TREASURY.

THE Receiver General's Office is one of the ancient institutions of the colony. It was at first established at Port Royal and the records narrowly escaped destruction in the great fire of 1703. In that year it was (with the other public offices) transferred to Kingston, where it has since continued.

In 1733 a law was passed requiring the Receiver General or his Deputy to attend at his office on all working days from 9 to 11, and from 2 to 4, under a penalty of £20 for every default; and in 1802 he was granted a salary of £7,000 currency (equal to £4,200 sterling) in lieu of commissions, except the five per cent. payable to him under the Permanent Revenue Act of 1728. Subsequently the salary was reduced to £3,000, which was the amount received by Mr. John Edwards, the last patentee of the office. The Receiver General was by a law passed in 1733 prohibited from lending out the public moneys or of being concerned in any commercial or other transaction, or of holding any other office or appointment whatsoever. His salary was reduced to £1,000 in consequence of the appointment of an Auditor General; but in 1851 it was increased to £1,200 per annum, and the commissions payable to him under the Permanent Revenue Act, and all such fees as he had been accustomed to receive, were made payable into the Treasury for the use of the island.

Law 4 of 1868 repealed the previous law, in which the rate of interest payable by the Bank on the daily cash balances was specified, and enacted "that the Governor, with the advice of the Privy Council, shall from time to time establish such rules and regulations as may be necessary for keeping the accounts of the Receiver General with such bank or banking institution, and also for the payment and appropriation of the moneys paid therein." Under one of the rules now in force the same rate of interest as heretofore, namely, 3 per cent. is payable by the Bank on the minimum monthly balance, after deducting £10,000, and the sum annually estimated as realizable from this source of revenue is £1,500.

Law 3 of 1868 grants to the Governor the power of prescribing regulations and forms for the guidance of all parties having the receipt, collection and payment of the public revenue, and repeals all previous acts detailing these duties.

Law 10 of 1868 abolishes the office of Receiver General and creates the office of Treasurer, giving him all the power and charging him with all the duties hitherto performed by the first named officer. The third clause of this law places the Treasurer's department under the supervision and control of the Revenue Commissioner appointed under Law 8 of 1866.

A Parochial Treasury was established in every parish in 1868, the Collector of Taxes being placed in charge as Local Treasurer. Formerly there were no means of making local payments, however small the amount, except by bills on Kingston. Persons receiving small salaries and all others who had to receive small sums of public money, such as parochial road contractors for example, were seriously inconvenienced under this system, for they could not get their bills cashed on the spot, without submitting to a heavy charge by way of discount. The smaller the bill and the poorer the holder the more discount he had to pay to get his own money; and this occurred while the Collector of the parish might be put to some risk and difficulty in remitting his collections to Kingston. Under the new system all local payments, so far as local receipts may make it possible to do so, are paid at the Parochial Treasuries under orders, general or special, from the Chief Treasurer.

On the 1st May, 1879, an Inland Money Order System was also established in connection with the Treasury. Orders obtained at the office in Kingston are payable at any Parochial Treasury, and each Parochial Treasurer is authorized to issue orders payable at the Treasury in Kingston or at the following Parochial Treasuries: Morant Bay, Port Antonio, Port Maria, St. Ann's Bay, Spanish Town, May Pen, Mandeville, Black River, Savanna-la-Mar, Falmouth, Montego Bay, Lucea. The commissions chargeable are as follow:

For sums under 10s.

2d.

For sums of

108. and under £2

SAVINGS BANK BRANCH.

SAVINGS BANKS were first established in this island in the year 1837 under the Act 7th William IV., chapter 6.

