The Sun.
London, England, 1854-10-18 00:00:00

TEE NEW STAMP ACT.

Various prints in connection with the working of the
new Stamp Act continue subject to discussion, and the
following note, stating an amended interpretation of the
mope of the sixth clause, has been received at the Bank
of England from the Stamp-office. The object of this
clause was to enforce, under a penalty of 100/., the
drawing and delivering of the whole number of a set of
bills in all cases where the instrument purported to be
drawn in a set, but a question arose whether it applied
to bills drawn abroad and payable here as welt as to
bills drawn here and payable abroad. Under date the
23th of August, Mr. Keogh answered that it applied to
"foreign bills drawn and payable abroad if negotiated
in this kingdom, as well as to foreign bills drawn in this
kingdom payable abroad." Subsequent consultation
with the law officers of the Crown, however, has estab-
lished a different view, which will occasion much less
disturbance to mercantile usage and convenience :
" Inland Revenue, Somerset-house,

London, Oct. 16.
" Sir,—l hare to refer to the Board's communication to
you dated the 28th of August last, in answer to your letter
of the 26th, containing several questions relative to the
Stamp Act, 17 and 13 Victoria, c. 83, in which communi-
cation it was stated that section 6 of the act applies to fo-
reign bills drawn and payable abroad, if negotiated in the
United King-dom.
" I beg leave to acquaint you thatthe matter has since
undergone further consideration, and, having been sub-
mitted to the law officers of the Crown, th,ly have advised
that the operation of the clause in question is confined to
bills drawn and issued within the United Kingdom, and
payable _ abroad.—l have the honour to be, Sir, your
obedient servant, " THOILIS KEOGH.

"J. R. Elsey, Esq."
The anne2:ed letter from Mr. Wood, the chairman of
the Board of Inland Revenue, relates to two other ques-
tions, also submitted from the Bank—namely, whether
a certain form of cancellation adopted by that institu-
tion is sufficient, and whether the amount of duty to
which a bill is liable may be made up by the use of two
or more stamps. In both cases the reply is in the aflir•
illative, as far as the opinion of the Thard is concerned,
although, of course, in case of litigation, the construe•
Con of the terms of the act can be authoritatively set.
tied only by a court of law :
" Inland Revenue, Samerset-house, London, Oct. 16.
" My Dear Sir,—ln reply to your letters of the 14th and
of this date, inquiring, first, whether the Board consider
that the printed form adopted by the Bank of England for
the cancellation of adhesive foreign bill stumps be a suffi-
cient compliance with the Act of Parliament, and secondly,
whether the amount of duty to which a bill of exchaNe
is liable may be denoted by two or more stamps, I beg to
state, in reference to the first question, that, so far as the
Eoard is concerned, the use of the printed form in ques-
tion will le considered a sufficient compliance with tie
act.

" The Board will not require that the whole of the name,
or firm, or date shall actually be upon the stamp, and
will esteem it sufficient if those particulars be written or
printed across the stamp, notwithstanding a portion of
such writing or printing may not be actually upon it.
"The object of cancellation is to prevent the use of a
stamp for more than one bill; and, provided this be effected
even by initials and date, the Board certainly will not pro.
secute, and no prosecution can be instituted, excepting by
the Board.

" I must, however, distinctly state that the Board can.
not by any regulation, or the e.mpression of any opinion,
remove difficulties that may arise between the parties to a
bill. Its validity, so far as the parties are concerned, must,
in case of doubt, depend on the interpretAtion which may
be put by a court of law on the terms of the act.
" In reply to the second question, I have to state that
there is nothing in the act to prevent the required amount
of duty being made up by several stamps.—l am, my dear
sir, yours most faithfully.
" M. Marshall, Esq

"JOHN WOOD."

STATE OF TRADE.

