§ 59. Mr. BARCLAYasked the Chancellor of the Exchequer whether he can supply to this House any information as to the effect of the raising of the Stamp Duty on cheques to 2d. in 1918 as reflected in the number of cheques used, and their relation to the total of bankers' clearings?
§ Mr. SNOWDENStatistics of the net receipts of cheque stamp duty, which are shown for the 11 years, 1911–12 to 1921–22, inclusive, on page T3 of the 65th Report of the Commissioners of Inland Revenue, Command Paper 1780 of 1923, do not indicate that the increase in the rate of duty from 1d. to 2d. as from the 1st September, 1918, had any material effect upon the number of cheques used. In view of the different factors involved, I do not think that any useful relationship can be established between the number of cheques stamped and the total amount of the bank clearings.
§ 61. Lieut.-Colonel HOWARD-BURYasked the Chancellor of the Exchequer whether he can see his way to authorise the use of cheques without stamps, such as is done in the United States, in order to decrease the amount of Treasury notes in circulation?
§ Mr. SNOWDENI cannot anticipate my Budget statement in a matter of this kind.
§ Lieut.-Colonel HOWARD-BURYIs the right hon. Gentleman not aware that this system is most successful in America?