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Fourth Exemption.] "Agreement or memorandum made between the master and mariners of any ship or vessel for wages on any voyage coastwise from port to port in the United Kingdom." See also the exemptions given by the Merchant Shipping Act, 1854 (17 & 18 Vict. c. 104), s. 9, and which are retained by the Stamp Act, 1870, s. 3 (ante, p. 218).

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Appraisement.

Appraisement or valuation of any property, or of any interest therein, or of the annual value thereof, or of any dilapidations, or of any repairs wanted, or of the materials and labour used or to be used in any building, or of any artificer's work whatsoever," must be stamped as follows: where the amount of appraisement does not exceed 57.,-3d.; where it exceeds 51. and does not exceed 107.,-6d.; 107. and not 207.,-18.; 207. and not 301.,-18. 6d. ; 30l. and not 407.,-28.; 401. and not 50l.,-2s. 6d. ; 50l. and not 1007.,-58.; 100l. and not 2007.,-108.; 2001. and not 500l.,-158.; exceeds 500l.,-17.

Exemptions.-Appraisement or valuation (1) made for the information of one party only, and not being in any manner obligatory as between parties, either by agreement or operation of law; (2) made under order of Admiralty Court; (3) made for ascertaining legacy or succession duty.

Where nothing is referred to but the mere value of goods and the repairs of a farm, an appraisement stamp is proper, and not an award stamp. Leeds v. Burrows, 12 East, 1.

Award.

An Award must be stamped as follows: where the amount or value of the matter in dispute does not exceed 51.,-3d.; where it exceeds 57. and does not exceed 10l.,-6d.; 107. and not 207.,-18.; 207. and not 307.,18. 6d.; 30l. and not 407.,-28.; 407. and not 50l.,-2s. 6d. ; 50l. and not 1007.,-58.; 1007. and not 2007.,-10s.; 2007. and not 5007.,-158.; 5007. and not 7507.,-17.; 7507. and not 1,000l.,-17. 5s.; and where it shall exceed 1,000l., and in any other case not above provided for,-17. 158.

It seems that an award ordering something to be done other than or as well as the payment of money, must bear the duty of 17. 158.

The appointment of an umpire, made in writing by two arbitrators requires no stamp. Routledge v. Thornton, 4 Taunt. 704. An agreement stamp is not necessary to an arbitration bond which, besides the usual covenants, contains an agreement as to the payment of costs. Re Wansborough, 2 Chitty, 40. A paper drawn up by a person appointed by two parties to ascertain the amount of an account requires an award stamp. Jebb v. M'Keirnan, M. & M. 340. But not if the account is not intended to bind them. Goodyear v. Simpson, 15 M. & W. 16. The opinion of counsel, by which parties agree to abide, does not require an award stamp. Semb. Boyd v. Emmerson, 2 Ad. & E. 184. Nor does a certificate by a referee, agreed on at the trial, as to the amount at which a verdict, taken at the trial, is to stand. Salter v. Yeates, 5 Dowl. 291; and see Tomes v. Hawkes, 10 Ad. & E. 32. An award of land by commissioners of inclosure only requires an award stamp and not an ad valorem stamp, as on a sale. Doe d. Ld. Suffield v. Preston, 7 B. & C. 392.

By the C. L. P. Act, 1854, s. 30, no document made or required under the provisions of that Act shall be liable to any stamp duty. Sects. 3-17 which related to arbitration, are repealed by stat. 52 & 53 Vict. c. 49, 8. 26 (1); but as by Id. (2), any enactment or instrument referring to any enactment repealed by this Act, shall be construed as referring to this Act," sect. 30 will apply to the analogous provisions of 52 & 53 Vict. c. 49.

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Bank Note, Bill of Exchange, Cheque, and Promissory Note. Bank Note.-For money not exceeding 17.—5d.; exceeding 17. and not 21.,-10d.; 21. and not 51.,-18. 3d.; 5l. and not 107.,-18. 9d.; 10l. and not 207.,-28.; 207. and not 307.,-38.; 301. and not 50l.,-5s.; 50l. and not 1007.,-88. 6d.

Banker. Sect. 45. "The term 'banker' means and includes any corporation, society, partnership, and persons, and every individual person carrying on the business of banking in the United Kingdom."

