not £200, 8d.; exceeding £200 and not £300, 18.; exceeding £300 and not £400, 18. 4d.; exceeding £400 and not £500, 18. 8d.; exceeding £500 and not £750, 2s. 6d. ; exceeding £750 and not £1,000, 38. 4d. ; exceeding £1,000 and not £1,500, £58.; exceeding £1,500 and not £2,000, 68. 8d.; exceeding £2,000 and not £3,000, 108.; exceeding £3000 and not £4,000, 138. 4d.; and where it exceeds £4,000, then 38. 4d. for every £1,000, and part of £1,000 (a).

Foreign bills of exchange, draft, or order, drawn or indorsed out of the United Kingdom for the payment of money on demand, pay the same duty as on an inland bill of exchange for the payment of money otherwise than on demand, according to the amount thereby made payable (b).

Foreign bills of exchange drawn out of the United Kingdom, and payable within the United Kingdom otherwise than on demand, pay the same duty as on inland bills of the same amount and tenor (c).

Foreign bills of exchange drawn out of the United Kingdom, and payable out of the United Kingdom, but indorsed or negotiated within the United Kingdom, pay the same duty as on foreign bills drawn within the United Kingdom, and payable out of the United Kingdom (d).

The following instruments are exempted from the preceding and all other stamp duties :

Foreign bills

demand. payable on

All bills of exchange, or bank post bills, issued by the Gover- Exemptions nor and Company of the Bank of England.

All bills, orders, remittance bills, and remittance certificates drawn by commissioned officers, masters, and surgeons of the navy, or by any commissioner or commissioners of the navy, under the authority of the 35 Geo. 3, for the more expeditious payment of the wages and pay of certain officers belonging to

from duties on foreign bills. Bank post Commissariat

bills.

orders.

bills.

All bills drawn pursuant to any former Act or Acts of Parlia- Victualling ment by the commissioners of the navy, or by the commissioners for victualling the navy, or by the commissioners for managing the transport service, and for taking care of sick and wounded seamen, upon and payable by the treasurer of the navy. All

(a) 16 & 17 Vict. c. 59; and 23 &

24 Vict. c. 15.

(b) 23 Vict. c. 15.

VOL. I.

(c) 16 & 17 Vict. c. 59.
(d) Ibid.

B B

Bills for land forces.

Duties on promissory notes which may be reissued.

drafts or orders for the payment of any sum of money to the bearer on demand, and drawn upon any banker or bankers, or any person or persons acting as a banker, who shall reside or transact the business of a banker within fifteen miles of the place where such drafts or orders shall be issued, provided such place shall be specified in such drafts or orders, and provided the same shall bear date on or before the day on which the same shall be issued, and provided the same do not direct the payment to be made by bills or promissory notes.

All bills for the pay and allowance to Her Majesty's land forces, or for other expenditures liable to be charged in the public regimental or district accounts, which shall be drawn according to the forms prescribed, or to be prescribed, by Her Majesty's orders, by the paymasters of regiments or corps, or by the chief paymaster, or deputy paymaster, and accountant of the army depôt, or by the paymaster of recruiting districts, or by the paymasters of detachments, or by the officer or officers authorised to perform the duties of the paymastership during the vacancy, or the absence, suspension, or incapacity of any such paymaster as aforesaid, save and except such bills as shall be drawn in favour of contractors or others, who furnish bread or forage to Her Majesty's troops, and who by their contracts or agreements shall be liable to pay the stamp duties of the bills given in payment for the articles supplied by them.

PROMISSORY NOTES.

Promissory notes for the payment to the bearer on demand, which may be re-issued after payment thereof as often as shall be thought fit, are charged as follows:-Promissory note of any sum of money not exceeding £1 1s., 5d.; exceeding £1 18. and not exceeding £2 28., 10d.; exceeding £2 28. and not £5 58., 18. 3d.; exceeding £5 58. and not £10, 18. 9d.; exceeding £10 and not £20, 28.; exceeding £20 and not £30, 3s.; exceeding £30, and not £50, 5s.; exceeding £50 and not £100, 88. 6d.

The issuing of any such note for a less sum than five pounds is prohibited (7 Geo. 4, c. 6); and such notes can only be issued by a licensed banker (a).

Promissory notes for the payment in any other manner than

(a) 55 Geo. 3, c. 184.

to the bearer on demand, not re-issuable after being once paid, are charged as follows:-Promissory notes for any sum of money not exceeding £5, 1d.; exceeding £5 and not exceeding £10, 2d.; exceeding £10 and not £25, 3d.; exceeding £25 and not £50, 6d. ; exceeding £50 and not £75, 9d.; exceeding £75 and not £100, 18. (a).

These notes cannot lawfully be re-issued after being once paid.

any

Promissory notes for the payment either to the bearer on demand, or in other manner than to the bearer on demand, not re-issuable after being once paid, are charged as follows:Promissory notes for any sum of money exceeding £100 and not exceeding £200, 28.; exceeding £200 and not £300, 3s.; exceeding £300 and not £400, 48.; exceeding £400 and not £500, 58.; exceeding £500 and not £750, 7s. 6d. ; exceeding £750 and not £1000, 108.; exceeding £1000 and not £1500, 158.; exceeding £1500 and not £2000, £1; exceeding £2000 and not £3000, £1 10s.; exceeding £3000 and not £4000, £2; and where the same exceeds £4000, then 10s. for every £1000 or part of £1000 of the money thereby made payable (b).

