§ MR. CHARLES M'ARTHURI beg to ask Mr. Chancellor of the Exchequer whether it is proposed that the new stamp duty on produce contracts shall apply to all descriptions of produce, including sugar, cotton, corn, provisions, and iron; whether it will be levied on both spot and future transactions; whether it will apply to all sales through the medium of a broker, either off or on a produce exchange; and whether sales between principals without the intervention of a broker will be free from the said duty.
§ *SIR M. HICKS BEACHThe answer to all four paragraphs of the question is in the affirmative.
§ *MR. HOLLAND (Yorkshire, W.R., Rotherham)I beg to ask Mr. Chancellor of the Exchequer whether, under the terms of the Budget resolution passed on Tuesday last, it is contemplated that all trade contracts negotiated between principals by an intermediate broker or agent shall become liable to the new stamp duty, and, if not so contemplated, whether he will insert words expressly to exclude such contracts.
§ Sir M. HICKS BEACHThe intention is that the new stamp duty should be attracted by the advice note sent to his principal by "any person carrying on the business of a broker" advising him of the sale or purchase of any goods. The contracts resulting from the brokers' negotiations will not attract the duty.
§ *MR. HOLLANDWill the right hon. Gentleman kindly consent to see in his private room one or two gentlemen who will explain the serious effect this will have on the cotton trade of Manchester?
§ Sir M. HICKS BEACHI am about to receive a deputation on the subject.