THE BRITISH BUDGET.

Lyttelton Times, Volume CI, Issue 11870, 20 April 1899, Page 5

THE BRITISH BUDGET.

THE WINE DUTIES,

A UNITED PROTEST. United Press Association—By Electric Telegraph—Copyright. LONDON, April 18.

France, Spain and Italy have protested against the extra taxation on wines by Great Britain.

French exporters allege that by ; Great Britain’s extra duties the price of cheap wines will be increased one-seventh, and champagne one-eighteenth. Mr Harwood, M.P. for Bolton, will probably move for the exemption of. wines containing less than 30 per cent of proof spirit.

LONDON, April 19.

The proposed stamp duty of :5s- is on the hundred pounds nominal value of any document representing foreign or colonial bonds, stock, or shares not at present liable to duty. The tax is payable on the first occasion on which the document is negotiated here. One stamping will suffice for its lifetime. If it is at any time withdrawn and another exactly similar substituted, the stamp charge will be reduced. Loan or capital debentures created under statute or trust deed will he liable to 2s 7d duty. Mortgage duty and companies’ capital duty have been increased from 2s to 5s per £IOO letters of allotment and renunciation under the value of £5, one penny, and over that amount sixpence. It is estimated that the new stamp duties will yield £450,000. They will become operative when the Finance Bill has passed. Mr Hogan' intends to ask Sir Michael Hicks-Beach to limit the increase of stamp taxation to foreign bonds only.