Bank Note.-"The term 'bank note' means and includes (1.) Any bill of exchange or promissory note issued by any banker, other than the Governor and Company of the Bank of England, for the payment of money not exceeding 100l. to the bearer on demand. (2.) Any bill of exchange or promissory note so issued which entitles or is intended to entitle the bearer or holder thereof, without indorsement, or without any further or other indorsement than may be thereon at the time of issuing thereof, to the payment of money not exceeding 1007. on demand, whether the same be so expressed or not, and in whatever form, and by whomsoever such bill or note is drawn or made."

Sect. 46. "A bank note issued duly stamped, or issued unstamped by a banker duly licensed or otherwise authorised to issue unstamped bank notes, may be from time to time re-issued without being liable to any stamp duty by reason of such re-issuing."

The provisions relating to notes issued by private banks will be found in 7 & 8 Vict. c. 32; 8 & 9 Vict. cc. 37, 38; and 17 & 18 Vict. c. 83, ss. 11, 12. Their issue is now restricted by 7 & 8 Vict. c. 32, ss. 10, 28.

"Bill of Exchange.-Payable on demand,-1d."

This includes cheques and orders for the payment of money, see sect. 48, post, p. 236, and also, by 34 & 35 Vict. c. 74, s. 2, bills payable at sight or on presentation. This section is replaced by 45 & 46 Vict. c. 61, ss. 10, 96, except so far as relates to stamp duty, see sect. 97 (3a), post, p. 238. A draft payable generally is payable on demand. Whitlock v. Underwood, 2 B. & C. 157.

A draft payable on demand, whether to bearer or order, is not rendered invalid by being post dated; for the Act deals with such an instrument only as it appears on its face when tendered in evidence, without reference to any collateral agreement or consideration by which its apparent operation may be affected; Bull v. O'Sullivan, L. R., 6 Q. B. 209; Gatty v. Fry, 2 Ex. D. 265; see also Currie v. Misa, 1 Ap. Ca. 554, D. P. The stats. 31 Geo. 3, c. 25, s. 4, and 55 Geo. 3, c. 184, s. 13, and schedule, which required that a cheque should bear date on or before the day on which the same should be issued (and on which Field v. Woods, 7 Ad. & E. 114, and the previous cases were decided) have been repealed, and the Stamp Act, 1870, contains no similar enactment.

"Bill of Exchange of any other kind whatsoever (except a Bank Note, as to which vide supra), and Promissory Note of any kind whatsoever (except a Bank Note)-drawn, or expressed to be payable, or actually paid or endorsed, or in any manner negotiated in the United Kingdom:

Where the amount or value of the money for which the bill or note is drawn or made does not exceed 5l.,-1d.; exceeding 57. and not 107.,-2d.; 10l. and not 251.,-3d.; 25l. and not 501.,-6d.; 50l. and not 75l.,-9d.; 751. and not 1007,-18.: exceeds 1007.-for every 1007., and also for any fractional part of 1007., of such amount or value,-18.

Exemptions.-These include notes and bills of the Banks of England and

Ireland; certain drafts, orders and letters drawn by bankers; dividend warrants for dividends on Government securities; bills drawn by certain public departments (extended by 45 & 46 Vict. c. 72, s. 9), and companies; coupons or warrants for interest attached to and issued with any security. This was extended by 52 & 53 Vict. c. 42, s. 16, to a coupon, &c., for interest attached to and issued with any agreement or memorandum for the renewal or extension of time for paying a security. By 53 & 54 Vict. c. 8, s. 21, bills drawn in the United Kingdom for remitting money to be placed to any account of public revenue are exempt.

The statute 10 Geo. 4, c. 56, s. 37, does not exempt from duty drafts payable to bearer given by a friendly society to their members. Att.-Gen. v. Gilpin, L. R., 6 Ex. 193. This decision will apply to the Friendly Societies Act, 1875 (38 & 39 Vict. c. 60), s. 15, (2a), and the Building Societies Act, 1874 (37 & 38 Vict. c. 42), s. 41, the corresponding provisions being similar in terms.

Bill of Exchange.-Sect. 48. " (1.) The term bill of exchange' for the purposes of this Act includes also draft, order, cheque, and letter of credit, and any document or writing (except a bank note) entitling or purporting to entitle any person, whether named therein or not, to payment by any other person of, or to draw upon any other person for, any sum of money therein mentioned.

