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