The Sun.
London, England, 1854-10-20 00:00:00

TEE NEW STAMP ACT.

'The working of the new stamp law is gradually be-
coming understood ; but a variety of questions of consi•
derable importance to the mercantile community still
present themselves, and will continue to do so for some
little time. Among the communications on the subject
received yesterday is one from the London and Westmin-
ster Bank, conveyingfor the information of the public the
answer of Mr. Keogh to their inquiry as to the proper
stamp to be affixed to documents of the following cha-
racter :

" Foreign and Domestic Exchange-office,
" 1,0001. New York, Sept., 1851.
" On demand pay to Messrs. Brown and Co., or order,
the sum of ten hundred pounds for value received, and
charge the same to account with or without advice.
" To the London and Westminster Bank."
In this case tho reply is, " that the draught, being
payable to the persons therein named or to order on de-
mand, is liable to the duty of one penny only, whatever
may be the amount thereof."
A private banking firm have likewise forwarded an
answer received by them to an inquiry whether foreign
bills drawn from abroad and payable in England " on
presentation" are liable to the ad valorem duties imposed
by the schedule, or, under the third paragraph of such
schedule to the duty of one penny only, as bills on de-
mand. In this case the answer is, that " bills of the
description referred to are liable to the ad valorem
duty"
Annexed is another letter, from which it will be seen

that bankers are needlessly applying the new ad valorem,
tAtnps to that large class of draughts received in this
c, r untry from America to enable poor prawns to emigrate
t, their relatives :

" London, Oct. 19.
~ Si•
r,—Wo are in the habit of paying considerable
an counts dAily on draughts upon us from Now York, which
in great part consist of sums remitted by emigrants to
en: ‘ble their poor relatives in this country to join them.
A 1 urge proportion of these draughts are presented for
pay •nient by London bankers on •account of their country
age nts, and since the 10th of October have had stamps at-
tacl ted bearing the samo rate of duty as bills payable
oth, Drwise than on demand.
" Feeling that an ad valorem duty on such bills would
be a • great hardship to the parties concerned w e addressed
a let ter to tho Board of Inland Revenue on the subject,
and I ,eg to hand you tho reply as at foot.
.dray ightsYo nm-ine at(hlde
'aminouexntPlia)any3atbire'
1"" ( in use merely advise us to ' pay to tho order o ' h
, thats
itg, hhet old,. b formsu t
oi
to_os
eef
vs pee.

" Yonrs respectfully,
"JOHN AND EDWARD CORDEROY."
" ' Inland Revenue, Somerset-house, London, Oct. 17.
`" Gentlemen,— -With reference to your letter of the
flth inst , transmitting a form of draught drawn from
NI-,.tw York, and requesting to be informed uscte to the stamp
nty with which it is chargeable, am dired to inform
payable at
tin that draughts at sight drawn at New York are charge-
sble with duty as bills payable otherwise than on demand.
" ' I may observe, however, that bills drawn according
payment,
;,•e of
therefore be,
to the form enclosed in your letter are not bills
iiiti,gehtrierailtlyermpsa,ybabultebeoinngaseiluelitTl(ai: tsoutithowtoilliiil
r abject t
ouly o the penny duty.
I am, gentlemen, your obedient servant,
" ' Messrs. J. and E. Corderoy.
" ' Tuomas KEOGH.: "

COLONIAL WOOL SALEFS.—The third series of colo-
nial wool sales commenced yesterday afternoon with a
good tone, and the prices realised were about equal to the
average of those of the preceding series. There was a
very large attendance of buyers, including about the usual
pre portion fur foreign account, and the competition
wa! . chiefly directed towards the finer qualities. The
tuts .1 quantity to be put up is 47,000 bales, and it is
To cued the sales will continue till the 14th of No-
el %)' uer.