§ Considered in Committee.
§ (In the Committee.)
§ [Mr. JEFFREYS (Hampshire, N.) in the chair].
§ Motion made, and Question proposed, "That, in lieu of the Stamp Duties which would have been payable upon the deeds or assurances which, in case the Bill had not been passed into an Act, would have been required to pass to and vest in the Society certain property, there be charged a Stamp Duty of five pounds, and such Duty shall be impressed upon the copy of the intended Act to be delivered to the Registrar of Joint Stock Companies under the section of this Act the marginal note whereof is 'Copy of Act to be registered.'"—(Mr. Caldwell.)
§ MR. WHITLEY (Halifax)
asked what was the estimated amount of the stamp duty which it was proposed to compound for the sum of five pounds. And further, he would like to know what was to become of the five pounds? Would it be applied to the reduction of debt or 1169 would it go into the ordinary revenue of the year?
THE FINANCIAL SECRETARY OF THE TREASURY (Mr. VICTOR CAVEN-DISH, Derbyshire, W.)
said he was not aware that this question would arise, but he would communicate with the hon. Member the result of the inquiries he would undertake to make. He might explain that the composition of five pounds had been made in place of the stamp duty of ten shillings on every separate deed. The arrangement was a satisfactory one to all the parties concerned, including the Exchequer, and there would be no loss of revenue.
§ MR. WHITLEY
reminded the hon. Gentleman that this stage had been twice postponed in order to get information from the Treasury. He thought it was important they should know what they were losing and what was to be done with the five pounds.
§ SIR SAMUEL HOARE (Norwich)
thought they might be content to let this matter go before the Committee. The question, as the hon. Member knew, was one which touched on the fringe of revenue and hence the necessity for this stage. A clause, of this nature could not be put into the Bill by the promoters. They were bound to get the sanction of the Treasury. After all, this was only a formal stage, the clause could be dealt with by the Committee upstairs, and, if necessary, when the Bill came back to the House the point could be again raised. The completion of this stage would not in any way hamper the Committee upstairs.
MR. GIBSON BOWLES (Lynn Regis)
could not agree that this was a formal stage. It was a stage rendered necessary by the Standing Orders of the House, and he thought the questions put by the hon. Member for Halifax were extremely proper. They ought to have information on the points raised and they ought to know what was to be foregone in return for the composition.
And it being quarter past Three of the clock the debate stood adjourned.
§ Committee report Progress; to sit again upon Wednesday (Evening Sitting).