§ Sir L. SCOTT
asked the Chancellor of the Exchequer whether his attention has been called to the fact that, towards the end of October, provisional arrangements were made for the issue in London of a Chilian Government loan of about £4,000,000 sterling, in 7 per cent, bonds, at 95; that the London issue was abandoned on account of the British stamp duty of 3 per cent, on stock certificates to bearer being double the pre-War rate; that the issue has since been made in New York, where stamp duty is less: what is the estimated yield of this particular tax in the current year: and whether, in view of the importance of London keeping its lend as the issuing centre of the world, he will investigate the comparative rate of stamp or similar duties with a view to removing what appears to be a handicap on British issuing houses?
§ Mr. BALDWIN
The rate of duty on bearer bonds in this country is 2 per cent., not 3 per cent., and the yield of the duty for the first half of the current financial year was about £400,000. The considerations expressed in the last part of the question have not been overlooked, but my hon. and learned Friend will realise that the rate of stamp duty is only one of many factors bearing on the question.