HC Deb 02 May 1889 vol 335 cc1032-3

Motion made, and Question proposed, That the same Duty as is imposed by Section 11 of the 'Customs and Inland Revenue Act, 1888,' shall be charged and paid upon a Statement of the Amount of Nominal Share Capital of any Corporation or Company where the Liability of the Holders of Shares in the Capital of such Corporation or Company is Limited by Letters Patent, to be hereafter granted by Her Majesty, Her Heirs or Successors, or any Act of Parliament to be hereafter passed.


May I ask for some explanation of this Resolution? Does it mean that the duty is only imposed where the liability is limited, or is it intended to impose the duty in all cases where the company is incorporated otherwise than under the Act of 1862?


It is rather a technical point, but the intention is to reach certain companies which now escape because they get their limited liability from letters patent or from special Acts. It is intended to put these on the same footing as those under the general law of limited liability.

Question proposed, "That these Resolutions be reported to the House."

*MR. CHILDERS (Edinburgh)

We have had a most interesting discussion upon the second Resolution. I presume the Bill must be grounded on the Report of the Resolutions, and I presume it would not be possible to alter materially the clauses of the Bill in Committee, unless alteration is made in the Report of the Resolutions. Under these circumstances it becomes extremely important that the Report should be fully considered. It is not a Party question in any degree, and in order that we may have time to consider very carefully the very important points which have been raised this evening, I would ask that the Report stage should not be taken, say, before Tuesday next.


Certainly, I should not propose to take the Report before Monday, but I will consult with my right hon. Friend the First Lord on the matter.

Resolutions to be reported on Monday next; Committee to sit again to-morrow.

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