§ MR. MONTAGU (Tower Hamlets, Whitechapel)asked Mr. Chancellor of the Exchequer, Whether the exemption from the 1s. per cent duty on securities to bearer when actual ownership is not changed would extend to such securities if lodged as cover for loans or as security for bills accepted?
THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)No, Sir; it would not. In such a lodgment as the hon. Member describes the actual ownership of the securities is not, it is true, changed; but there is an assignment of interest, and the new duty would, therefore, be payable.