§ Any securities issued in the United States of America by a municipal corporation, county council, or other local authority in the United Kingdom for the purpose of raising any money which they are authorised to borrow, if issued under the authority of the Treasury, shall not be liable to any taxation, present or future, except where they are held by persons domiciled in the United Kingdom or by British subjects ordinarily resident in the United Kingdom.— [Mr. Penne-father.]
§ Clause brought up, and read the first time.
§ Mr. PENNEFATHERI beg to move, "That the Clause be read a second time."
I do not think it will be necessary for me to detain the Committee at any length, because from what I have heard from a good many different quarters this New Clause meets with a great deal of approval. It is obviously to the advantage of our municipalities and county councils that they should be able to borrow money in certain circumstances, and when so authorised, in the cheapest market, which may be in America, as at the present moment I believe it is. Obviously it is in the interests of all concerned that the investments which we offer abroad should be made as attractive as possible, and it is to the advantage of this country as a whole that such investments on these terms should be permitted in the United States, because if they are consummated it will improve the rate of exchange for us in this country by improving the "trade balance between Great Britain and America. I do not think it is necessary to say anything more, and I leave it to the right hon. Gentleman to state any objections which he may have to my proposal.
§ Mr. MONTAGUI am much obliged to the hon. Member for calling attention to this very desirable change in the law, and I suggest that this Clause should be passed.
§ Question, "That the Clause be read a second time," put, and agreed to.
§ Clause added to the Bill.
993| First Schedule. | ||||||
| Sugar, etc., Part I.—Duties. | ||||||
| Article. | Customs Duty. | Excise Duty | ||||
| £ | s. | d. | £ | s. | d. | |
| Sugar which, when tested by the polariscope, indicates a polarisation exceeding ninety-eight degrees the cwt. | 0 | 14 | 0 | 0 | 11 | 8 |
| Sugar of a polarisation not exceeding seventy-six degrees the cwt. | 0 | 6 | 9 | 0 | 5 | 7 |
| Sugar of a polarisation— | ||||||
| Exceeding 76 and not exceeding 77 the cwt. | 0 | 6 | 11.3 | 0 | 5 | 9.4 |
| Exceeding 77 and not exceeding 78 the cwt. | 0 | 7 | 2.0 | 0 | 5 | 11.6 |
| Exceeding 78 and not exceeding 79 the cwt. | 0 | 7 | 4.7 | 0 | 6 | 1.9 |
| Exceeding 79 and not exceeding 80 the cwt. | 0 | 7 | 7.3 | 0 | 6 | 4.1 |
| Exceeding 80 and not exceeding 81 the cwt. | 0 | 7 | 10.0 | 0 | 6 | 6.4 |
| Exceeding 81 and not exceeding 82 the cwt. | 0 | 8 | 0.7 | 0 | 6 | 8.6 |
| Exceeding 82 and not exceeding 83 the cwt. | 0 | 8 | 3.4 | 0 | 6 | 10.8 |
| Exceeding 83 and not exceeding 84 the cwt. | 0 | 8 | 6.44 | 0 | 7 | 1.4 |
| Exceeding 84 and not exceeding 85 the cwt. | 0 | 8 | 9.5 | 0 | 7 | 3.9 |
| Exceeding 85 and not exceeding 86 the cwt. | 0 | 9 | 0.5 | 0 | 7 | 6.4 |
| Exceeding 86 and not exceeding 87 the cwt. | 0 | 9 | 3.5 | 0 | 7 | 8.9 |
| Exceeding 87 and not exceeding 88 the cwt. | 0 | 9 | 6.9 | 0 | 7 | 11.7 |
| Exceeding 88 and not exceeding 89 the cwt. | 0 | 9 | 10.2 | 0 | 8 | 2.5 |
| Exceeding 89 and not exceeding 90 the cwt. | 0 | 10 | 2.3 | 0 | 8 | 5.9 |
| Exceeding 90 and not exceeding 91 the cwt. | 0 | 10 | 6.3 | 0 | 8 | 9.2 |
| Exceeding 91 and not exceeding 92 the cwt. | 0 | 10 | 10.3 | 0 | 9 | 0.6 |
| Exceeding 92 and not exceeding 93 the cwt. | 0 | 11 | 2.4 | 0 | 9 | 4.0 |
| Exceeding 93 and not exceeding 94 the cwt. | 0 | 11 | 6.4 | 0 | 9 | 7.3 |
| Exceeding 94 and not exceeding 95 the cwt. | 0 | 11 | 10.4 | 0 | 9 | 10.7 |
| Exceeding 95 and not exceeding 96 the cwt. | 0 | 12 | 2.4 | 0 | 10 | 2.0 |
