§ SIR GEORGE BADEN-POWELLI beg to ask the Chancellor of the Exchequer (1) whether he has received several memorials from commercial and underwriting associations, pointing out the burdensome character of the existing rate of stamp duties on marine insurance policies; (2) whether the present minimum rate of duty on a marine policy is 3d. per cent. while the duty on any other form of policies on property is 1d. per policy, irrespective of the amount insured; and (3) whether action can be taken towards assimilating the duty on marine policies to that of fire policies to the great relief of the British commercial community?
§ *THE CHANCELLOR OF THE EXCHEQUERThe answer to the first question is, Yes. The present minimum rate of duty on a marine policy is one penny on all policies where the premium amounts to 2s. 6d. or less per cent. of the sum insured. The question of reducing the duty above this point is under my consideration, but the suggestion of the hon. Member would involve a considerable sacrifice of revenue, and I can make no promise with regard to it.