CO885-8 — Page 127

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APPENDIX XXIV.

Imperial Stamp Duty Charges on Colonial Bonds.

502

ships as hereinbefore required, or who employs any person as master, first mate, or only mate of any such sea-going ship as aforesaid, without first ascertaining that he, at the time, is entitled to and possessed of such certificate, shall for each such offence incur a penalty not exceeding one hundred dollars. 33 Vict., c. 17, s. 6; 47 Vict., c. 19, 8. 1, part.

20038.

356

Certificates

required of

maten.

JAMAICA.

The Marine Board Law, 1896.

40. No foreign-going British ship shall go to sea from any port in this Inland unless the master thereof, the first and second mates, or only mate (as the case may masters and be), have obtained and possess valid certificates of competency or service appropriate to their several stations in such vessels, or of a higher grade, and no coasting trading ship of a tonnage exceeding 100 tons shall go to sea as aforesaid, unless the master or first or only mate of such ship shall possess a like certificate, and no coasting trading ship of any tonnage shall go to sea as aforesaid unless the master of such ship shall possess a like certificate; provided always that the holder of any unexpired certificate of competency or service granted to him in accordance with the provisions of any Act or Statute in force for the time being in Great Britain, or in any of the British Colonies, shall be taken to be, for the purposes of this law, the holder of a valid certificate. And every person who, having been engaged to serve in any of the aforesaid capacities, goes to sea in such capacity without being at the time entitled to and possessed of such certificate as herein-before required, or who employs any person in any of the aforesaid capacities without ascertaining that such person is at the time entitled to and possessed of such certificate as aforesaid, shall for each such offence on conviction pay a fine not exceeding one hundred pounds, and in default of payment be imprisoned, with or without hard labour, for any period not, exceeding six months.

Penalty.

..

MEMORANDUM BY THE BOARD OF INLAND REVENUE.

1. COLONIAL GOVERNMENT BONDS.

These securities, together with foreign securities, were first brought into charge to stamp duty by the Act 25 Vict. c. 22, the charge of 2s. 6d. per cent. on the amount secured being confined to those securities which were made, or the interest payable in the United Kingdom. By the Act 34 & 35 Vict. c. 4, the charge was extended to those securities which were assigned, transferred, or in any manner negotiated in the United Kingdom.

In 1885, when the Act 48 & 49 Vict. c. 51, whereby all securities trans- ferable by delivery were made chargeable with the duty of 10s. per cent., came into operation, these securities were specially excepted from the higher rate of duty and remained, and are still, within the 2s. 6d. per cent. rate, whether transferable by delivery or otherwise. It will be thus seen that they are placed in a more favourable position as regards duty than similar securities of a Foreign Government or even the English municipal corporation bonds transferable by delivery which fall within the 10s. per cent. rate. Possibly these securities may be liable to duty in the issuing Colony, but that objection applies equally to all instruments, and the revenue laws of one country are not taken notice of by the revenue laws of another.

2. COLONIAL MUNICIPAL BONDS (Corporation or Company). These securities are chargeable in the same way as those of English corporations or companies, namely, if transferable by delivery, ls. for every 10. or fractional part of 101. secured; if transferable otherwise than by delivery, 2s. 6d. per cent.

In connection with this question, it may be useful to point out that under the Colonial Stock Act, 1877, now represented by section 114 of the Stamp Act, 1891, the Government of Canada or other Colony may pay a composition duty for the duty on the transfers of stock issued by the Colony, which is inscribed in books kept in the United Kingdom and so free from the duty of 108. per cent., all transfers of stock included in the payment.

The rate of composition is 18. 3d. for every 101. or any fraction of 101. of the nominal amount of stock inscribed at the date of the compositions with the addition :-

(a) when the period of redemption exceeds 60 years and does not exceed

100 years, of 3d. for every 101, or fraction of 107,;

(b) when the period exceeds 100 years or no period is fixed, of 6d. for

every 101. or fraction of 101."

May 22, 1902.

Banging yes a

JI

E 11896.

PUBLIC RECORD OFFICE

Reference :-

C.O. 885

8

PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH—NOT TO