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

THE NEW STAMP ACT.

The working of the skew stamp law is gradually be-
coming understood ; but a ♦ariety 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 aid WE atmin-
ster Bank, conveying for 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., 1854.
" On demand pay to Messrs. Brown and Co., or order,
the sun► of ten hundred pounds for ♦alue received, and
charge the same to account with or without advice.
" To the London and Westminster Bank."
In this case the 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
stamps to that large class of draughts received in this
country from America to enable poor persons to emigrate
to their relatives :

-- -
" London, Oct. 19.
" Sir,—We are in the habit of paying considerable
amounts daily on draughts upon us from New York, which
in great part consist of sums remitted by emigrants to
enable their poor relatives in this country to join them.
A large proportion of these draughts are presented for
payment by London bankers on account of their country
agents, and since the 10th of October have had stamps at-
tached bearing the same rate of duty as bills payable
otherwise than on demand.
" Feeling that an ad valorem, duty en such bills would
bo a great hardship to the parties concerned we addressed
a letter to the Board of Inland Revenue on the subject,
and beg to hand you the reply as at foot.
"We may add, in explanation, that the old formsh of
draughts made the amount payable 'at eight
o,'rder of but t, ;see
now in use merely advise us to ' pay to the Is
payee.

"Yours respectfully,
"JOHN AND EDWARD COEDEROY."
" ` Inland Revenue, Somerset-house, London, Oct. 17.
" 'Gentlemen,- Wlith reference to your letter of the
11th inst., transmitting a form of draught drawn from
New York, and requesting to be in I
forme
didrected to as to the
inform
stamp
duty with which it is chargeable, am
you that draughts at eight drawn at New York arse than on demane charge.
d.
able with duty as bills payable otherwi
" ' I may observe, however, that hills drawn according
to the form enclosed in your letter are not bills payable at
sight in terms, but being silent as to
otobtehdoietnit Bme:fosit,
Payment,
are really payable en demand, and would therefore be
subject (-:1,11,, I
y taomt,hgee in)etilienmye( duty.
tyyo.
" ' Messrs. J. and E. Corderoy.
" ' THOMAES KEOGH.' ''
COLONIAL WOOL SALES.—Tike third series of colo-
nial wool sales commenced yesterday afternoon with a
good tone, and the prices realised
average of those of the preceding
very large attendance of buyers,
proportion for foreign
was chiefly directed to,:carc
totalxpe
c tledu a itl
ttictsy were about equal to the
account,
fidn e
finer
he aboutqualities.
series. There was a
ups the"competitiont he
aitiLsbewill continue till the 14th of No-
put is 47,000 bales, and it is
Onlber•