STAMP DUTIES.

Dominion, Volume 2, Issue 621, 25 September 1909, Page 5

STAMP DUTIES.

DOUBLING CLAUSE IN FINANCE BILL ' COLONIAL EXEMPTIONS. EFFORT TO EXTEND THEM FAILS. (By Asaocfation-CopyrlsM.) (Bcc. September '24, ,11.55 p.m.) London, September 24. In the House of Commoha, in commityoo on the stamp, duties clauses of tlio 1 Finance Bill, a debate took place on Clause 56, which doubles tho 6tanip duties on marketable- securities (except Colonial Government .. securities), sharo 'warrants, and stock certificates to bearer. , Under this clause—'

The stamp duties chargeable on marketable securities (other than Colonial Government securities) under Paragraphs (1) (C), (3), and (4) of tho heading "Marketable Security" in the first schedule to the principal Act and 'the stamp duty chargeable on marketable securities, share warrants, or stock certificates to bearer under Sub-Section (1) of Section 1 of the Finance. Aot, 1899, shall bo double those specified in the eaid schedule or charged, by the said section as the case maybe.]-

: Mr. Rowland Hunt, Unionist member for Ludlow division of Shropshire, moved' an amondment' to omit the word "Government"- in tho words "other than Colonial Government' securities." Tho effect of this amendment .was to exempt - all: colonial securities, instead of only Government ones, from tho doubling of tho duties. Tho mover argued that if trade followed; a loan, exemption of all colonial securities would facilitate'colonial trade.. .'■'■'.', .'■<■'

An interesting' .and .vigorous - 'debate-, followed. Mr. Hobhouse,. Financial Secretary to tho Treasury, said tho Government con': sidered that the existing exemptions in the Bill in favour of Colonial. Government and Provincial Government!'securities were sufficient. . ' '. '"■';!';'■ :i- :'■ •■ ' iff. Hunt's amendment was rejected, by 200 votes to 60. ' ' '. ,; ,. ;' ,