STAMP DUTIES

361

bearer securities of every description except colonial govern-
ment securities, and accordingly none of these considerations
are now material, and the same charge of duty was also
applied to foreign share warrants and stock certificates to
bearer issued by any company formed or established out of
the United Kingdom and transferred or negotiated in the
United Kingdom. It is immaterial whether the security
is or is not a substituted security, as no provision is made
for a differential rate of duty by reference to a security to
which this section applies being substituted for a like security
duly stamped.

The Finance Act, 1899, also contains in s. 6 an important
provision making these charges of duty applicable to all
instruments used for the purpose of transferring or negotiating
the right to any marketable security, share, or stock if delivery
thereof is, by usage, treated as sufficient for the purpose of a
sale on the market.
The charges of duty on marketable securities to bearer
other than colonial government securities or colonial muni-
cipal securities were doubled by s. 76 of the Finance (1909-10)
Act, 1910, so that the charge of duty on all foreign marketable
securities to bearer except colonial government securities
and colonial municipal securities, was increased as from April
29th, 1910, from 1s. to 2s., and by the Finance Act, 1920,
to 4s. for every £10 or fractional part of £10. The rate of
charge applicable to foreign share warrants and foreign
stock certificates which was also doubled by the same section
is likewise 4s. per £10 nominal value, and is chargeable on
first negotiation in the United Kingdom. The rate of duty
on colonial municipal securities to bearer is now at 2s. for
every £10 or fractional part of £10, and colonial government
securities are chargeable at the rate of 5s. per £100 or fractional
part thereof, whilst the rates for bearer securities of the
United Kingdom, if issued on or before August 6th, 1885, were
increased by the Finance (1909-10) Act, 1910 from 2s. 6d.
to 5s. per cent., or in the case of substituted securities from
bd. to 1s. per cent. with a maximum of £1 or if issued after
that date from 1s. to 2s. for every £10 or fractional part of £10,
or in the case of substituted securities from 6d. to 1s. for
every £20 or fractional part of £20. These rates were in-
creased by the Finance Act, 1920, to 4s. per £10 or fractional
part thereof, or if given in substitution for a like security
duly stamped, 2s. per £20 or part thereof.
~The duty was reduced by s. 13 of the Finance Act, 1911,
where the amount secured is repayable within the period