STAMP DUTIES.

Press, Volume LIX, Issue 17807, 5 July 1923, Page 10

STAMP DUTIES.

AN AMENDING BILL. 'special to "ths razsa.") WELLINGTON,, July 4. The Stamp Duties Bill, which was read a first time in the House of Eepresentatives to-day, repeals the Act passed last year, but which, has never been in operation. It is proposed that the Act shall come into force on January Ist, 1924. Clause 15, in regard to production of unstamped instruments as evidence in judicial proceedings, has been amended so as to avoid a:ay unintentional retrospective effect. A similar amendment has been made in Clause 66, which provides that the Commissioner may demand production of any dutiable " instrument with a view to stamping. In Clause 82 the exemption from duty of conveyances made for the purposes' of a charitable trust is extended by the omission of the "words "by way of gift." This alteration of the 1922 Act restores the existing law. Clause 89 —During the progress of last year's Bill, it was suggested, inter, alia, that a mere offer of sale was dutiable as a conveyance, notwithstanding that a contractoral relationship between the parties was never actually constituted. To meet this suggestion, words have been inserted to more clearly v disclose the real intention and effect of the clauso. "With the same object in view, the word "includes" has been substituted for the word "means" in the definition of "instrument of agreement." Clause 92—The true objeet of Clause 92 as originally passed was to make options dutiable as "conveyances" only if the creation of the option was in effect merely a device to evade conveyance duty. It was not intended, however, that bona fide leases containing an option to purchase should be dutiable as conveyances on sale, and an amendment now removes such leases from the category of conveyances.

Clause 95 has been altered so as to extend from six months to twelve months the time within which a refund of duty may be made in cases wLere agreements of sale and purchase are not carried into effect.

In part 5 (mortgage duty) the alterations made are for the purpose of restoring 'he original law as to mortgage duty, which applies only to mortgages of land. The 1922 Act imposed mortgage duty with respect to mortgages of property generally (whether personalty or real property), with certain specified exemptions. '

Clause 136"—A aub-clause has been inserted to meet the convenience of the banks. It involves no alteration in the amount of duty. Similar provision already exists in respect of the commutation of duty Sj:a steamship passenger ticket?. In Clause 190 the exemption from annual license dut-/ is extended to all companies formed' for the manufacture of any milk products. The original exemption was limited to butter and cheese factories.

BURNSIDE MARKET.

(PRESS ASSOCUTIOjr telzqeah.) DUNEDIN, July 4.

There was a good demand i'or most ciasaea of fat stock at Burnside to-day. Entries were fairiy large in each casis, especially fat cattle and store cattle. "With the exception of aheop, whioh were sold at reduced values, prices showed no appreciable change. Fat Cattle —There was a Urge eatry numbering 339 head, compared with, 291) head last week. The yarding included a number of pens of well-finished animals, while many pens contained cattle hard-y suitable for butchers'purposes. The entry also included a number of good quality heifere. Doubtless on account 1 of the large supply, prices for inferior cattle showed a reducton of about £1 per head. There was, however, a good demand 1 for prime cattle lit prices equal to last week's rates. Exti'a heavy prime bullock and prime handy weight bullocks sold at from 30a to 32a 6d per 1001b, medium quality to 31s, extra prime .heifers 18s to 20s per 1001b, and cows and light heifers 17s to 18s per 1001b. Best bullocks realised £l2 to £l3 extra prime, £lB 2s 6d, medium, £8 10s. to £9 10a," inferior, £5 to £6 10s, beat cows and "iieifers £6 to £7, extra to £8 ss, medium £•'• 10s to £5, inferior £3 to £4. ...

Fat Sheep—There was a moderate yarding numbering about 2.370 head compared with 1563 last week. The entry was comprised mostly of ewa of fair to good quality. Th supply of wethers was not sufficient for butchers' requirements. Prices, - although not equr« to the extreme values, realised at laat week's Bale, were satisfactory. Values generally showed a reduction oi 4s m case of wethers, and from 2s to 2s 6d per head in the case of ewes. Prime and good light wethers made Id per lb, extra, heavy wethers 6Jd, extra heavy ewes oid, prime handy weights 5Jd to 6d, aged and inferior quality s£d. Extra, prime wethers realised up to 60s, prime,46s to 52s 6d, medium 33s to 40s, light and unfinished sorts up to 355, extra prime heavy-weight ewes up to 48s, prime 37a to 41s, medium 27s to 345, and light and aged 20s to 265. Lambs—There was a fair untry. The quality was up to the average. Export buyers and butchers were keen competitors, and a very satisfactory sale resultsd. Extra heavy lambs sold' on the basis of 9d to 9Jd per lb, second quality B£d to 9d, and light and inferior Bd. Prime lambs reajised from 33s to 375, medium 26s to 30s, and light and inferior sorts 20s to 245.

Store Cattle—A full yarc'ling was offered, every pen being filled. The entry included a few line 3of good bullocks. These claimed most attention and Bold up to £3 15s per head. Another line of four-year-old bullocks sold at up to £6 per head. Pat and forward cows were easier in price, while young cattle were sold at cheap ;rate3. Pigs—There was a moderate yarding, all clauses being represented. Competition was brisk, particularly for prime baconers. Prices, if anything, were a shade easier. Prime baconers realised up to.6sd and prime porkers up to 7id per lb. TEMUKA STOCK SALE. In consequence of the freezing works having closed for the season there were no lambs yarded at the Tcmuka stock sale, held on Tuesday. The entry of fat sheep was small, and prices were on a par with those of last sale. The demanij for stores was vetfy limited. A email yarding of fat cattle met with an improved demand, but a similar yarding of stores was hard to quit. A larger yarding of dairy cows came forward and prices advanced somewhat. Pigo met with a brisk s£c at am average advance of 5s per head. The following sales were made: Fat ewes—lß at 25s 6d, 30 at 245, 29 at 29s 4d, 13 at 24s 2d, 12 at 21a 9d, 20 at 23s 3d. ?o at'24a 4d. Fiat wethers—22 at 345, 20s at 345, 18 at 29s 6di, 58 at 843 3d. . Store sheep: 82 f.m. eweij in lamb 3ls lOd. . Cattle —Cows in profit £3 to £7, fat cows £3 15s to £6 15s, fat steers £6 to £7 & 6d, store steers £4 4s,.heifers to £7 10a, yearlings to 37g, 6d. . Pigs—Stores 27e to 30s, weanero lus to 245, porkers 35s to 455. DUNEDIN DRAPERY TRADE. (special 10 "the psbsb/') DUNEDIN, July i. The wholesale drapery trade in Dunedin is jußt now experiencing a seasonable lull, biit it is bettor now than at the same time last year, money being more plentiful, an improved, tone governing the relations of merchants and customers. QUEENSLAND MEAT TRADE. MEIiBOUHKE, July 4. The Hon. Austin Chapman, Minister of Trade and Customs, has announced that, with a view to meeting tile meat shortage in the southern States, instructions have been indued enabling British,, as well as interstate ships, ia carry refrigerated meat from Queensland to Eouthura Tiort&.