§ SIR CHARLES CAYZER (Barrow-in-Furness)I beg to ask Mr. Chancellor of the Exchequer whether his attention has been called to the working of the new Stamp Act of this session, under which a contract stamp is required on all contract notes between a provincial stockbroker in a town where there is no stock exchange and his principals, and another stamp on the contract note between himself and his agent in London or elsewhere where the purchase or sale is effected, thus involving the duty being paid twice on the same transaction; and whether relief can be granted in respect to provincial stockbrokers.
§ * SIR M. HICKS-BEACHThere has been a considerable leakage of stamp; revenue in connection with agency business done by stockbrokers on the London and other stock exchanges, especially as regards foreign agency business which (under the strict reading of Section 52 (1) of the Stamp Act, 1891) got practically exempt from all contract note duty. The words inserted in that section by Section 13 of the Finance Act, 1899, were introduced mainly to prevent the foreign purchaser, who employed a foreign agent, continuing to get an exemption which the English purchaser, who employed an English agent, did not enjoy. It was not my intention to impose a double contract note duty on the same transaction, and 1 am considering a plan by which the payment of a single contract note stamp duty on each transaction may be secured though two or more brokers may be Concerned in effectuating the transaction.