“(2.) An order for the payment of any sum of money by a bill of exchange or promissory note, or for the delivery of any bill of exchange or promissory note in satisfaction of any sum of money, or for the payment of any sum of money out of any particular fund which may or may not be available, or upon any condition or contingency which may or may not be performed or happen, is to be deemed for the purposes of this Act a bill of exchange for the payment of money on demand.

"(3.) An order for the payment of any sum of money, weekly, monthly, or at any other stated periods, and also any order for the payment by any person at any time after the date thereof of any sum of money, and sent or delivered by the person making the same to the person by whom the payment is to be made, and not to the person to whom the payment is to be made, or to any person on his behalf, is to be deemed for the purposes of this Act a bill of exchange for the payment of money on demand."

The corresponding provisions of the earlier Acts (55 Geo. 3, c. 184, Sched. Part 1, and 16 & 17 Vict. c. 59, Sched.) were less wide than those of the present section, for the paragraph in italics is altogether new. to what instruments fall within the present section, vide post, pp. 238 et seq.

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Promissory Note.-Sect. 49. "(1.) The term 'promissory note' means and includes any document or writing (except a bank note) containing a promise to pay any sum of money.

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(2.) A note promising the payment of any sum of money out of any particular fund which may or may not be available, or upon any condition or contingency which may or may not be performed or happen, is to be deemed for the purposes of this Act a promissory note for the said sum of money."

The paragraph in italics is new, and the earlier provision (in 55 Geo. 3, c. 184, Sched, Part 1), corresponding to sub-sect. (2), supra, applied only to notes payable to bearer or to order, and definite and certain, and not amounting in the whole to 207. Instruments in the form of notes and held to be agreements, were, except in the case of those expressly directed to be promissory notes, exempt from the note stamp, but liable to be stamped as agreements. As to what instruments fall within the present section, vide post, pp. 240, 241.

Bill payable on demand, cheque, &c., adhesive stamp on.-Sect. 50. "The fixed duty of 1d. on a bill of exchange for the payment of money on demand may be denoted by an adhesive stamp, which is to be cancelled by the person by whom the bill is signed before he delivers it out of his hands, custody, or power."

This stamp may, under sect. 54 (2), (post, p. 238), be affixed and cancelled by the person to whom it is presented.

Foreign bills, adhesive stamp on.-Sect. 51. "(1.) The ad valorem duties upon bills of exchange and promissory notes drawn or made out of the United Kingdom are to be denoted by adhesive stamps.

(2.) Every person into whose hands any such bill or note comes in the United Kingdom before it is stamped shall, before he presents for payment, or indorses, transfers, or in any manner negotiates, or pays such bill or note, affix thereto a proper adhesive stamp or proper adhesive stamps of sufficient amount, and cancel every stamp so affixed thereto.

(3.) Provided as follows:-(a) If at the time when any such bill or note comes into the hands of any bona fide holder thereof, there is affixed thereto an adhesive stamp effectually obliterated, and purporting and appearing to be duly cancelled, such stamp shall, so far as relates to such holder, be deemed to be duly cancelled, although it may not appear to have been so affixed or cancelled by the proper person. (b) If at the time when any such bill or note comes into the hands of any bona fide holder thereof there is affixed thereto an adhesive stamp not duly cancelled, it shall be competent for such holder to cancel such stamp as if he were the person by whom it was affixed, and upon his so doing such bill or note shall be deemed duly stamped, and as valid and available as if the stamp had been duly cancelled by the person by whom it was affixed."

Sect. 51 (2) includes a foreign bill payable on demand. Crofton, 33 Ch. D. 612.

Crofton v. On the transferor is imposed the duty of cancelling the stamp affixed to a foreign bill, and on the transferee of seeing that it is done. Pooley v. Brown, 11 C. B., N. S. 566; 31 L. J., C. P. 134.

