containing a promise to pay interest thereon, is not a promissory note. Taylor v. Steele, 16 M. & W. 665. But a note for money payable on demand to H., " and I have lodged with H. the counterpart leases signed, &c., as a collateral security for the sum," is a note, and not an agreement. Fancourt v. Thorne, 9 Q. B. 312.

Some instruments which fall within the very wide definition in sect. 49(1), have been held not chargeable thereunder, but as debentures, by reason of their appearing to fall more properly under that category. See British India Steam Navigation Co. v. Inland Rev. Com., 7 Q. B. D. 165, cited post, p. 246.

The reservation of interest is not to be considered an addition to the sum advanced so as to require a larger stamp; thus a stamp, applicable to a note not exceeding 301., is applicable to a note for the payment of 301. at 3 months after date with interest from the date. Pruessing v. Ing, 4 B. & A. 204. Where a joint and several note for securing the repayment of a loan was signed first by one, and some days afterwards by the other party, it was held not to require an additional stamp if the last signature was put before the money was advanced; or if the party last signing had promised to sign the note before the advance, notwithstanding it may not have been signed till afterwards. Ex pte. White, 3 Deac. & Chit. 366.

A memorandum in the form of a promissory note, offered in evidence for the purpose of taking a case out of the Statute of Limitations is inadmissible, unless stamped; although 9 Geo. 4, c. 14, s. 8, exempts memoranda made for that purpose from the stamp duty on agreements; Jones v. Ryder, 4 M. & W. 32. So it was held that a promissory note for 1,110l., with 4 per cent. interest, made on a receipt stamp, was not admissible to take a debt out of the Statute of Limitations. Parmiter v. Parmiter, 1 J. & H. 135; 30 L. J., Ch. 508. It is to be observed that the schedule of 55 Geo. 3, c. 184, ante, pp. 225, 226, exempting instruments in the form of notes from the note stamp, if deemed to be agreements, was not cited in either of the two cases last cited.

Stamp on re-issued bill.] A bill payable to the drawer's order, and taken up by him, may be re-issued without a fresh stamp, unless this would have the effect of rendering any of the indorsers liable to an action. Callow v. Lawrence, 3 M. & S. 97; Hubbard v. Jackson, 4 Bing. 390. Where the bill is an accommodation bill, it would seem that it can only be re-issued with the consent of the acceptor, and therefore would require a fresh stamp. Jewell v. Parr, 13 C. B. 909; 22 L. J., C. P. 253. But a bill payable to the order of third person, indorsed by him and taken up by the drawer, cannot be re-issued by him, for it would wrongfully charge the payee. Beck v. Robley, 1 H. Bl. 89 n.

What alteration of a bill requires a new stamp.] If a bill or note is altered in a material part, though by the consent of all parties, after it has been once issued it requires a new stamp; Bayl. on Bills, 6th ed. 118, (1); Bowman v. Nichol, 5 T. R. 537; Wilson v. Justice, Peake, Add. Ca. 96, for it is, in effect, substituting a new bill, and using a stamp already used for the old one.

An alteration in the date of a bill payable after date, Bowman v. Nichol ; Wilson v. Justice, supra; Outhwaite v. Luntley, 4 Camp. 179; or in the consideration, Knill v. Williams, 10 East, 431; or by inserting words rendering a bill or note negotiable, which was not so originally; Id. 437, explaining, Kershaw v. Cox, 3 Esp. 246;-are material alterations, and require restamping. So, where the drawer, without the consent of the acceptor, added the words "payable at Mr. B.'s, C. Street," to the acceptance, this alteration

Bill of Exchange, &c.-Alteration.

231

was held to be material. Cowie v. Halsall, 4 B. & A. 197. And a similar alteration has been held to be material since the statute 1 & 2 Geo. 4, c. 78; for the right of an indorsee to sue his indorser would, according to the altered bill, be complete upon default made at the banker's and notice thereof; whereas, in truth, the acceptor, not having in reality undertaken to pay there, would have committed no default by such non-payment. Macintosh v. Haydon, Ry. & M. 362; see Marson v. Petit, 1 Camp. 82, n. The Bills of Exchange Act, 1882, s. 64 (2), enumerates some material alterations, but this, by reason of sect. 97, (3, a) infra, has no bearing on the present question.

If the alteration be merely the correction of a mistake in furtherance of the original intent of the parties, as inserting the words "or order" in a bill intended to be negotiable, it will not require a new stamp. Byrom v. Thompson, 11 Ad. & E. 31. So, a mistake in the date may be corrected. Brutt v. Picard, Ry. & M. 37. See Hutchins v. Scott, 2 M. & W. 809.

