§ My next proposal relates to bonds to bearer and other securities transferable by delivery. The duty in these cases is the counterpart of the stamp duty upon the conveyance necessary to transfer securities transferable by deed; but, whereas the latter covers only a single transaction, the duty upon bearer securities covers all the transactions taking place during the life of the bond. It is therefore an anomaly that under the existing law this valuable privilege should be given at the cost of a single transfer. I, accordingly, propose to increase the duty upon such bonds (not being bonds issued by a Colonial Government, upon which the rate will remain as now at 2s. 6d. per cent.) from 10s. to 20s. per cent. of the nominal value, the duty upon bonds issued in lieu of existing bonds being concurrently raised from 2s. 6d. to 5s. per cent.