§ Sir J. Powerasked the Chancellor of the Exchequer whether he will state the cost to the Exchequer in issuing transfer deeds free to the public from 1st April, 1936, to 31st March, 1937, and of the concession to stock exchange firms under Section 42 of the Finance Act, 1920, and the amendment of 1931 for the same period; the extent to which each stock exchange has taken advantage of that
Exchange. Duty, if exigible at £1 per cent. Exigible and paid under Section 42. Difference. £ £ £ London Stock Exchange 1,202,022 188,776 1,013,246 Birmingham Stock Exchange 2,780 658 2,122 Bristol Stock Exchange 4,003 1,651 2,352 Halifax Stock Exchange 211 76 135 Huddersfield Stock Exchange 290 43 247 Leeds Stock Exchange 637 211 426 Liverpool Stock Exchange 903 284 619 Manchester Stock Exchange 2,651 726 1,925 Mincing Lane Tea and Rubber Sharebrokers Association Limited. 339 251 88 Newcastle Stock Exchange 111 17 94 Nottingham Stock Exchange 522 122 400 Provincial Brokers Stock Exchange 5,533 865 4,668 Sheffield Stock Exchange 15,071 2,715 12,356 (a) Total for period 1st April, 1936, to 31st March, 1937 1,235,073 196,395 1,038,678 (b) Total from 1st September, 1920, to 31st March, 1937 10,331,938 1,889,427 8,442,511 As regards the last part of the question, I would refer my hon. Friend to the reply which my right hon. Friend gave to his question on the 15th December last. His statement there that he did not propose to review the existing arrangement applies to my hon. Friend's present suggestion, the effect of which, as he will appreciate, would be to exact, in all, 30s. per cent. revenue instead of, as at present, rather more than 20s. per cent. on those transactions in which stocks are transferred first to a dealer and then, within two months, to a bona fide purchaser.
1264Wprivilege; the aggregate totals involved; and whether he will consider amending the existing law so as to provide for the payment in full of 10s. per cent. ad valorem duty in the first instance and the remaining 10s. per cent. under the provisions of Section 42 of the Finance Act, 1920, and the amendment of 1930?
§ Lieut.-Colonel ColvilleThe cost of the transfer forms issued free to the public in the period from 1st April, 1936, to 31st March, 1937, was approximately £1,200.
The following table shows (a) for each Stock Exchange the effect over the same period of the operation of Section 42 of the Finance Act, 1920, as amended by the Finance Act, 1931, and (b) the aggregate total from the 1st September, 1920, when that Section came into operation, to 31st March, 1937.