360 SECRETARIAL PRACTICE 
Trust Deeds. 
Registered 
Bonds. 
Securities 
to Bearer. 
followed a decision in 1876 in the case of Grenfell v. The 
Commissioners of Inland Revenue [1 Ex. D. 242], in which 
it had been held that securities tendered for and purchased 
en bloc in New York and subsequently placed upon the 
British market and allotted and delivered by the purchasers 
to persons in the United Kingdom who offered to take them 
upon the terms of a prospectus issued to them by the pur- 
chasers, were made and issued in New York. 
It frequently happens that debentures or debenture 
stock are secured by trust deeds, and the practice with 
regard to stamping these deeds is as follows: If the trust 
deed is to secure debentures, it is stamped with the fixed 
duty of 10s. and the ad valorem duty is paid upon the 
debentures at the rate properly applicable to them. If, 
however, the trust deed is to secure debenture stock, the 
certificates for the stock are not chargeable with any duty, 
and the trust deed is accordingly stamped with the same 
ad valorem duty as a mortgage—namely, a duty at the rate 
of 2s. 6d. per cent. 
The stamp duty charged upon registered bonds or securities 
is at the rate of 2s. 6d. per cent. as in the case of a mortgage, 
or if issued in substitution for a like security which was 
duly stamped is at the rate of 64. per cent., but since August 
4th, 1903, the maximum duty is 10s., as provided by s. 7 
of the Revenue Act, 1903. The duty payable upon the 
transfer of such securities is the same as in the case of a 
transfer of shares or stock. These same rates of duty apply 
to all colonial government securities. 
Until the year 1910 the stamp duty charged upon bearer 
securities (except colonial government securities), bearing 
date or signed after August 6, 1885, was charged at the rate 
of 1s. for every £10 or fractional part of £10, or in the case 
of such a security issued in substitution for a like security 
duly stamped at the rate of 64. for every £20 or fractional 
part of £20. The stamp duty on securities bearing date 
before or on August 6th, 1885, was the same as upon registered 
securities. Before the year 189g three considerations had 
to be taken into account for the purpose of determining 
whether a foreign bearer security transferred or negotiated 
in the United Kingdom was chargeable with stamp duty— 
namely: (1) the date of the security; (2) whether the security 
was made or issued in the United Kingdom; and if not (3) 
whether the interest thereon was payable in the United 
Kingdom, but as from August 1st, in that year the charge of 
duty of 1s. for every £10 or fractions part of £10 was applied 
by s. 4 of the Finance Act, 1899, to foreign and colonial