§ MR. WATT (Glasgow, Camlachie)
asked Mr. Chancellor of the Exchequer, Whether he will consider the desirability of substituting a tax ad valorem for his proposed 6d Stamp Tax, having regard to the small sums involved in many such transactions; and, whether he will also consider the question of applying the tax to contracts of all descriptions, including those of a speculative character between brokers and dealers?
THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)
No, Sir; I do not propose to substitute an ad valorem stamp for the 6d. stamp on contract notes; but I hope to meet the first point raised by the hon. Member by confining the new stamp of 6d. to contract notes over £100. Those of a less amount will continue to pay only 1d., as at present. With regard to the extension of the tax which he suggests, I do not contemplate it, at any rate in the present year. But it must be very gratifying to a Chancellor of the Exchequer to find that no sooner does he impose any particular duty than he is overwhelmed with suggestions for the imposition of a similar duty in many other cases which are alleged to be analogous. I am careful to take a note of these suggestions.