THE Grey River Argus. PUBLISHED DAILY. SATURDAY, DECEMBER 2, 1871.

Grey River Argus, Volume XII, Issue 1046, 2 December 1871, Page 2

THE Grey River Argus. PUBLISHED DAILY. SATURDAY, DECEMBER 2, 1871.

The New Stamp Duties Act came into operation yesterday, and as the alterations are of a "very important nature we will endeavor to lay before onr readers a brief resume' of its principal features. It consists of 30 clauses. The first three clauses relate to the title, construction, and notification of the Act. Clause 4 refers to duties already in existence, but which are altered by the present Act. Clauses 5 and 6 define the duties of the District Land Registrar relative to the issue of certificates for transfdr of land under the provisions of " The Land Transfer Act, 1870." Should any person refuse to give information required by the Registrar in granting a certificate, or determining the amount of stamp duty they shall be liable to a penalty of and the Registrar has power to withhold the granting of such certificate till he is satisfied as to the amount of duty payable thereon. Clause 7 provides that any certificate of title or other iustrnment registered under " The Land Transfer Act, 1870," is not invalid, although it may have been insufficiently stamped or not stamped at all." J Clause 8 provides that when lands or other property shall be sold and conveyed to any person in consideration of a debt or subject to a future payment, the purchaser is to be charged with the duty chargeable. Clauses 9, 10, 11, and 12 relate to a new set of stamp duties, which are defined in the schedule as any person receiving any appointment under the General Government, Provincial Councils, County Council, or Municipal Corporations, shall pay a duty at the rate of ,£1 per cent, where the emoluments or salary shall exceed £100, and not exceed £200 per annum ; £2 per cent, for .£2OO, and not exceed £500 ; £3 per cent, for salaries exceeding But should the appointment be renewed annually, the duty will not be chargeable over again. Should, lvwever, the salary or emoluments be increased, duty will only be charged upon the increase. Clause 13 relates to the assessment of duty on transfer of runs. Clause 14 provides that auy property ch.argeable.with an ad valorem duty, shall uot be chargeable with further duty for improvements. Cla\iBo 15 requires that all Incorporated Companies in New Zealand, or that may be incorporated, whether under the Joint Stock Companies Act, or by Act of GenerJ Assembly, shall take out a yearly license, from the date of this Act coming into operation. Clause 16 exempts companies registered under " The Mining Companies Limited Liability Act, 1865," or under the Joint Stock Companies Act for the working of mines, or for the cultivation, &c., of New Zealand flax. Clause •17 directs that no certificate of incorporation shall be issued by the Registrar till the license fee is paid. Clause ] 8 provides j that if any Incorporated Company, except those enumerated in Clause 16, should carry on business without being licensed, on and after the date above-mentioned, or neglect to renew them within one calendar month from the expiration of such^license, every director, secretary, or other person acting in the management of such Company is liable to a penalty of not less than £50, and not exceeding £100. Clauses 19 and 20 are so important in a mining district, and so necessary for miners and others interested in mining transactions to become [ acquainted with that we give them in their entirety : — "19. Upon the sale or transfer of any shares in the stock funds or property of any corporation, company, or society in New Zealand (except where the same may be exempt from, duty under the said Act or any Acts amending the same), or on the sale or transfer of any shares in any gold mining claim, or in auy other property held by virtue of a miner's right or other business license under « The Gold Fiolds Act, 1866,' or any Acts amending the same, the full purchase money or consideration which shall be directly or indirectly paid or given, or agreed to be paid or given, for the same, shall be truly expressed aud set forth in or upon the principal or only instrument evidencing such sale or transfer. And if in any such case the full purchase money or consideration shall not be truly expressed and set forth in the manner hereby directed, the purchaser or purchasers thereof shall forfeit the sum of fifty pounds, and shall also be charged and chargeable with and be holden liable to the payment of five times the amount of the excess of duty whicb would have been payable on such sale or transfer in respect of the full purchase money or consideration money, as aforesaid, in case the same had been truly, expressed and set forth in or upon the same, as required by the said Act or any Acts amending the same, beyond the amount of the duty actually paid for the same, which quintuple duty shall be deemed and taken to be a debt to her Majesty the Queen, her heirs and successors, from the party or parties respectively hereby made liable to pay the same, and shall and may be sued for and recovered accordingly. If any party liable to the payment of any duty under this section shall give information to the Commissioners whereby such penalty or quintuple duty , shall be recovered from any other jpaity I liable thereto, the party giving the information shall not only be indemnified and discharged of his liability, but shull be rewarded by the Commissioners out of the penalty or quintuple duty so recovered, to such extent as the Commissioners may think proper, but not exceeding one-half of what shall be so recovered ; and where any other person shall give information whereby any such penalty <>r quintuple duty shall be recovered, he shall be rewarded in the like manner, . "20. If any broker or other *gebt of any person or persons, upon any such sale or

transfer as aforesaid, shall make or sign any contract or transfer upon which stamp duty is chargeable, and shall knowingly insert therein any other consideration than the full and true consideration therefor in manner required by the last section, he shall be liable to all the penalties and liabilities by the last section imposed upon the persons therein mentioned, and, in addition thereto, shall forfeit all right or claim to any brokerage, commission,' 'pr other remuneration, for or in respect of, any such sale or transfer as aforesaid." „ Clause 21 relates to the affixing of stamps upon deeds, instruments, &c, such as memorandums of award, appointment of trustees, and all the various duties comprised in schedule A. The stamps used are either to be. impressed or adhesive. If adhesive, such stamps can only be affixed andcancelled by the Commissioners appointed. Clauses 22 and 23 deal with the affixing and cancelling of stamps on drafts aud orders for payment of money, which, may be either impressed or by adhesive stamps, the same to be cancelled in the usual manner. Under these clauses come various descriptions of affidavits, appraisement or valuation of any property which will now require to be stamped, or of auy interest therein, or of the annual value thereof, or of any dilapidation, or of any repairs wanted, or of the materials and labor used, or to be used, in any building, or of any artificers' work whatever, where the amount of the appraisement or valuation does not exeeeel L2O, must bear a shilling stamp, gradually increasing in a pro rata degree up to LSOO, which will require LI stamp. It is most important that any person connected with the building trade or contracting, should pay particular attention to this portion of the Act. Every draft or order, including cheques or orders on bankers for the payment of any sum of money to a payee named or bearer, or on demand must bear a2d stamp. Every receipt given for or upon the payment of money amounting to £2 or upwards must also bear a 2d stamp. Any notarial act, with the exception of protest on injury to ship and cargo must have Is si amp affixed ; with regard to protests of damages to vessels, cargo, or loading, a 2s 6d stamp must be used. Clause 24 bears upon the previous clause in relation to the duties pn drafts. Clause 25 empowers commissioners to provide stamps and dies for carrying out the Act. Clause 26 provides that all deeds executed out of the Colony in regard to real and personal property, must, to make them legal, be stamped tl;e same as if they were executed in the Colony. Clauses 27 and 28, 29, and 30 relate to exemptions of Government and other documents, and the repeal of various Acts.