At two usances (or “at. after sight," or "at after date,") pay 7 8 Stamp this my first Bill of Exchange (second and third of the same tenor and date 9 12 not paid) to Messrs. 10 11 or order (“ or bearer") Ten Thousand Livres Tournoises, 13 14 value received of them, and place the same to account, as per advice from of FORM OF A BILL UNDER FIVE POUNDS. As directed by Stat. 17 Geo. III. c. 30. Schedule No. 2. To E. F. of Witness G.H. ralue received by or his order, the sum C. D. (16-17) (6) (4) £20 0 0 Pay A. B. or bearer, Twenty Pounds. The Figures refer to the parts of the observations in the following pages of this chapter. (1)-Before the statute of the 22 Geo. 3. c. 33. 1st, Stamp duty. there was no stamp duty imposed on bills of exchange, &c. and they were in all cases made on plain unstamped paper, and, indeed, were expressly exempted from any stamp duty, by the 5th W. & M. c. 21. s. 5.; but by the first mentioned statute certain duties were imposed in almost all cases upon these instruments. This and two subsequent statutes, (23 Geo. 3. c. 49. & 24 Geo. 3. s. 1. c. 7.) were repealed by the 31 Geo. 3. c. 25. whereby certain duties were imposed, and which were increased by the 37 Geo. 3. c. 90. and which continued in force until the 10th October, 1804, from which day until the 11th October, 1808, the 44 Geo. 3. c. 98. regulated the amount of the duty on bills, notes, &c.; from that day until the 28th September, 1815, the duties on bills and notes were regulated by the 48 Geo. 3. c. 149. and from the last mentioned period to the present time (1818), the regulating statute is the 55 Geo. 3. c. 184. stampact, 55 Geo. By this act, with respect to Inland Bills of Exchange, Provisions of the whether negotiable or not, a distinction is made in the 3. c. 184. amount of the stamp between bills and notes, payable at a time not exceeding two months or sixty days after date, and those exceeding that time, and a penalty of £100 is imposed on any person post dating, or issuing any bill or note so post dated, so as to avoid the higher duty. It is also provided, that all drafts or orders for the payment of money by a bill or promissory note, or for the delivery of any such bill or note in payment or satisfaction of any money, shall be liable to the like stamp duty as a bill or note. There are other provisions in the act which will be found in the Appendix. A foreign bill drawn in, but payable out of Great Britain, if drawn singly and not in a set, is liable to the same duty as an inland bill of the same amount and tenor. But foreign bills drawn in Great Britain, in * Sec. 12. See clause post, App. 1st, Stamp duty. sets, are subject to a stamp duty, progressively increasing according to the amount for every bill of each set'. It is also provided, that promissory notes made out of Great Britain, shall not be negotiated or paid in Great Britain, unless the same shall have paid the duty on promissory notes of the like tenor and value in Great Britain, with an exception of notes made and payable only in Ireland ». Exemptions from these stamp duties are made in favour of bills or bank post bills, issued by the Bank of England, and of all bills, orders, remittance bills, and remittance certificates, drawn by commissioned officers, masters, and surgeons in the navy, or by any commissioner of the navy, and other bills drawn by or upon persons in certain public employments, and also in favour of drafts or orders for the payment of money to the bearer on demand, and drawn upon any banker or person acting as a banker, residing or transacting the business of a banker, within ten miles of the place where such draft or order shall be issued, provided such place shall be specified in such draft or order, and 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. With respect to promissory notes, a distinction is made in the amount of the duty, between those which are payable at a time exceeding two months after date, or sixty days after sight, and those payable at a longer period, and also between those intended to be re-issued after payment, and those which cannot be so circulated3, and notes for the payment of money by instalments, are subject to the same duty as on a promissory note payable in less than two months after date, for a sum equal to the whole amount of the money to be paid, and 55 Geo. 3. c. 184. Schedule 1. 2 Id. sect. 29. 355 Geo. 3. c. 184. Schedule 1. tit. Promissory Note. negotiable instruments in the form of promissory notes, 1st, Stamp duty. and for the payment of less than £20, upon a contingency, whether available or not, are, nevertheless, liable to the stamp duty'. Exemptions are introduced in favour of notes of the governor and company of the Bank of England, and of notes payable upon a contingency, and exceeding £20, but it is nevertheless provided that the latter shall be liable to the duty which may attach thereon as agreements or otherwise. The penalty of £50 is imposed upon any person who shall make, sign, or issue, or cause to be made, signed, or issued, or shall accept or pay, or cause or permit to be accepted or paid, any bill of exchange, draft or order, or promissory note for the payment of money liable to any of the duties imposed by the act, without the same being duly stamped 2. Penalties are also imposed upon persons drawing, receiving, or paying any post dated or other unstamped draft on a banker, not made conformably to the act3. Regulations are then made relative to re-issuable notes, and for the licences to bankers drawing and issuing such notes *; and it is provided, that all the powers, regulations, and penalties contained in and imposed by the several acts of parliament relating to the duties thereby repealed, and the several acts of parliament relating to any prior duties of the same kind or description, shall be of full force and effect relative to the duties thereby granteds. Hence therefore most of the decisions on the former acts, are applicable to the existing stamp duties on bills and notes. With respect to foreign bills, it is clear, that the legislature did not mean to extend the stamp duties, 155 Geo. 3. c. 184. Schedule 1. tit. Promissory Note, Id. ibid. sect. 11. 3 Id. sect. 13. * Id. sect. 14. to sect. 28. 1 Id. sect. 8. Decisions on the statutes relative to stamps. Decisions on the imposed by these acts to such foreign bills as are made statutes relative to stamps. abroad, where the use of them could not be enforced; and it may be collected from the language of the acts, that the duty is only imposed on bills drawn in Great Britain. And where a bill was drawn in Ireland, and blanks left for the date, sum, time when payable, and the name of the drawee, and transmitted to England, where it was completed and negotiated, it was held, that this was to be considered as a bill of exchange, from the time of signing and indorsing it in Ireland, and that an English stamp was not necessary. So where a bill of exchange was drawn in Jamaica, upon a stamp of that island, with a blank for the payee's name, and transmitted to England, where a bonâ fide holder filled in his own name as payee, it was considered, that no English stamp was necessary; but if a bill be drawn in England, though dated at some foreign place, such bill cannot be enforced here without an English stamp+. With respect to the amount of the sum payable, it was recently made a question, whether a stamp for the exact amount of £50 was sufficient for a bill for that sum, with all legal interest, it was contended, that the stamp was insufficient, because the bill was to carry interest from the date, and therefore a larger sum was payable upon it than £50; but it is reported, that Lord Ellenborough inclined to think the stamp sufficient, as there was no interest due when the bill was drawn, and it was then a security for the sum of £50, and no more; and as there is always interest to be recovered, if the bill be not paid the day it becomes due. The case afterwards came before the court, when it was decided upon another point, and 55 Geo. 3. c. 184.-Crutchley v. Mann, 1 Marsh. 29. 2 Snaith . Mingay, 1 M. & S. 87. 3 Crutchley v. Mann, 5 Taunt. 529.-1 Marsh. 29. S. C. Jordaine v. Lashbrook, 7 T. R. 601.-Abraham v. Du Bois, 4 Campb. 269. |