STAMP PHILATELY
Straits Settlements - Marine Policies 12¢
shahirasul
69
22-September-2014 06:53:37 PM
GENERAL INFORMATION
Country
Straits Settlements
Type
Stamp (Single)
Class
Revenue Stamp
Front Inscription
MARINE POLICIES STRAITS SETTLEMENTS TWELVE CENTS 12¢
Face Value
12 cent
Postmark
23/04/1873
Gum
Gum
IN COLLECTION CONDITION
Preliminary
Normal
Condition
Used No Postmark - Extra Fine
CATALOG INFORMATION
MP2
Standard Catalog of Malaysia, Singapore & Brunei
Straits Settlements - Marine Policies 12¢
Handwritten cancellation for usage on 23 April 1873

Marine Insurance

Marine Policies were issued to tax insurances on shipping cargoes and started to be issued since 1869.

Stamp duty on marine insurance was fixed for Great Britain and the Colonies by Act of Parliament, The Straits Settlements being taxed immediately after its Crown Colony status was confirmed in 1867. Rates were fixed at 6d. per £100 or part thereof for any time, but not exceeding one year.

The local currency conversion for the Straits Dollar was 1d. to 2c., hence 6d. per £100 equated to 12c. per $480. If applied locally to multiples of $500 the rate would be 121⁄2c. There are therefore two series of Marine Policies stamps based on the 12c. rate (for documents drawn in Sterling) and 121⁄2c. and multiples for documents drawn in Straits Dollars. Stamps of 8c. and multiples might have been used, as the rate or policies at 4d./£100 were for shorter time periods, but this is unconfirmed. There are 40 values of the Marine Policies stamps and until recently it was thought that a full set had not been assembled.


19th Century Revenue Stamps of Malaya
Peter Cockburn
G.S.M. April 2009
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