If a foreign bill be produced at the trial bearing the proper stamp, it will be presumed that the stamp was affixed at the time required by this section; Bradlaugh v. De Rin, L. R., 3 C. P. 286; even though it is not properly cancelled; Marc v. Rouy, 31 L. T., N. S. 372, M. T. 1874, Q. B. The party objecting to the admission of the instrument on the ground that the stamp was not affixed at the proper time must plead the objection specially. S. C., per Blackburn, J. It seems that cancellation may be made at any time in court before verdict. Viale v. Michael, 30 L. T., N. S. 463, E. T. 1874, Q. B. per Id.

Sect. 52. "A bill of exchange or promissory note purporting to be drawn or made out of the United Kingdom is, for the purposes of this Act, to be deemed to have been so drawn or made, although it may in fact have been drawn or made within the United Kingdom."

This section_obviates the objection held to be fatal in Steadman v. Duhamel, 1 C. B. 888.

Wrong denomination of stamp.-Sect. 53. " (1.) Where a bill of exchange or promissory note has been written on material bearing an impressed stamp of sufficient amount but of improper denomination, it may be stamped with the proper stamp on payment of the duty and a penalty of 408. if the bill or note be not then payable according to its tenor, and of 107. if the same be so payable."

It is sufficient if a bill so re-stamped be produced at the trial. Haiser v. Grout, 5 H. & N. 35; S. C., sub nom. Kaiser v. Grout, 29 L. J., Ex. 20.

Effect of want of stamp.-Sect. 53. “(2.) Except as provided in (1), supra, no bill of exchange or promissory note shall be stamped with an impressed stamp after the execution thereof."

Sect. 54. "(1.) Every person who issues, indorses, transfers, negotiates, presents for payment, or pays any bill of exchange or promissory note liable to duty and not being duly stamped shall forfeit the sum of 101., and the person who takes or receives from any other person any such bill or note not being duly stamped either in payment or as a security, or by purchase or otherwise, shall not be entitled to recover thereon, or to make the same available for any purpose whatever.

(2.) Provided that if any bill of exchange for the payment of money on demand, liable only to the duty of 1d., is presented for payment unstamped, the person to whom it is so presented may affix thereto a proper adhesive stamp, and cancel the same, as if he had been the drawer of the bill, and may, upon so doing, pay the sum in the said bill mentioned, and charge the duty in account against the person by whom the bill was drawn, or deduct such duty from the said sum, and such bill is, so far as respects the duty, to be deemed good and valid."

Bill in set. Sect. 55. "When a bill of exchange is drawn in a set according to the custom of merchants, and one of the set is duly stamped, the other or others of the set shall, unless issued or in some manner negotiated apart from such duly stamped bill, be exempt from duty; and upon proof of the loss or destruction of a duly stamped bill forming one of a set, any other bill of the set which has not been issued or in any manner negotiated apart from such lost or destroyed bill may, although unstamped, be admitted in evidence to prove the contents of such lost or destroyed bill."

A bill drawn in England on a person abroad, and accepted by him payable in England, is an inland bill, and must bear an impressed stamp. Amner v. Clark, 2 C. M. & R. 468. So, conversely, a bill sketched out and accepted here, and transmitted to a person abroad for his signature as drawer, is a foreign bill, and does not require an impressed stamp. Boehm v. Campbell, Gow, 56. A foreign bill drawn and indorsed abroad, may be presented in this country by the indorsee for acceptance without being stamped, and he may sue the drawer on it for non-acceptance. Sharples v. Rickard, 2 H. & N. 57; 26 L. J., Ex. 302. A foreign bill may be given in evidence for a collateral purpose without a stamp, before it has been presented for payment, indorsed, transferred, or otherwise negotiated. Griffin v. Weatherby, L. R., 3 Q. B. 753.

The Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 97 (3), provides that nothing therein, "or in any repeal effected thereby shall affect (a.) the provisions of the Stamp Act, 1870, or Acts amending it, or any law or enactment for the time being in force relating to the revenue."

What are bills, &c., within the Stamp Act, 1870.] It was the object of the legislature, in framing the provisions of 55 Geo. 3, c. 184, “to treat as promissory notes and bills of exchange, and to subject to stamp duty such instruments as, being payable on a contingency or out of a particular fund, could not, in strictness, fall under that denomination." Per Ld. Ellenborough, C. J., Firbank v. Bell, 1 B. & A. 36; and see Jones v. Simpson, 2 B. & C. 321. In considering the cases decided under that Act,

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