560
to dispose of the shares in separate parcels,
say
25, 15, and 10, would the new warrants
issued.
for such lots
stamping altogether
of shares
require
de
nove, or would
the stamp on the original regarded
on the original warrant be
a.s
spoiled stamp for which
allowance could be made.
I cannot but
suppose
that
some diminution of Revenue will
result from the above section in whichever
way
it is interpreted. For at present
once
each transfer of shares is liable to duty, whereas, under the contemplated law a Share Warrant, having
been stamped, may be transferred any number of times without paying further deity. The sum - realized in 1876 on Transfers of shares
was
$2317.50.
Whilst I am
on the subject of
an on
transfers of shares I beg leave to submit the following point for opinion.
In hypothecating shares to a
bank it is usual to give, with the letter of hypothecation, a blank signed transfer, to facilitate the Bank's realizing on the shares if necessary.
Should
they
be redeemed, the
Bash presents the Transfer at this office
as a
sported stamp, on the ground that
it has not been used.
It seems to.
been resed, inasmuch.
the Bank an
me that it has
as it has
given
additional security. A paid
off creditor might say a Bromissory note
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