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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...
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Enclosure 3.
521
This Ordinance, the principal
object of which is to levy an extra stamp- duty
on all Fire Mourance Policies isened
by Companies which are not Beal Companie has been drown up for submission to the Secretary of State pursuant to resolution the 15. Early Const.
of the
The reasons for this special Legislation. are contained in a Letter of the Honourable the Treasurer dated the 25th
June 1887.
the Executive Council on the 15th
there is no doubt that the foreign Insurance Companice do a large buisiness here and excape local taxation allogether a very nearly so, while the Local Companies contribute largely to the rates and to the -maintenance of an efficient Five
The
Brigade. -draft Ordinance secko to carry out the - in view by charging on Policies ivened by Logal Ampany a staup of 50ck for $10 or part thereof up to $100,
object in
a uon
every $5.
15 on
aud
-every exceeding 200 or part there of while a policy issrud by a Company
registered
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