advance or loan is made in excess of the amount covered by the impressed duty.

Definition of foreign security.] By 34 & 35 Vict. c. 4, s. 2, "the term foreign security' means and includes every security for money by or on behalf of any foreign or colonial state, government, municipal body, corporation, or company, bearing date or signed after the 3rd June, 1862 (except an instrument chargeable with duty as a bill of exchange or promissory note),(1.) Which is made or issued in the United Kingdom: or (2.) Which, the interest thereon being payable in the United Kingdom, is assigned, transferred, or in any manner negotiated in the United Kingdom." A security is "issued" when the company part with the possession and control of it. Grenfell v. Inl. Rev. Coms., 1 Ex. D. 242.

Security for money transferable by delivery.] By 48 & 49 Vict. c. 51, s. 21, a "security for money dated, signed or offered for subscription after" August 6th, 1885, “and given to a subscriber in respect of a loan raised by any company or corporation and transferable by delivery and upon a foreign security dated, signed, or offered for subscription after" that day, "and transferable by delivery," is liable to a duty of 1s. per 107. or fractional part of 107. secured.

"Upon any such security given in substitution for a like security duly stamped in conformity with the law in force when such last mentioned security became subject to duty," a duty of 6d. per 20l. or fractional part of 201. secured. See 53 & 54 Vict. c. 8, s. 18, infra. "The term foreign security,' shall not include a security by or on behalf of any colonial government, but shall otherwise have the meaning assigned to it by" 34 & 35 Vict. c. 4, s. 2, supra, "and shall also include a security which, though originally issued to the holder out of the United Kingdom, is offered by him for subscription and given or delivered to a subscriber in the United Kingdom."

By 51 & 52 Vict. c. 8, s. 12, (2.) "there shall be charged-upon security for money of any company or corporation being a marketable security and transferable by delivery, or security for money by or on behalf of any foreign or colonial state, government, municipal body, corporation, or company being a marketable security and transferable by delivery, whatever may be the date thereof, or of the issue thereof, and wherever it may have been made or issued, or the interest may be payable on the occasion of the first transfer thereof by delivery in the United Kingdom, on or after July 1st, 1888, and on the occasion of the first transfer thereof by delivery in the United Kingdom in any year after the year in which such first transfer by delivery shall happen:-where the amount secured does not exceed 251.-3d.; exceeds 257. and not exceed 501.-6d.; exceeds 501.for every 501. and any fractional part of 501.-6d.

"Provided that duty under this section upon a security shall not be payable in the case of any security, duly stamped under 48 & 49 Vict. c. 51, s. 21, supra, with the duty of 1s. for every 107." of the money secured, "but shall be payable upon every other security, transferable by delivery, and in the case of any stamp duty having been heretofore paid upon any such security, in addition to such stamp duty.

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(3.) The duties under this section are to be denoted by adhesive stamps appropriated by words and figures on the face thereof to such duties and to each year."

By 53 & 54 Vict. c. 8, s. 18, "in the construction of the proviso to 51 & 52 Vict. c. 8, s. 12 (2), supra, a security, transferable by delivery, given

in substitution for a security so transferable, shall be deemed to be duly stamped with the duty of 18. for every 107., and also for any fractional part of 101. of the money thereby secured in conformity with the stat. 48 & 49 Vict. c. 51, ante, p. 259, if it is stamped as a substituted security in conformity with the last-mentioned Act, and also bears an impressed stamp denoting that the security for which it was substituted was duly stamped as aforesaid."