These notes cannot lawfully be re-issued after being once paid.

Foreign Promissory Notes made or purporting to be made out of the United Kingdom for the payment within the United Kingdom of any sum of money, are charged the same duty as on inland bills of exchange for the payment, otherwise than on demand of money of the same amount (c).

The following instruments are to be deemed and taken to be promissory notes, within the true intent and meaning of the Stamp Acts:

All notes promising the payment of any sum or sums of money out of any particular fund, which may or may not be available; or upon any condition or contingency, which may or may not be performed or happen; if the same shall be made payable to the bearer, or to order; and if the same shall be definite and certain, and not amount in the whole to twenty pounds.

And all receipts for money deposited in any bank, or in the

(a) 17 & 18 Vict. c. 83.

(b) 17 & 18 Vict. c. 83; and 23 &

24 Vict. c. 111.

(c) 23 & 24 Vict. c. 111.

Duty on prowhich cannot missory notes

be re-issued.

Exemptions from duties on promissory notes.

hands of any banker or bankers, which shall contain an agreement or memorandum, importing that interest shall be paid for the money so deposited.

The following instruments are exempted from the duties on promissory notes :—

All notes promising the payment of any sum or sums or money out of any particular fund which may or may not be available; or upon any condition or contingency, which may or may not be performed or happen; where the same shall not be made payable to the bearer or to order; and also where the same shall be made payable to the bearer or to order, if the same shall amount to twenty pounds, or be indefinite.

And all other instruments bearing in any degree the form or style of promissory notes, but which in law shall be deemed special agreements, except those hereby expressly directed to be deemed promissory notes.

But such of the notes and instruments here exempted from the duty on promissory notes shall, nevertheless, be liable to the duty which may attach thereon as agreements or otherwise.

Promissory notes for the payment of money issued by the governor and company of the Bank of England are exempted from the preceding and all other stamp duties (a).

Rates of duties.

FOREIGN LAWS.

France. A bill of exchange must be written on stamped paper. The stamp duties on bills are determined by the law of 1860, which imposes the following duties on all bills of exchange, promissory notes, cheques, and all other negotiable instruments :-Bills of 100 frs., and under, 5 cents.; exceeding 100 frs. to 200 frs., 10 cents.; exceeding 200 frs. to 300 frs., 15 cents.; exceeding 300 frs. to 400 frs., 20 cents.; exceeding 400 frs. to 500 frs., 25 cents.; exceeding 500 frs. to 1,000 frs., 50 cents.; exceeding 1,000 frs. to 2,000 frs., 1 fr.; exceeding 2,000 frs. to 3,000 frs., 1 fr. 50 cents. ; exceeding 3,000 frs. to 4,000 frs., 2 frs.; and so progressively following the same progression, and without fractions. Any person receiving from the maker a bill or note not stamped, is bound to cause it to (a) 17 & 18 Vict., c. 83.

be stamped within the fortnight of its date, and, in any case, before he negotiates it. This stamping will be subjected to a charge of 15 cents for 100 frs., or fractions of 100 frs., which will increase with the amount of the bill. Bills coming from abroad, or from colonies, where no stamp duties have been established and payable in France, must be stamped before they are negotiated, accepted, or paid, at the same rates of duties. In case of contravention of this law, the drawer, acceptor, payee, or first indorser of the instrument not stamped will be liable to a penalty of 6 per 100 frs. As regards foreign Duties on foreign and or colonial bills payable in France, the first indorser residing colonial bills. in France, and, in the absence of an indorser, the holder will be liable to the fine of 6 per cent. If the contravention consists only in the use of a stamp of less amount, the fine will be charged on the sum for which the duty has not been paid. The holder of a bill of exchange not stamped will have no right of action, in case of non-acceptance, against the drawer, and where it was accepted, he will have his right only against the acceptor and drawer, if the latter does not prove that he had provided for it at maturity. The holder of any other instrument subject to stamp, and not stamped, will have a right of action against the maker only. Any stipulation to the contrary will be of no effect. All the parties on the bill will be jointly liable for the payment of the stamp duty and fines, but the holder will pay such duty and fines with a right to exercise his claim against the other parties. No person, company, or public establishment can receive payment, or cause payment to be received, for any instrument not stamped, under a penalty of a fine of 6 per cent. of the amount received. Any mention in the bill, or any agreement to the effect that the bill shall be returned without expense, will be invalid, if it relate to instruments not stamped. The present law is applicable to bills of exchange, promissory notes, and other instruments signed in France, and payable out of France. The exemption of stamp duty granted to duplicate of bills is maintained. Nevertheless, if the first of exchange, duly stamped, is not joined to the one in circulation, the latter must be stamped according to the present law.