MANCHESTER, Oct. 17.---The cloth-market is very flat,
and in some cases sellers report that there is no market,
prices being quite nominal, especially as regards goods
for India. Tie advices to hand from Bombay report
that the trade in imports had scarcely re-opened, as the
weather had not admitted of regular communications
with the ports on the coast. From Calcutta intelligence
is received that a fair amount of business in cloth and
yarn had. been done at steady prices, considering the
heavy supplies coming to market and the general desire
manifested by receivers to realise on arrival. It is known,
however, in Manchester, that very heavy supplies had
still to arrive at last dates, and very little business is
likely to be effected for that quarter for some time to
corns. Prices are a shade lower, with a downward ten.
dency in almost all descriptions of cloth. The market
is generally reported as the quietest we h-tve had for a
long time, with a degree of despondency that is quite un-
usual. Houses trading to the Levant are doing a fair
business for long cloths and T cloths, and these form
nearly the only exception to the general flatness. There
is still much talk of a resort to short time, and manufac-
tutors continue more and more to throw looms out of
work altogether.
In yarns there is some demand from the Greek-houses
for extra twist such as they are able to find a market
for in the East, and rather better prices even have been
obtained for it ; an one or two descriptions of cop yarn
for manufacturers are still scarce and maintain their
full value; but, generally speaking, yarns, both for horns
consumption and export, meet with very little demand,
and too market may be described as flat, with a down-
ward tendency of prices.

A small house here, doing business with Brazil, and
well connected, is reported to have suspended ; butthey
owe nothing in Manchester, andtherefore it cannotbe said
to have exercised any influence on the market; but there
is much suspicion existing, and this want of confidence
appears to pervade nearly all circles since the failures at
Liverpool.
LEEDS, Oct. 17.—Heavy woollen clothe, suitable
tofu..
overcoats and winter wear, have sold tolerably 11
o dwed with
day, and the market is not by any
halite, ie rather
in the hands of manufacturers or the mere
season
stock. Indeed the quantity ofwomolleaennscloctrher, whether
of the
below than above the average 0
parties sot to
year; Much care is manifested
hfbaryiidta,
have an accumulation of goods on hand, all
ind the clothiers
fair proportion to the
endeavour to keep the supplyhai
manufacturers of this
town demand.
teteadily employed. Prices
There has been an ad-
of cloths, too, rule very
steady.inthe Leeds market to-day
and ntjeilgTiboutlrheowodhalree
vance iu the price of corn
market on Monday. The
to feel some alarm as to what may
Public are beginning .
t' ensuing
be the price of bread
which
has
equal to that in the London
at the advance just taken place.
surprised
a appears to be good ground to believe that there is
ei in
ago, and
ande needy
hence, circum-
stanceswthrarnhder will be plenty of corn to supply the nation till next
mere
earsfeawre.
years
characteristic anxiety to obtain the highest price os
eliaracprice p •
sible for their grajp, they are offering but small portions
fur sale• harrest'
ab. su ttht the
Any undue alarm on the part of consumers
should be guarded against, as it would tend to still
further send 'prices up, much to the disadvantage of
the great bulk of the community and to the checking of
manufacturing operations for the home market.

APPROACHING CIVIC 11....4.1TQUETT;i401; JOHN RUSSELL
AT BRISTOL. 'this banquet, which will take place on
the 27th instant, will be on ascale of magnificence
h
of the renown of city.tha„ancient Amongstthe
Idavld
iQrsetttiaugyyuished personages who it is un.i lerstood have
accepted, are his Grace the Duke of Beaufort,
Lord High Steward of the city ; the Right Hon. the
Earl Fitzhardinge, Lord Lieutenant ; Right Hon. Lord
Portman, Lord Lieutenant of the county of Somerset ;
the Right Rev. the Lord Bishop of Gloucester and
Bristol ; the Very Rev. the Dean of Bristol ; Dr. Gilbert
Elliott, the Hon. F. H. Berkeley, M.P. ; W. H. G.
Langton, Esq., M.P. ; P. J. W. Miles Esq., High
Sheriff of Bristol ; W. Miles, Esq., 11i.P. for East
Somerset ; W. F. Knatchbull, Esq., M.P. ; Sir Arthur
Hallam Elton, Bart., of Clevedon Court ; Sir J: Eardley
Wilmott, Bart., Stoke Bishop.
The following
Gold Company :
is from the Port Philip and Colonial
tbhe e
ipnr i ;
atcWe Melbourne,have r ec e
underivedd aa dt
date
itche:
3flros
tme ourf
ju resiftly
tvn to;
wr she
itechr
the following is an extract :
jest of leasing land to
vats
' Mis e
enrient
ag
r. —y
,I
ehtaaat-
ion receivedtaehnesoutbb r
Governorn o t a (will
ll
better position to enter io
visited
the
gold fields.'
public companies after ho bee vi
ing
•uor to break up the Government
ten"
tiMoneltoinfgtahnedGAesysaz Establis_hment.—lt was the in.
Assay.office ; this step would
.u331,"504/1.4 ire Prove thin
branch of the company s PUrgeL