Decisions on mortgage stamps.] Where title deeds were deposited by way of equitable mortgage, a mere memorandum stating the object of such deposit required no stamp; Meek v. Bayliss, 31 L. J., Ch. 448; nor an instrument reciting a past deposit, but not made for the purpose of creating a charge. Pyle v. Partridge, 15 M. & W. 20; see also Fancourt v. Thorne, 9 Q. B. 312. But such memoranda would seem to be liable to duty under 51 & 52 Vict. c. 8, s. 15 (1), ante, p. 257. A pledge of goods, as a bill of lading, is not within it. Harris v. Birch, 9 M. & W. 591. So, a memorandum of the deposit of goods with a contingent power of sale does not require a mortgage stamp. Re Attenborough, 11 Exch. 461; S. C. sub nom. Attenborough v. Inl. Rev. Coms., 25 L. J., Ex. 22. Where a deed is in substance a transfer of an existing mortgage, although in point of law the old debt and equity of redemption are extinguished, it need be stamped as a transfer only. Wale v. Inl. Rev. Coms., 4 Ex. D. 270. An instrument issued by a company, not under seal, purporting on its face to be a "debenture," and containing an engagement to pay the amount thereof to P. W. A., or order, and also to pay interest to the holder on presentation of the coupons attached, is chargeable as a debenture and not as a promissory note. British India Steam Navigation Co. v. Inl. Rev. Coms., 7 Q. B. D. 165.

Exemptions.] By the general exemption (2) at the end of the schedule (ante, p. 247), instruments for the mortgage of a ship or vessel, or any share therein, are free from all stamp duty.

By 35 & 36 Vict. c. 93, s. 24, a special contract pawn-ticket, or its duplicate in respect of a loan by a pawnbroker, above 40s. and not exceeding 107., requires no stamp.

Mortgages given to the trustees of building societies, established under 6 & 7 Wm. 4, c. 32, were by that Act exempted from stamp duty. But by the Stamp Act, 1870, s. 112, this exemption was limited to mortgages made by members to secure sums not exceeding 5007., and has been wholly repealed by the Building Societies Act, 1874 (37 & 38 Vict. c. 42, ss. 7, 41). The Friendly Societies Act, 1875 (38 & 39 Vict. c. 60), s. 15, (2, d.), does not exempt from duties, securities on which the funds of a friendly society are invested. See Re R. Liver Friendly Society, L. R., 5 Ex. 78. A conveyance by debtor to trustees in trust to sell and with the proceeds to discharge, first, debts due to the trustees and then debts due to other creditors, with a resulting trust for the original debtors, is within the exception in the Stamp Act, 1870, s. 105, ante, p. 258. Coates v. Perry, 3 B. & B. 48.

A transfer of a mortgage to effect an appointment of new trustees is not, by sect. 78 (ante, p. 247), to bear a higher stamp than 10s. See Foley, Ld. v. Inl. Rev. Coms., L. R., 3 Ex. 263.

Policy of Insurance.

Life insurance.] "Policy of insurance. (1.) Upon any life or lives, or upon any event or contingency relating to or depending upon any life or

lives (except for the payment of money upon the death of any person only from accident or violence or otherwise than from a natural cause)Where the sum insured does not exceed 107.-1d.; exceeds 107. but does not exceed 251.-3d.; exceeds 251. but does not exceed 5007.-for every full sum of 501., and also for any fractional part of 501., of the amount insured, 6d.; exceeds 500l. but does not exceed 10007.-for every full sum of 1007., and also for any fractional part of 100l., of the amount insured, 18.; exceeds 10007.-for every full sum of 10007., and also for any fractional part of 10007., of the amount insured, 108.”

By stat. 51 & 52 Vict. c. 8, s. 19, no assignment of such policy shall give the assignee any right to sue for the moneys assured, or to give a valid discharge therefrom, unless the assignment be duly stamped.

Fire and accident insurance.] "(2.) For any payment agreed to be made upon the death of any person, only from accident or violence, or otherwise than from a natural cause, or as compensation for personal injury, or by way of indemnity against loss or damage of or to any property:-1d.'

By 53 & 54 Vict. c. 8, s. 20, "the stamp duty payable upon a policy of insurance for any payment or periodical payments agreed to be made during the sickness of any person or his incapacity from personal injury shall be 1d., and no further duty shall be payable upon any policy of insurance chargeable with duty under the Stamp Act, 1870, by reason of the same extending to any payment to be made during sickness or such incapacity."

Definitions.] Sect. 117. (1.) The term "insurance" includes assurance, and the term "policy" includes every writing whereby any contract of insurance is made, or agreed to be made, or is evidenced; and, except as hereinafter mentioned (post, p. 263), this Act does not apply to policies of sea insurance.

