§ Under the head of stamp duties I propose to increase the duty upon conveyances on sale from 10s. to 20s. per cent., an exemption from the increased rate being made in favour of conveyances of stock or marketable securities which, by reason of the greater frequency with which they change hands, in comparison with other kinds of property, bear a disproportionate burthen under the present uniform scale. The greater part of the additional revenue under this head will be derived from transfers of real property. As such property will benefit largely from the decrease of the poor rate, which must necessarily follow as a result of the adoption of a State system of old age pensions and other schemes of social reform, it is equitable that it should be called upon to contribute to the Exchequer expenditure for these purposes. [Some cries of "Speak up."] I am afraid I shall have to appeal to the indulgence of the House. I cannot go right through as I thought, but I will just say what I have to say with regard to stamps. Even after my proposed addition, the transfer duty upon such property will still be low as compared with the rates charged in other communities. In Germany, there are both State and municipal taxes which, in towns like Cologne and Frankfort, at any rate, together amount to not less than 3 per cent.; while, in France, the rates are still higher.
§ Conveyances or transfers operating as a voluntary disposition, inter vivos—an expedient largely resorted to as a method of avoiding the death duties—will in future Attract, instead of the present fixed duty of 10s., an ad valorem duty calculated on the worth of the property transferred, at the same rate as is applicable to a con- 518 veyance on sale of property of a similar description, and the same rates will apply to certain instruments chargeable at present with stamp duty as settlements. The rates upon marriage settlements will remain unaltered. As a corollary to the increase of the conveyance duties, duties upon leases will be doubled, except in the case where the 1d. rate is chargeable, which will remain as at present.