APPENDIX 
611 
upon bearer securities which is based upon their issuance. The only 
real sales-tax on securities in Great Britain is a trifling and unimpor- 
tant documentary stamp tax imposed upon stock-brokers’ “contract 
notes,” (or “confirmations” as we would term them in New York). 
The French stock sales tax (droit de timbre sur les operations de 
Bourse) is imposed upon both purchases and sales of all French secur- 
ities on a French stock exchange; it applies to cash and term bargains 
alike, but at half rates to continuations of term bargains. French 
and foreign securities are taxed alike, except that French rentes enjoy 
in all cases specially low rates. 
Similarly, in Germany, the “Stock Exchange turnover tax” (um- 
satzsteuer) is imposed upon all sales or purchases of securities upon 
the German stock exchanges; it comprises a complex schedule of 
rates varying according to the class of securities involved, and to 
the classes of brokers and dealers effecting the given sales or pur- 
chases. 
In Holland, the similar tax applies to both the purchase and sale 
»f both stocks and bonds; it applies, however, only to public cus- 
tomers who are the ultimate buyers and sellers of securities, and not 
to sales or purchases by members of the Amsterdam Stock Exchange. 
In Italy, in order to be legally recorded, every security contract 
must involve the exchange of special slips (fissati bollati) which are 
subject to government tax. This tax varies in rate according to the 
term of the contract, and according to the occupation of the contract- 
ing parties; it is halved when the transaction has been in Italian 
government issues, or in those guaranteed by the Italian State. 
In Austria the “securities turnover tax (effcktenumsatzsteuer) 
applies in general only to transactions on the Stock Exchange, and 
to those effected off the Exchange through the intermediation of a 
professional dealer in securities. Ordinarily, the tax is paid only by 
the seller, but when the transaction is between stock dealers and non- 
dealers, the former must pay; also, in transactions concluded on the 
Stock Exchange and settled through the Wiener Giro-und Kassen- 
verein, each party pays half the tax. Transactions in both bonds and 
shares are taxed, with a half-rate upon bonds of the Republic of 
Austria or its provinces, districts, and municipalities and upon a few 
other securities. 
Professor E. R. A. Seligman, probably America’s greatest student 
of the economic effects of taxation, has stated in “Incidence of Taxa- 
tion” (New York, i921, pp. 381-385): 
“Where the net result of a tax on transactions is a decrease in the 
-ransactions, the real burden may be regarded as falling on neither