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Enclosure 3.
521
This Ordinance, the principal object of which is to levy an extra stamp-duty on all Fire Insurance Policies issued by Companies which are not Local Companies, has been drawn up for submission to the Secretary of State pursuant to resolution of the Executive Council on the 15th inst.
The reasons for this special Legislation are contained in a Letter of the Honourable the Treasurer dated the 25th June 1887.
There is no doubt that the foreign Insurance Companies do a large business here and escape local taxation altogether or very nearly so, while the Local Companies contribute largely to the rates and to the maintenance of an efficient Fire Brigade.
The draft Ordinance seeks to carry out the object in view by charging on Policies issued by Local Company a stamp of 50 cents for $100 or part thereof up to $200, and 15 cents on every $5 or part thereof exceeding $200, while a policy issued by a Company not registered...