NEW STAMP ACT.

Mount Ida Chronicle, Volume VI, Issue 337, 20 August 1875, Page 3

NEW STAMP ACT.

(From the 'ifew Zealand Time's.) The Stamp Act, introduced- by Mr. Bowen, consists of 128 clauses. It proposes to consolidate the six Stamps Acts presently in force, and we- think succeeds in that object. As a source of revenue, stamp duties are necessary, therefore we shall not discuss the policy of the Bill. The principle was contested in 1865 effectually, but like nearly every device for increasing the burdens of the , people it ultimately became law, that is to say, in 1866; and from that date until now it has cost a great deal ot trouble to amend, extend, and consolidate the law, "We hope the commissioner of Stamps will be successful this time in passing a perfect measure, not that we are sanguine enough to anticipate such a happy issue out of the Parliamentary mill. There is one observation, however, which we shall make on this Bill. The Government appear to spread their net somewhat wider than before, in the endeavor to catch fish of all sizes and of every shape. iSio kind of instrument or agreement, receipt or transfer, can escape through the meshes of this cleverly woven legal net. As the law stands there are business transactions which escape taxation, but these exceptions disappear in the Bill under the consideration of Parliament. Now, while we think that stamp duties are, on the whole, as unobjectionable a way ot obtaining revenue as any form of taxation that could be devised we do think that the line may be- drawn rather tightly; and we are further of opinion that this feat has ; undoubtedly been performed oh the present occasion.' If there is one thing more than another which should be perfectly free to every man, it is that of changing his investments. The more frequent the change the "more s insulating the effect upon tra ie and industry. But the Stamp Act, 1875, (it is intended to come into operation the Ist of January, next,) places obsctacles in the way, in the shape of, mortgage' duties; As a matter of practice,. these duties will; in ordinary transactions, be paid by the borrower, thereby increasing. the price of money, but we regard them as an exceedingly objectionable form of taxation. We. should have thought that the repeated defeat of similar proposals in past years would have deterred the Government from introducing duties on mortgages into their con'-; solidating Act; but they have done so, and it is for members engaged in trade arid monetary transactions- to-use their best en- : deavors to have clauses 89 to 98 inclusive struck out. The. Bill will stand very well ! without: these clauses. .Itis a really credi— i table performance, and we should be sorry to see its progress impeded for the sake of ,939/tgage duties, .more, r especially as the Treasury is in, suqh condition. The Government cannot plead want of funds as an. excuse, and we therefore .trust the Commissioner of Stamps will give way in this matter, and thereby meet the reasonable objection of business men.-