PRIVATE SAVINGS BANKS

Northern Advocate, 22 August 1929, Page 9

PRIVATE SAVINGS BANKS

FORM OF WITHDRAWAL SLIPS.

* LIABILITY FOR STAMP* DUTY,

MINISTER ANSWERS QUESTION

(From Our Parliamentary Special.)

WELLINGTON, This Day.

.Mr S. Ct. Smith (New Plymouth) asked the Minister of Finance in the House of Representatives .yesterday, if it is correct that it is proposed in future to insist that all withdrawal slips presented at private savings banks for amounts, of £2 and ovei shall have affixed thereto a 2d stamp) as this proposal, if carried into effect) will, in the majority of eases, inflict a special tax on children and thrifty workers who make use of private savings banks; and, will he have the matter investigated with a view of having the proposal not proceeded withV Sir Joseph. Ward replied that the withdrawal form in use by most of the savings banks was in the form either of a cheque or a receipt, each of which documents was liable to a stamp duty of 3d. A .withdrawal/form that was not, in effect, a cheque or receipt was not.liable to stamp duty. “It is understood/’ he said, “that it has mot . been the practice of all savings banks to require withdrawal forms, in the form of receipts or cheques, to be stamped, but the Stamp Duties Department was recently asked to advise whether a particular form in use was not liable to stamp duty as a receipt, with the result that all of the savings banks have now been advised that withdrawal forms that are, in effect, receipts or cheques ought to be stamped.”