At common law a stranger to a bill, by indorsing it, rendered himself liable to a subsequent indorsee, as a new drawer of the bill; but it remained the same instrument as before, and did not require a fresh stamp. Penny v. Innes, 1 C. M. & R. 439; Matthews v. Bloxsome, 33 L. J., Q. B. 209. This doctrine was inapplicable to promissory notes (Gwinnell v. Herbert, 5 Ad. & E. 436), by reason of the Stamp Act; M'Call v. Taylor, 34 L. J., C. P. 365, 366, per Willes, J. By the Bills of Exchange Act, 1882, s. 56, where a person signs a bill otherwise than as drawer or acceptor he thereby incurs the liabilities "of an indorser, to a holder in due course," i.e., to a bona fide holder for value without notice; see sect. 29. By sect. 89 (1), the provisions of the Act are in general to extend to promissory notes; the maker being deemed to correspond with the acceptor of a bill, and the first indorsee with the drawer of an accepted bill payable to the drawer's order. As, however, sect. 97, (3, a), ante, p. 227, provides that nothing in the Act is to affect the Stamp Acts, it would appear that sect. 56 does not apply to promissory notes, and that Gwinnell v. Herbert, supra, is still good law.

The subject of altering bills and notes will be further treated of under the head of Defences to actions on bills, to which it more properly belongs : for the alteration of such an instrument, without consent, even by a stranger, affects its validity without reference to the Stamp Acts. Master v. Miller, 2 H. Bl. 141; 1 Smith's L. C. If made after issue or negotiation, even with consent, the bill is, as above stated, vitiated for want of a new stamp.

What is such an issuing as to render an alteration fatal.] A bill is primû facie considered as issued as soon as it is passed away by the drawer or accepted by the drawee, and not before. Bayley on Bills, 6th ed. 122. An exchange of acceptances is an issuing; Cardwell v. Martin, 9 East, 190; but a bill is not issued so as to make an alteration fatal, until it is in the hands of a person entitled to make a claim thereon. Downes v. Richardson, 5 B. & A. 674 ; Tarleton v. Shingler, 7 C. B. 812.

The onus of proving that the alteration was made before negotiation lies upon the party suing on it. Johnson v. Marlborough, Dk. of, 2 Stark. 313; Denman v. Dickinson, 5 Bing. 183. And, where the alteration is visible, it cannot be left to the jury to say, on the mere inspection without further evidence, whether it was made at or after the original making of the bill. Knight v. Clements, 8 Ad. & E. 215; and Bishop v. Chambre, M. & M. 116, there explained; Clifford v. Parker, 2 M. & Gr. 909. Where there was an alteration by consent in a bill drawn abroad to which no stamp was necessary, it was held to lie on the party who objected to the want of a stamp to show that it was altered in England. Hamelin v. Bruck, 9 Q. B. 306.

Bankrupts' Estates.- Instruments relating thereto.

By the Bankruptcy Act, 1883 (46 & 47 Vict. c. 52), s. 144, every deed, conveyance, &c., relating solely to freehold, &c., property, or to any mortgage, &c., on, or any estate, right or interest in any real or personal property which is part of the estate of any bankrupt, and which after the execution of such deed, &c., "either at law or in equity, is or remains the estate of the bankrupt or of the trustee under the bankruptcy, and every power of attorney, proxy paper, writ, order, certificate, affidavit, bond or other instrument or writing relating solely to the property of any bankrupt, or to any proceeding under any bankruptcy, shall be exempt from stamp duty, except in respect of fees under this Act."

Bill of Lading.

"Bill of lading of or for any goods, merchandise, or effects, to be exported or carried coastwise:-6d."

Sect. 56. (1.) "A bill of lading is not to be stamped after the execution thereof."

Bill of Sale.

Absolute. See Conveyance on sale, post, p. 234.

By way of security. See Mortgage, &c., post, p. 244.

Sect. 57. "A copy of a bill of sale is not to be filed in any court, unless the original, duly stamped, is produced to the proper officer."

This section however does not invalidate the registration, otherwise regular, of a bill of sale not duly stamped. Bellamy v. Saull, 4 B. & S. 265 ; 32 L. J., Q. B. 366.

Bond.

"Bond for securing the payment or repayment of money or the transfer or retransfer of stock. See Mortgage, &c.," post, p. 244.

This title includes the bonds of foreign governments, and of public companies.

"Bond in relation to any annuity upon the original creation and sale thereof. See Conveyance on sale," post, p. 234.

Bond, covenant, or instrument of any kind whatsoever.

(1.) Being the only or principal or primary security for any annuity (except upon the original creation thereof by way of sale or security), or of any sum or sums of money at stated periods, not being interest for any principal sum secured by a duly stamped instrument, nor rent reserved by a lease or tack.

For a definite and certain period, so that the total amount to be ultimately payable can be ascertained:-The same ad valorem duty as a bond or covenant for such total amount.

For the term of life or any other indefinite period :-For every 57. and also for any fractional part of 5l., of the annuity or sum periodically payable.-2s. 6d.

(2.) Being a collateral or auxiliary or additional or substituted security

for any of the above-mentioned purposes where the principal or primary instrument is duly stamped.

Where the total amount to be ultimately payable can be ascertained : -The same ad valorem duty as a bond or covenant of the same kind for such total amount.

