XN000022-1972-12-19 — Page 3

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Tuesday, December 19, 1972

BIG TURNOVER ON EXCHANGES

Brings Substantial Increase In Stamp Duty

摩擦

The large turnover on our stock exchanges has produced a substantial

increase in stamp duty for the Government.

Under present legislation, ad valorem stamp duty of 0.2 per cent

has to be paid on contract notes for both the buyer and the seller in a

stock transaction - that is a total duty of $40 for every $10,000 transaction.

With four stock exchanges in operation and the increasing number

of new shares listed on them, investment in shares has become very popular

among people from all walks of life.

The turnover of shares has increased very greatly and it is not

uncommon for shares to a total value of several hundred million dollars to

change hands daily.

This of course brings a corresponding increase in "Contract Note

Duty" as it is officially called.

million.

million.

Contract Note Duty for the financial year 1968/69 was about $7

For 1969/70 it increased to $19 million and for 1970/71 to $26

The stock