With regard to documents or writings containing a promise to pay or pledge of securities to secure payment of advances when no promissory note or bill of exchange is transferred or delivered to the bank, a provision has been made that the bank shall make a quarterly statement of the maximum amount of the advances and shall affix to it a stamp of the value of two cents for everv $100 or fraction of $100 of the maximum advance, the amount in stamps being payable to the bank by the person to whom the advances were made, on the rendering of the statement to that person.

If the person to whom an advance is made in either of the ways mentioned above closes the account at any time during the quarterly period, or if the account becomes payable at any time during the quarterly period a statement of the maximum advances shall be made at that time and the value of the tax to be paid in stamps determined in the same manner as previously mentioned.

In the case of overdrafts the bank is required to make a statement of the maximum amount and affix stamps of the value of two cents for every one hundred dollars or fraction of it contained in the maximum amount. the amount of the tax being payable by the person to the bank on the rendering of the statement. Overdrafts for the purposes of the statement and tax to be affixed, are not to be considered outstanding until the fourth day after which the account is overdrawn.

Every adhesive stamp affixed to a bill, note or statement must be cancelled by the bank at the time of transfer, delivery, issue or rendering. No cheque or other bill of exchange is to be paid or issued by the bank without the requisite stamps attached.

Notes, cheques and bills made outside Canada, but payable in the Dominion, must have stamps of the required value attached before payment is made by the bank.

Every person who transfers or delivers a bill of exchange or note without a stamp is liable to a penalty not exceeding fifty dollars. The penalty for the issue of bank cheques without the requisite stamp is one hundred dollars. Failure on the part of the bank to prepare the required statement within the time called for by the provisions of the amendment, or to affix stamps thereto, will make the bank liable to a penalty equal to the amount of the stamps required, and a further penalty of $500. A bank omitting to cancel stamps on notes, bills of exchange, cheques, receipts or statements is liable to a penalty of the amount of the stamps required and a further one hundred dollars.

The stamp tax on the sale or transfer of stock is to be estimated as two cents on every one hundred dollars or fraction of that amount on the par value of the stock or share transferred or sold. In the case of sale when the evidence of transfer is shown only by the books of the company the stamp is to be affixed or impressed on such books. In the ease of an agreement to sell, or where the transfer is made by delivery of the certificate signed in blank, there must be made and delivered by the seller a bill or memorandum of such sale to which the stamp shall be affixed, every bill or memorandum to show the date, name of the seller, amount of the sale and the matter to which it refers. It is provided that the first delivery by a corporation or company of such shares or debenture stock in order to effect an issue, shall not be subject to the tax imposed by this sub-section of the Bill. Any person violating these provisions will be liable to a penalty not exceeding $500.