STAMP DUTIES.

Dominion, Volume 3, Issue 622, 27 September 1909, Page 7

STAMP DUTIES.

THE DOUBLE IMPOST ON SECURITIES COLONIAL EXEMPTIONS. MUNICIPAL AND STATE LOANS. Illy TclcßVftpli.—l'resa /litoclatlon.-OoDTrleuU London, September 24. Tho dobatq in committee of tho Houso of Commons on the amendment moved by Mr. R. Hunt (Unionist) to tho now doublo stamp duties was of special interest to tho colonies Under Clauso sfi of tho Financo Bill, tho stamp duties on marketable securities (except colonial Government securities), share warrants, and stock certificates' to bearer, arc doubled. Mr, Hunt's amendment proposed to omit tho word "Government" in the words "other than .colonial. Government securities." Tho effect of this amendment would bo to exempt all colonial securities, instead of only Government ones, from tho doubling of the duties. Sir F. G. Banbury, Unionist member for London City, supported tho amendment. He saw no reason, why colonial railway and municipal securities should bo excepted from the exemption which Clauao 56 extended to colonial Governmont securities. The object of tho exemption was to encourage British capitalists to-invost money in tho colonics. Mr. Timothy Healy (Nationalist) did not see why tho colonies should be allowed to escape the doublo stamp duty. f The proposal to exempt them 'was in lino with that Birmingham policy which was anathema to the Tronsury bench.

Mr. J. S. Harraood-Banncr (Unionist inoniber for Evorton) supported tho amendment, considering that these colonial municipal loans wore of tho greatest value to British industries It was often arranged that the money should be spent on work in Britain. Major F E Coates (Unionist member for Lewishara) gave a powerful analysis of the effect of the stamp duties from the standpoint that they were imposing trammels on freo dealing m securities. Ho claimed that the exemption of municipal loans from the double stamp dub 1 would bo greatly appreciated in the colonies, and would provent the United States from taking Canadian municipal bonds from the English market. Mr Hobhouso, Financial Secretary to tho Treasury, roplyvng, said bo had been advised that the competition for colonial municipal loans did not come from prance, Germany, or tbo United States, but was among tho various groups operating in Britain, Hcnco tho osompting of colonial municipal Icaua could not necessarily benofit tho colonies. Last year Britain lent Canada forty millions, and Australia eight to ten millions Tho United States was becoming a vory dangerous competitor to Britain >n loans made to municipalities and industrial concerns in tho colonics and olsewhere A few years ago competition did not exist j that it existed now was duo to the, huge accumulation d capital in tho United'Stateo during the last ten or twenty years, British citizens would have reasonable ground for objecting if all money lent to Iho colonics was cwmpted from the double stamp duty \ Mr V. H Long, President of tho AntiBudgot League, doolared that thoro was not a particle of defence for tho Government's attitude Ms ll Hiwt'a ( jany>ndmor;lj^&s i rejcotcd JO3 votes t0"69 •