These Banks were managed by a Board of Officers consisting of a President, VicePresident, Trustees, Managers, Auditor, and Treasurer or Secretary, the rules framed for their government being approved and certified by a Revising Barrister. The deposits received by the Bank were invested in the Island Treasury at 6 per cent. interest, while the depositors received interest at the rate of 4 per cent., the interest to depositors being payable half-yearly. The following were the Banks that existed under the old law, each of which was opened once a week for the transaction of business: Hanover established 1856 St. Mary Westmoreland "

Kingston established 1838

St. James
Trelawny

66

1838

66

1842
1845

Vere

66

1856
1865

These Banks did good service and enjoyed the confidence of the public until the Secretary of the Trelawny Bank committed a series of forgeries, for which he was indicted and sentenced to 14 years penal servitude. The depositors then learnt that their savings were not secure and a panic ensued. The Government intervened and towards the end of the year 1870 obtained the passing of a law to establish a Government Savings Bank, with branches throughout the island. The direct security of the public chest was given for the due re-payment of all moneys deposited, and for the regular payment of the interest thereon, the rate being fixed at 4 per cent., calculated to the 30th September in each year. In the session of 1880 the interest to depositors was reduced to 3 per cent.

Law 33 of 1882 provides that a deposit shall not be of a less amount than 1s. or some multiple of 1s.; also that no depositor shall be entitled to deposit in any one year any sum of money exceeding in the whole £200, nor at any time have in deposit more than £400. Deposits, however, on behalf of a charitable or friendly society may amount t but not exceed £500 in any one year; but the accumulated deposits of any such institution may not exceed at any time £1,000. There is no limit to the amount which may be deposited on account of any public department fund. Secrecy is enforced on all officers engaged in the discharge of the duties of the Bank, and, except in due course of law or to the Revenue Commissioner, transactions of a depositor are not disclosed.

Under the provisions of the 3rd section of Law 8 of 1879 deposits may now be made by a married woman, and such deposits are to be deemed her separate property; provided that if any such deposits are made by a married woman by means of moneys of her husband without his consent a Judge may, upon an application under section 6 of the law, order such deposits or any part thereof to be paid to her husband.

Deposits of £5 are re-paid without any previous notice being required, but if the amount exceeds that sum but does not exceed £50 one week's notice is required; over this amount two weeks' notice must be given. The deposits of a deceased person if above £25 can be paid only on the production of the probate of the will, or under letters of administration; but any deposits under that amount may be paid by the Manager, with the concurrence of the Revenue Commissioner, to any person who may appear entitled to the same. The payments made on account of the property of deceased depositors during the year 1891-92 were as follows:

The branches of the Bank were at first open to the public once in each week, but in order to afford increased facilities they are now opened daily, and the boon has been much appreciated. Some of the sub-branches are now opened weekly instead of monthly as heretofore.

K

The following is a statement of the transactions of the Government Savings Bank from 1882 to 1892:

There were on the 31st March, 1892, 22,809 depositors, including charities societies, clubs, and public functionaries investing in their official capacities.

The following statement shows the distribution of the amount held as deposits on the 31st March, 1892 :

The total amount of interest credited to depositors since the establishment of the Savings Bank amounted to the sum of £178,341 0s. 1d. as under :

The investments on account of the bank are chiefly in English consols and Colonial debentures bearing interest at the rates of 3 and 4 per cent. On 31st March, 1892, they stood thus :-

Branches of the Government Savings Bank are now in operation at the following

places :

Kingston.
Morant Bay.
Port Antonio.

Port Maria.

OPEN DAILY.

St. Ann's Bay.

Falmouth.

Montego Bay.

Lucea.

Savanna-la-Mar.

Black River.
Mandeville.

May Pen.

Spanish Town.

Sub-Branches of the Government Savings Bank are established at the following places :

Buff Bay, open on every Friday.
Annotto Bay, open on every Friday.
Brown's Town, on Tuesdays, Thurs-
days, and Saturdays.

Santa Cruz, open on every Monday.

Porus, open every day.

Alley, open each Friday.
Chapelton, open each Tuesday.
Linstead, open each Tuesday.
Old Harbour, open each Tuesday.

In order to encourage thrift and saving habits among the people, and to give an opportunity to those who are not able to use the Government Savings Bank in consequence of the distance from their homes of a branch or sub-branch, as well as to enable smaller deposits to be received than are allowed by the Government Savings Bank, Penny Banks (in respect of which however the Government has no responsibility) have been established in several districts of the island by Ministers of Religion and other influential gentlemen. The result of the movement, which began on the 1st January, 1881, was that on the 31st March, 1892, (the close of the financial year) there were 52 Penny Banks in existence with 11,135 depositors. The amount deposited during the year was £4,338 and the amount withdrawn was £3,898. Mr. H. W. Livingston, Manager of the Government Savings Bank, was the originator of the scheme.

