195

A—s

Sir JOSEPH WARD : We have legislation affirming it in our country subject to Britain adopting it. CHANCELLOR OF THE EXCHEQUER : Making it compulsory. Sir JOSEPH WARD : Providing it is adopted in Britain, otherwise it would be no use to us. Dr. JAMESON : It is the same with us; it comes up regularly with us and it is " when the Imperial Government passes a measure." Sir JOSEPH WARD : We have actually passed legislation giving the Governor in Council power with regard to the matter. CHANCELLOR OF THE EXCHEQUER : It is obviously a thing in which one part of the Empire cannot move without the rest; it must be interdependent and it is not worth doing unless on an Imperial scale. Sir JOSEPH WARD: I concur that unless it is Imperial in its operation there is no use troubling further about that. CHANCELLOR OF THE EXCHEQUER : I am afraid there is no present prospect of that at any rate. Mr. DEAKIN : In face of the attitude of the Mother Country both the metric system and the decimal currency are temporarily outside practical politics ? CHANCELLOR OF THE EXCHEQUER : I am afraid so.

STAMP CHARGES ON COLONIAL BONDS. Mr. DEAKIN : You are still going to levy stamp charges on Colonial Bonds. CHANCELLOR OF THE EXCHEQUER : I think we give you a good deal there. Mr. DEAKIN : If you have no intention of altering that either, why should we argue ? CHANCELLOR OF THE EXCHEQUER: I think for the reasons stated here, and we make a very good case, we have given you under the Colonial Stock Act—as I had occasion to point out to you the other day, and I do not want to exaggerate it at all—what you ought to agree is very substantial. Mr. DEAKIN : That is a preference. CHANCELLOR OF THE EXCHEQUER : It is a preference of a most substantial kind, as compared with all foreign securities. I had a calculation made the other day for the purposes of the Budget, and I was informed—and I think it is an under estimation rather than otherwise—that about 300 millions of Colonial Stock had benefited by being admitted to the category of, and treated as, trust securities. Mr. DEAKIN : I notice, however, in this table, comparing the prices in February 1900 and February 1907, the argument implies, and I

25 April 1907.

Decimal System.

Stamp Charges on Colonial Bonds.