The Express.
London, England, 1850-03-27 00:00:00

MONEY MARKET.

TVZSDAT ETININO.
At the raseg of the directors and proprietors of
the Bank of England which was held to-day, the
dividend of fear per cent. for the half year wax oon-
finned.

The proposed alteration in the stamp duties does
not appear to have as yet excited that general atten-
tion among merchants which, as affecting the com-
mercial interest, of the country, the importance of the
subject demands. If the view taken of this matter
by " A Solicitor • (whose letter appeared in yester-
day's Express), be correct, and there appears no
reason to doubt that the wording of the resolution,
and the explanation of the Chancellor, authorise the
omelusioas to which our correspondent arrives, then
numerous commercial operations which hitherto have
been exempt will in future be shackled by a heavy
stamp tax according to the extent of the transactions.
Thus the transfer of consols, dock warrants, railway
stock, or any other bond or document, " matter or
thing," given or taken on pledge as security for loans
or advances, will, according to the proposed measure
of the Chancellor of the Excbeeper, be subject to •
damp duty, in order to legalise the transfer. It is to
be hoped that the mercantile public will be alive to
the injustice about to be inflicted on their freedom of
action, and that no =ware will be allowed to become
law, by which restriceions and impositions
of this oppressive nature will be put in
form, operating as a check on the freedom of trade,
for which so glorious a battle has been fought and
woo. The Fonaneialist of this day draws attention
to the subject as far as it refers to railway property ;
sad although we do not participate is all the views
expressed by the writer, we nevertheless give his
observationstw eztenso, as they exhibit in another
phase the onerous nature of the tax proposed, at the
same time exposing the evasions to which the provi-
dons of this very ill-coesidered and oppressive mea-
sure will be liable.

The revision of the duty on stamps as proposed by the
Chasmllor of the Ezchsquer cams under the consideratioo
of the helms on Monday the 19th. Is sneerer to the question
put by Alderman &dila whether the proposed alteration
apprised to house property, the ChasmUor of the Exchequer
stated that the proposed reduction applied to all property.
Is his speech to the house he stated " the dare of stamp
duties with which he meant now to deal was that which re-
lated to transfers, mortgages, and bade, and the general
tenor of the proposal he bad to make was, instead of the
present exceediagly unequal and unjust rates, to adopt as
nearly as might be the principle of an ad valorem duty,
though to carry it out strictly would be utterly impossi-
ble. Whereas at present there were jumps in very
large sums from 1,000!. to 2,0001, 3,0001 , and so on,
he proposed to adopt a much more minute Kale, begin-
ning with 251., and then going to 60!, 100!., and so up-
•ards. The result of that weal! be very nearly an ad
valorem duty, and as nearly as could be curled out, and it
would eidf-ct a considerable reduction in the stamp duty on
traasectiose leader 1,0001. as regarded exemesimems and
mortgages."
We have italicised the word conveyances, bemuse many
persons fancy the stamps for the transfer of railway shares
or stock are not to be included in the proposed alteration, an
e: ties which is elderly unintended.
After showing by a few instances what he proposed to do
with respect to mortgages sad bonds, which wee to carry wit
an ad valorem. duty of i per cont., he remarks that convey-
ances were rather mare somplientod, and is the first place
he proposed to adept the pinnessingy of aot exceeding,"
instead of the present mei, "sad mac" After referring
to the pretreat and paws' duties is maveyances or trans-
fers, be c-ncludas • "Me 111111116111 prattled that it
should Menses j per onst. up In 6001., i between 6001. and
1,0001., after 1,0001 I par east upon all transactions up to
2,0001 and the. he premed that it should vary with every
1,0001."
lhe duties, both the present and pr stoned, from 8001. and
upwards, cao be evaded without any iafrection of the law
by the following amassment A. pordsmos railway share;
worth 8001. • instead of having them tramtlerred on • 91.
stamp, he gas 2991. lfie. Md. put on a 21. stamp, and
4991. 19s. Hid. pissed on a 31 sheep, and so transfen
together 7991. 19s. 11d. an two stamps, together 61., swing
41. by the arrangemeet. By a Mailer process. instead of
1,2001. consideration Wag Owed upon the 121. stamp, it can
be transferred upon two 31. and one 21. stamp, together 81. ;
8,0001. consideration as be transferred upon six 31. stamps
instead of one 261.

—The ;i.;•lvSttage can be taken of the proposed duty
fees 6001. upwards; 8001. could be tranaferred on •
21. 10s. and a 30s. treader, together 41., instead of a
61 161. stamp; 1,0001 could be transferred upon two 60s.
stamps instead of • 71. 10e. stamp ; 1,2001. could be trans-
ferred apes her We. stamps instead of one 121. stamp, sad so
on leititpropmelemate inequalities.
Can it be meggiesed that any sea would pay 121. duty,
when be an 1•107 ends it by the payment at 61.7 Is not
legislation is ens 1 a direction a period faree—betnying an
amount Omni& and official iguanas. one could scarcely
belie,zlie i Surely the anomaly of the present duties
is su to hater need the eyes of the Chan-
cellor of the an eosins • repetition and perpetuation
of puertlitia for w is our shoot days • " poetise" and
its misses would ken bora the reward. Whence the Inf.
Acuity to be oversaw we cannot comprehend, when by op-
plyiug to transfer' the mime principle that is proposed to be
applied to mortgages and bonds, eit odes/ones duty of 6
per cent., the senesseleal absurdity of the proposed sale of
duty would be obviated.
I'M* Aside the sey &Odd pais, if net positive ht-
ildid44 et iorsobe ups the 'swami••l MK • duty i per
lacqd7aw
writ Saber in then the 6001. pureirmsr is taxed
with ; and of • tez of one per mat. upsa the per.
chaser above I,OOOL, so inequality of i pee Dent., or
lest double the duty the . purchaser rye ; 1.1 Sir Ches.
Wood palm if he eau this prineple upon the h and his
votaries, we forewarn him that in see*, it rasa be
evaded, and therefore advise him to revise his seals and adopt
an uniform ir er cent. duty. It will be more dimple, mon
Mow, and sore profitable
- -

The commercial intelligence received by the Pe-
ninsular mail is altogether barren of interest. The
acclunte from all the ports from Gibraltar to Vigo,
are of the same character, and advise no amelioration
in the doll state of things which prevailed when the
petroleum mail was despatched. The exchanges also
had undergoes no varittion deserving of notice.
Archangel =floes of the 9t4 state, the ioorsamd
demand for pas had given rias to a further advance
in price, *blob appeared likely to be well
maintatod. Osburooy in assortment was th&n
quoted at 60 R. Crown, 35 R., ditto 3d sort, 30 R.,
Zabrasb, 27 R., flax tow, 2 R., to dills god, 1.70, and
o her descriptions in Or"p.rtacii. Altogether about
6,600 tons wen in the hands of exporters, leaving
only about 4,g90 tons =disposed of, which was held
by the wealtiess) Russians, who refrain from =ilia-