STAMP DUTIES, which were first imposed in this colony in the year 1760, have always extended over a wide area, and, following the English laws, made dutiable mercantile transactions, law proceedings, the transfer of property, probates of wills, legacies, powers of attorney, Land Surveyors' commissions, policies and various other documents of a similar character.

*The Treasurer in addition to his salary receives a commission of 1 per cent. on Chancery deposits. He also receives £100 per annum as Manager of the Government Savings Bank.

The Commissioners of Public Accounts were first appointed to superintend the collection of these duties; they were succeeded by two Commissioners of Stamps, and finally the office was confined to one Commissioner, in association with the Receiver-General.

The use of adhesive stamps was added to that of impressed stamps, in the year 1855, but they are now legal only on Customs' warrants and receipts.

The two denominations at present in use are 3d. and 1d., which are available also for postal and revenue purposes.

Collectors and Assistant Collectors of Taxes and District Postmasters are, ex officio, Revenue Stamp Distributors. There are also a few persons in the chief towns who add the sale of stamps to their private business, charging 5 per cent. commission. Stamps are supplied on credit and returns rendered monthly. A discount of 5 per cent. is allowed on purchases made by vendors of revenue and postage stamps; in no other case is discount allowed.

Bills of exchange, inland and foreign, promissory notes and bills of lading, cannot be stamped after the expiration of fourteen days from the date of execution. All other documents can be stamped on the following conditions: If brought within three months after the first signing or execution, and it shall appear that the document was not stamped before preparation from some good and sufficient cause, it may be stamped without any penalty. If brought beyond three months and within twelve, the penalty is one half; beyond twelve months, a sum equal to the full duty or deficiency of duty required. No penalty is imposed on documents executed out of the island. Spoiled stamps are exchangeable within six months in amounts not less than five shillings, for which impressed stamps only are given in exchange.

A return of the shareholders of all banking copartnerships, except those established by Royal Charter, is required to be lodged yearly at the Stamp Office. A composition of 1 per cent. is payable on the notes issued by any banking corporation, to whom also a yearly license is issued by the Commissioner of Stamps.

Stamps are impressed upon Petty Sessions process and licenses, indicating the duty thereon. They are not, however, returnable as stamp revenue except a small portion thereof.

Mortgages, conveyances, bonds or other securities made or given to or by Building Societies, which were formerly exempt from stamp duty, are now by Law 27 of 1886 made liable thereto, according to the rates laid down in the schedule attached to Law 33 of 1868, with the exception of mortgages, which are not taxable till they exceed £500. (See schedule).

A stamp duty of two shillings per one hundred pounds, and of one shilling per one hundred pounds is charged for registering and transferring Debentures, respectively, under Law 32 of 1887. Revenue therefrom for twelve months to 31st March, 1892, £8 12s. Od.

Legacy duty is chargeable on legacies of the value of £20 and upwards. If the legatee is of kin to the testator the duty is two-and-a-half per cent.; if a stranger in blood, five per cent. Legacies to husband or wife, children or grandchildren, are exempt. A receipt for legacy must be stamped within twenty-one days from the date thereof. When an executor is entitled to a legacy he must pay the duty before retaining the same.

The duty on a legacy given by way of annuity must be paid by four equal payments, the first of which must be made before or on completing the payment of the first year's annuity; and the three others in like manner, before or on completing the respective payments for the three succeeding years.

Probate duty received for the financial year ending 31st March, 1892, was £1,649 198. 2d. Legacy duty for the same period, was £374 68. 1d.

The total collections on account of stamps for the financial year 1891-92, wɛs £19,518 11s. 3d.

Stamps of £2 15s. and upwards are impressed in red coloured printing ink; as also all stamps on parchment, irrespective of enfaced value.

The following laws are read with or are cognate to the Stamp Law :

32 of 1869-Amendment Law 33 of 1868, &c.