§ MR. MUNTZrose to move, That it would be a great convenience to the commercial interest if the Stamp Duties on Inland and Foreign Bills of Exchange were assimilated, and if it were permitted to use adhesive stamps for Inland as they were now used for Foreign Bills of Exchange. The hon. Member said that up to 1853 there were no stamps used on bills drawn in foreign countries on commercial men in this country. At that time the present Prime Minister modified the stamps for inland bills, and at the same time extended the duties on foreign bills. He thus imposed a heavy tax on all men engaged in commercial affairs, but of that he did not complain. The first question was as to the assimilation of home and foreign bills with regard to stamps. Up to £500 the stamp on foreign and English bills was the same, but then it began to vary. On a bill of £600, drawn in a foreign country, the stamp was 6s.; for a bill to the same amount at home it was 7s. 6d. The stamp on a foreign bill for £800 would cost 8s., it would cost 10s. on a home bill to the same amount. But after £1,000 the stamp was the same. Now, this variation of which he had spoken gave rise to great mistakes, and it would not make a pound difference to the Exchequer if there was an entire assimilation. In 1853, the Chancellor of the Exchequer of that 141 day introduced the system of putting adhesive stamps upon foreign bills, and it was found very convenient. What he asked was that we might have one system for inland and foreign bills, and the only reason he had heard against it was that stamps once used might be taken off and used again.
§
Amendment proposed,
To leave out from the word "That" to the end of the Question, in order to add the words "in the opinion of this House it would be a great convenience to the commercial interest if the Stamp Duties on Inland and Foreign Bills of Exchange were assimilated, and if it were permitted to use adhesive stamps for Inland as they are now used for Foreign Bills of Exchange,"—(Mr. Muntz,)
—instead thereof.
§ Question proposed, "That the words proposed to be left out stand part of the Question."
§ THE CHANCELLOR OF THE EXCHEQUERsaid, what the hon. Gentleman had recommended as to the assimilation of stamps on foreign and inland bills was well worth consideration, and he should be happy to inquire with a view to remedy what appeared to him a manifest imperfection in the law. But he hoped the hon. Gentleman would not press his Motion with regard to adhesive stamps. He had carefully inquired into that subject, and he believed the truth of the matter was that they ought never to tolerate anything but an impressed stamp, except through necessity, and an adhesive stamp was a matter of necessity with regard to foreign bills. The Inland Revenue Department informed him that there would be a serious danger of loss if they were to allow adhesive stamps on inland bills, because they did not, like the hon. Member, under-rate the resources of chymistry. It would be much easier than the hon. Gentleman supposed to discharge any mark on a stamp, and put it in a condition in which it might be used twice, and there would be a great temptation to do so in cases where the stamp was costly.
§ Motion, by leave, withdrawn.