An HON. MEMBER
asked the Chancellor of the Exchequer whether stock-brokers have received instructions from the Treasury or the Inland Revenue to charge their principals with Stamp Duty on sales of American securities direct to 45W the Government; and, if so whether this is in accordance with the promise given by the Government that the sales made at their request should take place free of any expense whatever to the vendor?
§ Mr. McKENNA
A duly stamped contract note is required for the sale of American securities to the Treasury in the same way as for other sales. The terms on which the Treasury are prepared to purchase such securities are set out in the Memorandum of 31st December, 1915. It is stated in Clause 7 of the Memorandum that securities upon which British Stamp Duty has not previously been paid need not be stamped for the purpose of sale to the Treasury, and in Clause 12 that no commission will be chargeable by brokers or bankers to their clients in respect of transactions under the scheme; but so far as I am aware, no general promise has been given by the Government that such sales should take place free of any expense whatever to the vendor.