§ Colonel Sir ARTHUR HOLBROOK
asked the Attorney-General if he is aware that the Public Trustee issues cheques in payment of dividends on Government stock in his hands, with a notice that a 2d. stamp must be placed on the back thereof as a receipt, and that cheques have been dishonoured by reason of this stamp not being affixed; that, in addition to his authorised charges, 2d. is deducted from the amount of the dividend for the stamp on the cheque; and under what legal authority the receipt stamp for such dividends is required by the Public Trustee?
§ Major Sir GEORGE HENNESSY (for The ATTORNEY-GENERAL)
The hon. and gallant Member's question appears to be based upon a misapprehension. The Public Trustee does not issue cheques in payment of dividends on Government stocks. The Public Trustee, like other persons, is subject to the provisions of the Stamp Act, and when making payments to beneficiaries requires a receipt stamped 2d. for any sum of two pounds or upwards paid to a beneficiary. In certain cases when payment is made by cheque a form of receipt is printed on the back of the cheque. The revenue stamp of 2d. is an ordinary trust expense chargeable to the Trust Fund in accordance with the provisions of Section 9 (2) of the Public Trustee Act, 1906.