whole weight of its resentment directed against its shores. It is certain that, had Britain been animated by a spirit of vengeance, it had now the opportunity, by sending strong fleets and a powerful army to the coast of America, to ravage her seaboard towns, and so utterly annihilate her trade as to reduce her to the utmost misery, and to precipitate a most disastrous system of internal disintegration. The New England States, in 1814, not only threatened to secede, but stoutly declared that they would not furnish another shilling towards paying the expenses of the war. They even intimated an idea of making a separate peace with Britain. In Massachusetts especially these[114] menaces were vehement. Governor Strong spoke out plainly in the Legislative Chamber of that State. Madison endeavoured to mollify this spirit by abandoning his Embargo and Emancipation Acts, but this was now too late, for the strict blockade of the British, in 1814, rendered these Acts perfectly dead.ON THE EVENING OF THE BATTLE OF WATERLOO.Puisaye's mission to London had been successful. Pitt was weak enough to fall into the plan of sending over the Emigrants in our shipsas if any such force could do more against the Republican armies than create fresh miseries to all parties, and bring down worse vengeance on the unfortunate Vendans and Bretons. Puisaye, with the aid of the Counts d'Hervilly, d'Hector, du Dresnay, Colonel Routhalier, and other Royalist officers, had mustered a most miscellaneous[446] body of three thousand Emigrants, most of whom had been soldiers, and who were accompanied by four hundred artillerymen of Toulon, commanded by Routhalier. Besides these men, of whom the Count d'Artois, for the time, gave the command to Puisaye, intending himself to follow, Puisaye carried over ten thousand pounds, furnished by the Count d'Artois, twenty-seven thousand muskets, six hundred barrels of gunpowder, uniforms for seventeen thousand infantry and four thousand cavalry, as well as provisions for three months. These troops and stores were, after many delays, conveyed in a little squadron of three ships of the line and six frigates, attended by transports, and commanded by Sir John Borlase Warren. They sailed from the Isle of Wight in the beginning of June, another squadron being sent to take up the Emigrant troops in the Channel Islands, and land them at St. Malo, where they were to co-operate with bodies of Chouans. These Chouans were smugglers and bandits, who had led a life of plunder, and had been easily collected into a sort of guerilla force, and their mode of warfare still bore a strong resemblance to their old habits. These men, under their different chiefs, had been excited by Puisaye to combine for a strong resistance to the Republicans. They were dressed in green coats and pantaloons, with red waistcoats. During his absence, Puisaye had deputed the chief command of the Chouan bands to the so-called Baron Cormatin, or Sieur Dsoteux, who had assumed the title of Baron de Cormatin from an estate of his wife's. Cormatin was a vain, weak man, and by no means trustworthy, being ready, at any moment, to supersede his chief, Puisaye, and act for himself. If the expedition against St. Malo did not succeed, it was to join Puisaye and his detachment in the Bay of Quiberon; and transports were also sent to the mouth of the Elbe, to fetch thence the Emigrant regiments with the black cockade, and bring them to join Puisaye. If all went well, the Count d'Artois was to follow with British troops. The grand error of the whole was, that the French prince did not put himself at once at the head of the expedition, and see the different squadrons united in the Bay of Quiberon before making the descent, though, even then, it could have effected no great success.
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