Clause 29. — (Stamping of Foreign Bills of Exchange.)

Part of Orders of the Day — FINANCE (No. 2) BILL – in the House of Commons at 12:00 am on 12th June 1967.

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It is another example of a tax which it may pay the Revenue to collect but which, I am sure, does not pay the economy as a whole. The total revenue from all bills of exchange, including cheques, is about £9 million. This revenue is raised in twopences. The Clause goes on to provide that any such instrument, that is, a bill of exchange, may be marked by or on behalf of the banker". What does this operation of marking involve?