| Exceeding 96 and not exceeding 97 the cwt. | 0 | 12 | 6.5 | 0 | 10 | 5.4 |
| Exceeding 97 and not exceeding 98 the cwt. | 0 | 12 | 10.5 | 0 | 10 | 8.8 |
| Molasses (except when cleared for use by a licensed distiller in the manufacture of spirits) and invert sugar and all other sugar and extracts from sugar which cannot be completely tested by the polariscope and on which duty is not specially charged by this Section— | ||||||
| If containing 70 per cent, or more of sweetening matter the cwt. | 0 | 8 | l0½ | 0 | 7 | 4½ |
| If containing less than 70 per cent, and more than 50 per cent. of sweetening matter the cwt. | 0 | 6 | 4½ | 0 | 5 | 3½ |
| If containing not more than 50 per cent, of sweetening matter the cwt. | 0 | 3 | 1½ | 0 | 2 | 7½ |
| The amount of sweetening matter to be taken to be the total amount of cane, invert, and other sugar contained in the article as determined by analysis in manner directed by the Commissioners of Customs and Excise. | ||||||
| Glucose: | ||||||
| Solid the cwt. | 0 | 8 | 10½ | 0 | 8 | 10½ |
| Liquid the cwt. | 0 | 6 | 4½ | 0 | 6 | 4½ |
| Saccharin (including substances of a like nature or use)the oz. | 0 | 4 | 6 | 0 | 4 | 6 |
| NOTE.—The charge under this Schedule of a specified amount of duty on a specified weight of any article includes a charge of a proportionately less duty on any less weight of any article so charged. |
| *Part II.—Drawbacks and Allowances. | |||
| (1) Customs Drawbacks under the Second Schedule or the Finance Act, 1901. | |||
| £ | s. | d. | |
| Drawback to be allowed to a refiner on molasses produced in Great Britain or Ireland from imported sugar and delivered by him to a licensed distiller for use in the manufacture of spirits the cwt. | 0 | 3 | 1½ |
| Other drawbacks | According to the amount of Duty paid. |
§ Question, "That this be the First Schedule of the Bill," put, and agreed to.
997| Second Schedule. | ||||||
| Rates of Duty for Motor Car Licences. | ||||||
| Horse Power. | Duty. | |||||
| Motor cars— | £ | s. | d. | |||
| Not exceeding 6½ | … | … | … | 4 | 4 | 0 |
| Exceeding 6½ and not exceeding 12 | … | … | 6 | 6 | 0 | |
| Exceeding 12 and not exceeding 16 | … | … | … | 8 | 8 | 0 |
| Exceeding 16 and not exceeding 26 | … | … | … | 18 | 18 | 0 |
| Exceeding 26 and not exceeding 33 | … | … | … | 25 | 4 | 0 |
| Exceeding 33 and not exceeding 40 | … | … | … | 31 | 10 | 0 |
| Exceeding 40 and not exceeding 60 | … | … | … | 63 | 0 | 0 |
| Exceeding 60 | … | … | … | 126 | 0 | 0 |
| Question, "That this be the First Schedule of the Bill," put, and negatived. | ||
| Third Schedule.—Enactments Repealed. | ||
| Session and Chapter. | Short Title. | Extent of Repeal. |
| 29 & 30 Vict. c. 25 | The Exchequer Bills and Bonds Act, 1866. | Section four; and in Section twenty-six, the word "four." |
| 10 Edw. 7. c. 8. | The Finance (1909–10) Act, 1910. | Part II. of the Fifth Schedule. |
| 4 & 5 Geo. 5. c. 10. | The Finance Act, 1914 | Section six. |
| 5 & 6 Geo. 5. c. 89. | The Finance (No. 2) Act, 1915. | Sections two, three, four, five and six; Sub-section (1) of Section seven, from "as from" to "sixteen" and from "in respect of" to "Act, and "; Sub-sections (2) and (3) of Section seven. |
| Amendment made: Leave out | ||
| 10 Edw. 7. c. 8. | The Finance (1909–10) Act, 1910. | Part II. of the Fifth Schedule." |
| —[Mr. Montagu.] |
| Question, "That this Schedule, as amended, be the Second Schedule of the Bill," put, and agreed to. |
§ Bill reported as amended; to be considered upon Monday next (3rd July), and to be printed. [Bill 58.]
§ The remaining Government Orders were read, and postponed.
998§ Whereupon Mr. SPEAKER, pursuant to the Order of the House of the 22nd February, proposed the Question, "That this House do now adjourn."
§ Question put, and agreed to.
§ Adjourned accordingly at Twenty-eight minutes before Eleven o'clock.