By stat. 52 & 53 Vict. c. 42, s. 20 (1), the term "policy," in relation to a policy against accident, includes a notice or advertisement in a newspaper, &c., purporting to insure the payment of money upon the death of, or injury to, the holder or bearer of the newspaper, &c., only from accident or violence, or otherwise than a natural cause.

Adhesive Stamps.] "Sect. 119. (1.) The duties imposed by this Act upon policies of insurance may be denoted by adhesive stamps, or partly by adhesive and partly by impressed stamps. (2.) When the whole or any part of the duty upon a policy of insurance is denoted by an adhesive stamp, such adhesive stamp is to be cancelled by the person by whom the policy is first executed." But by statute 44 & 45 Vict. c. 12, s. 44 (c), this section" shall not apply so as to allow the ad valorem stamp duties on policies of insurance upon any life or lives, or upon any event or contingency relating to or depending upon any life or lives, to be denoted by adhesive stamps."

Sea insurance.] The duties payable in respect to sea insurances are still regulated by stat. 30 & 31 Vict. c. 23, vide Stamp Act, 1870, s. 117 (1),

supra.

By the Schedule (B) of that Act the following stamp duties are payable:

For every policy for or upon any voyage-in respect of every 1007., and fractional part of 1007.- 3d.

For every policy for time-in respect of every 1007., and fractional part

of 1007.-where the insurance shall be made for any time not exceeding six months, 3d.; for six months and not exceeding twelve-6d.

The provision in the schedule for separate stamps in respect of separate and distinct interests of two or more persons insured by one policy is repealed by 47 & 48 Vict. c. 62, s. 8 (3).

By 50 & 51 Vict. c. 15, s. 15, where the premium does not exceed 2s. 6d. per cent. of the sum insured, the duty is Id. only.

By 30 & 31 Vict. c. 23, s. 11, where the insurance is made for a voyage, and also for time, or to extend to or cover any time beyond thirty days (47 & 48 Vict. c. 62, s. 8 (2)) after the ship shall have arrived at her destination, and there be moored at anchor, the policy is made chargeable with both voyage and time policy duty.

By sect. 8, "no policy shall be made for any time exceeding twelve months, and every policy which shall be made for any time exceeding twelve months, shall be null and void to all intents and purposes."

By sect. 9, "no policy shall be pleaded or given in evidence in any court, or admitted in any court to be good or available in law or in equity, unless duly stamped"; and no policy may be stamped after it is signed, or underwritten by any person; except in the case

(1.) Of mutual insurances not underwritten to an extent beyond that which the stamps already impressed warrant.

(2.) Policies executed abroad chargeable with duty, vide post, p. 263. Now, by 39 & 40 Vict. c. 6, s. 2 (ante, p. 227), a sea policy may be stamped at the trial on payment of the unpaid duty and of penalties.

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By 30 & 31 Vict. c. 23, s. 4, sea insurance means any insurance (including re-insurance) made upon any ship or vessel, or on the machinery, tackle, or furniture thereof, or upon any goods, &c., on board, or upon the freight, or any other interest which may be lawfully insured in or relating to any ship or vessel; and also by 47 & 48 Vict. c. 62, s. 8 (1), "shall include any insurance of goods, wares, or merchandise, or property of any description whatever, for any transit which includes not only a sea-risk, but also any land risk from the commencement of such transit to the place of shipment, or from the place of discharge of the ship to the ultimate destination covered by the insurance, or in warehouse while waiting, or being forwarded for shipment, or after discharge and while waiting to be forwarded, or being forwarded to the ultimate destination covered by the insurance, or any other land risk incidental to the transit insured."

By 30 & 31 Vict. c. 23, s. 4, "policy" means any instrument whereby a contract or agreement for any sea insurance is made.

By sect. 12, where any carrier by sea or other person, in consideration of any sum for additional freight or otherwise, agrees to take any risk attending goods, &c., while on board any ship or vessel, or to indemnify the owner of the goods from any risk, loss, or damage, the agreement is a contract for sea insurance.

By sect. 16, no broker, &c., may charge his employer for brokerage or for any moneys expended as premium for any such insurance, unless duly stamped; and all sums paid by the employer on any such account to any broker, &c., making any such insurance contrary to this Act are deemed to be paid without consideration, and remain the property of such employer. See Roderick v. Hovil, 3 Camp. 102.