In any other case :-For every 51., and also for any fractional part of 51., of the annuity or sum periodically payable :-6d.”

Bond on obtaining letters of administration in England or Ireland, 5s., from which there are certain exemptions.

"Bond of any kind whatsoever not specifically charged with any duty.

Where the amount limited to be recoverable does not exceed 300l. :— the same ad valorem duty as a bond for the amount limited. In any other case-10s."

"Bonds given to sheriffs or other persons upon the replevy of any goods or chattels, and assignments of such bonds," are, by the general exemption (5), at the end of the schedule, free from all stamp duty. See also the general exemption (3), as to bonds relating to service in the colonies, cited ante, P. 222.

By 45 & 46 Vict. c. 72, s. 8, the duty on a grant or contract for the payment of a "superannuation annuity," i.e. "a deferred life annuity granted or secured by contract to any person in consideration of annual premiums payable until he should attain any specified age, and so as to commence on his attaining that age," is 6d. for every 5l., and also for any fraction less than 5l. or over and above 5l. or a multiple of 5l. of the annuity.

Charter-Party.

"Charter-party, or any agreement or contract for the charter of any ship or vessel, or any memorandum, letter, or other writing between the captain, master, or owner of any ship or vessel, and any other person, for or relating to the freight or conveyance of any money, goods, or effects on board of such ship or vessel :-6d.”

Sect. 66. "The duty upon an instrument chargeable with duty as a charter-party may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the instrument is last executed, or by whose execution it is completed as a binding contract."

Sect. 67. "Where any document chargeable with duty as a charter-party, and not being duly stamped, is first executed out of the United Kingdom, any party thereto may, within ten days after it has been first received in the United Kingdom, and before it has been executed by any person in the United Kingdom, affix thereto an adhesive stamp denoting the duty chargeable thereon, and at the same time cancel such adhesive stamp, and the instrument with an adhesive stamp thereon so affixed and cancelled shall be deemed duly stamped.”

Sect. 68. "An executed instrument chargeable with duty as a charterparty, and not being duly stamped, may be stamped with an impressed stamp upon the following terms; that is to say-(1.) Within seven days after the first execution thereof, on payment of the duty and a penalty of 4s. 6d. (2.) After seven days, but within one month after the first execution thereof, on payment of the duty and a penalty of 101.; and shall not in any other case be stamped with an impressed stamp."

Sect. 67. supra, enables any party to a charter-party, first signed abroad, to stamp the document in the special manner and within the time above mentioned, but sect. 68, supra, would seem not to prohibit the document

being stamped by the Commissioners of Inland Revenue, within two months of its arrival in this country, under the general provisions of sect. 15, (2, b), ante, p. 216.

A guarantee for the due performance of a charter-party does not require to be stamped as a charter-party. Rein v. Lane, L. R., 2 Q. B. 144.

Cheque.

See Bill of Exchange, ante, p. 224.

Cognovit.

A cognovit requires no stamp, for it is a mere acknowledgment of an account, unless matter of agreement be contained in it; as if it contains an agreement to take the debt by instalments. Ames v. Hill, 2 B. & P. 150; Reardon v. Swaby, 4 East, 188. An agreement to grant time, entered into at the same time on a separate paper, does not render an agreement stamp on the cognovit necessary. Morley v. Hall, 2 Dowl. 494.

Contract Note.

Any note, memorandum, or writing, commonly called a 'contract note,' or by whatever name the same may be designated, for or relating to the sale or purchase of any stock or marketable security of the value of 51. or upwards :-ld."

Sect. 69. (1.) "The duty on a contract note may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the note is first executed." (3.) "No broker, agent, or other person shall have any legal claim to any charge for brokerage, commission, or agency, with reference to the sale or purchase of any stock or marketable security of the value of 51. or upwards mentioned or referred to in any contract note, unless such note is duly stamped."

By 41 & 42 Vict. c. 15, s. 26, the term "contract note" in the above provisions means "exclusively an advice note, sent by a broker or agent to his principal; " and a memorandum or contract between brokers or agents shall not be chargeable with any stamp duty.

Conveyance.

Conveyance or transfer, whether on sale or otherwise, of any debenture stock or funded debt of any company or corporation :

:

For every 100l., and also for any fractional part of 100l., of the nominal amount transferred :—2s. 6d.

Conveyance or transfer on sale:

Of any property (except Bank of England stock or debenture stock or funded debt as aforesaid), where the amount or value of the consideration for the sale does not exceed 5.-6d.; exceeds 51. and does not exceed 10.-1s. ; 10. and not 15l.-1s. 6d.; 15l. and not 201.-2s.; 20l. and not 251.— 2s. 6d.; 25l. and not 50l.-58. ; 50l. and not 75l.-7s. 6d. ; 75l. and not 1001.-10s.; and so on at the rate of 10s. for every 100l., ascending by half-crowns till the purchase money amounts to 300l., and then by crowns at each step.