60
P
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Section 16. relating to Letters of Hypothecation, was next brought under cousideration. Mr. Delbauco said he thought it was useless to say much on this subject, and he thought the small amount of revenue that had already been collect- ed under this head was argument sufficient in support of what he was about to propose. No one would now give a Letter of Hypothecation at the present rate, and he certainly therefore thought it would be decidedly in the interests of the revenue that the present rates should be lowered at least such was his experience. He therefore proposed that:--
As to Section 16, "This Meeting is of opinion that the present tax is too strong, and that even in the interests of the Revenue it ought to be reduced to $1 per Letter."
Mr. HELLAND offered the following amendment:----
That it is the opinion of the Meeting that all Letters of Hypothecation be exempt from stamps, the same always accompanying Bills Exchange already stamped."
Mr. DELBANCO said that he believed the Governor could not take off the pre- sent Stamp-tax entirely, or any one part of it; he did not see, therefore, why they should be throwing obstacles in the way of the Government, instead of giving what assistance they could. With this view of the case he had, in the resolution, put the rates as low as possible.
The CHAIRMAN stated that the Governor, with the consent of the Executive Council, could reduce the Stamp tax for six months, but he believed that it was his intention, in the present instance, to have a new Ordinance entirely, that should embrace all possible improvement.
Mr. Bosmax thought by asking to have the tax on Letters of Hypothecation entirely removed, it was opening the door for the introduction of a new tax.
Mr. HEILAND'S amendment was then seconded by Mr. Schutze, and being put
to the Meeting, lost by a vote of 10 for, and 11 against.
MP. MACAULAY seconded Mr. Delbanco's resolution, which was thereupon carried by a large Majority.
The CHAIRMAN here stated that the Commission had already decided to suggest the reduction proposed in Mr. Delbanco's resolution.
Mr. KRESSER then called attention to the section relating to the tax on the circulation of the Banks, and after some desultory conversation among the Meeting, he proposed the following resolution, which was seconded by Mr. Jackson, and unanimously carried :-
"On the unanimous statement of the Banks, the circulation of Bank Notes is kept up more for public convenience than as a source of Profit, the duty ought to be greatly modified, if not entirely abolished, or at any rate that it should not exceed one-half per mile per annum, payable upon the average circulation."
Mr. ARNOLD said that he thought there was one subject that certainly ought to receive some attention from the Meeting, and that was in relation to the impo- sition of penalties for unintentional infringements of the law, and he was of opinion that no penalties ought to be inflicted, unless it could be clearly proved that an intentional fraud was contemplated.
Mr. Jackson said he had just beeu framing a resolution that would meet this very subject. He was himself aware of the hardships that at present were entailed. As an instance, he would mention an occurrence within his own knowledge. A Gentleman was going North by one of the steamers a short time since, and came to him late in the afternoon to borrow $3,000. The steamer was going at half-
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past five, and the Gentleman must have the money, he accordingly gave it him, and took his note, but was unable to get it stamped, on account of the Stamp Office, being closed. The next morning, as soon as the office was open, he sent the Bill round to have it stamped, explaining the circumstances, whereupon Mr. Mitchell impounded it, and was about to hold him liable for an infringement of the law, but after some further conversation the collector was evidently afraid to keep the note any longer, and returned it accordingly.
Mr. JACKSON then offered the following resolution, seconded by Mr. Rowett which was unanimously passed:---
"That the Chamber think it ought to be conceded to the public to have docu- ments stamped without fine for 14 days after their date, as is done elsewhere."
Mr. BOSMAN now called attention to his original motion, relative to any addi- tion to the present schedule. The meeting had now an opportunity of discussing such alterations as were thought necessary, and it could now express its disappro- bration of any enlargement of the tax.
The CHAIRMAN said he had no doubt the present schedule would be much
very modified in consequence of the recommendations that had been made to-day, but he thought some provision ought to be made for the reduction that had been pro- posed, so that the revenue should not fall short of the required sun.
The meeting had expressed itself as strongly against any stamp on bank checks, or godown orders; but he thought there was not the same objection to Policies of Insurance, and if so, would Mr. Bosman embrace this in his resolution?
The following resolution was then proposed by Mr. BOSMAN, and seconded by Mr. Lapraik :--
"That the revenue from stamps being sufficient for the requirements of the Government, it is undesirable to impose taxes on any other documents than those mentioned in the present schedule; should however, the alterations suggested by the chamber affect the revenue, a small tax, say 10 cents cach, on Policies of Insur, ance would be the least objectionable."
This was then unanimously carried, and Mr. Delbanco, referring to his pre-- vious remarks, proposed:~
"That Messrs. Helland, Duncanson, Jackson, and Macaulay be deputed by their Chamber to wait upon the Stamp Committee, with a view of furnishing them
any further information they may require on the reference to this Meeting."
with
A very enthusiastic vote of thanks to the Chairman, for the fair and impartial manner in which he had conducted the business of the afternoon brought the Meeting to a close.
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