Form of policy.] By 30 & 31 Vict. c. 23, s. 7, "no contract or agreement for sea insurance (other than such insurance as is referred to in the" 25 & 26 Vict. c. 63, s. 55, post, p. 263) "shall be valid unless the same is expressed in a policy, and every policy shall specify the particular risk or

adventure, the names of the subscribers or underwriters, and the sum or sums insured; and in case any of the above-mentioned particulars shall be omitted in any policy, such policy shall be null and void to all intents and purposes."

This section, read with the definition clause, sect. 4, supra, now replaces 35 Geo. 3, c. 63, s. 2, which was similar in its terms. It was sufficient if the name of the underwriting firm was expressed in the policy. Reid v. Allan, 4 Exch. 326; Dowdall v. Allan, 19 L. J., Q. B. 41. And where each of the parties in a secret partnership underwrites in his own name, on account of the partnership, this is a compliance with the Act. Brett v. Beckwith, 26 L. J., Ch. 130. But a policy issued by the A. A. Association for mutual insurance, signed by the managers "per proc. of the several members of the A. A. Association for insuring each other's ships," the members liable being a fluctuating body, is void, for the policy does not state the names of the underwriters. Ex parte Hargrove, L. R., 10 Ch. 542. Where an agent has insured goods in his own name on behalf of his principal, the latter is entitled to sue on the policy, although it does not show that the agent was insuring as such. De Vignier v. Swanson, 1 B. & P. 346, n.; followed in Browning v. Provincial Insurance Co. of Canada, L. R., 5 P. C. 263. But it must be proved that the policy was effected on behalf of the plaintiff. Watson v. Swan, 11 C. B., N. S. 756; 31 L. J., C. P. 210. The statute applies to agreements of mutual insurance. Smith's case, L. R., 4 Ch. 611; Ex parte Hargrove, supra. As to what is sufficient description of the risk, see Edwards v. Aberayron Mutual Ship. Insur. Soc., 1 Q. B. D. 563. A defence arising from non-compliance with this section must now be pleaded specially. Rules, 1883, O. xix. r. 20, post, p. 302. The 25 & 26 Vict. c. 63, s. 55, has reference to the following events, occurring without the actual fault or privity of the owners of the ship, viz. :-(1) loss of life or personal injury caused to any person carried in any ship; (2) damage or loss caused to any goods, merchandise, or other things whatsoever on board any ship; (3) loss of life or personal injury, by reason of the improper navigation of any ship, caused to any person carried in any other ship or boat; (4) loss or damage, by reason of the improper navigation of any ship, caused to any other ship or boat, or to any goods, merchandise, or other things whatsoever on board any other ship or boat.

Effect of slip.] An insurance slip, when initialled by an insurance company or underwriters, is, in the ordinary course of business, treated as a contract to insure and to issue a policy in accordance with the slip; 30 & 31 Vict. c. 23, ss. 4, 7 (ante, p. 262), however, prevent its being used as evidence of such a contract, and the contract is therefore only binding in honour; Fisher v. Liverpool Marine Insurance Co., L. R., 8 Q. B. 469; L. R., 9 Q. B. 418, Ex. Ch.; but the slip is admissible in evidence for any other purpose, e. g., to show the intention of the parties as to what risk was undertaken by the underwriters. Ionides v. Pacific, &c., Insurance Co., L. R., 6 Q. B. 674; L. R., 7 Q. B. 517, Ex. Ch.; Lishman v. N. Maritime Insur. Co., L. R., 8 C. P. 216; L. R., 10 C. P. 179, Ex. Ch. See also Cory v. Patton, L. R., 7 Q. B. 304; and L. R., 9 Q. B. 577. Apart from the initialling of the slip, there is no contract by an insurance company to forward the copy slip and to issue the policy. Fisher v. Liverpool Marine Insur. Co., supra.

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Executed abroad.] By the Stamp Act, 1870, s. 117 (2), amended by 50 & 51 Vict. c. 15, s. 6, a policy of sea insurance made or executed out of, but being in any manner enforceable within, the United Kingdom, is to