HC Deb 09 June 1937 vol 324 cc1769-71W
Mr. J. Griffiths

asked the Secretary for Mines whether he can state the amount paid in royalties in the mining industry in each year, respectively, since 1920; the amount paid in the same period in the South Wales coalfield; and the amount of the levy of 10 per cent. on royalties for each year since its imposition to date?

Captain Crookshank

The information is as follows:

The amount of profit available for the Treasury under Section 6 of the Currency and Bank Notes Act, 1928 (i.e. the net income from the securities held by the Issue Department after taking account of any profit or loss on periodical revaluation), was:

1934–35 2,755,000
1935–36 1,448,000
1936–37 985,000

Colonel Wedgwood

asked the Chancellor of the Exchequer what was the aggregate amount of the banknotes of the Scottish banks of issue in average circulation in Scotland in each of the last three financial years; what was the rate of composition in place of Stamp Duty on them; and what was the total amount of that composition paid to the Commissioners of Inland Revenue in each of these years?

Sir J. Simon

The average circulation of bank notes of Scottish banks of issue during the last three years was as follows:

1934–35 21,272,265
1935–36 21,809,424
1936–37 22,521,960

The rate of composition duty payable is 4s. 2d. for every £100 or fractional part of £100 of the average value of notes in circulation during every half-year.

The total receipt of duty in the three years was:

1934–35 88,081
1935–36 90,254
193–37 92,871

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