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Bonded warehouse, a warehouse established by the state, or by private enterprise, in which goods liable to duty are lodged until the duty upon them has been paid. Previous to the establishment of bonded warehouses in England the payment of duties on imported goods had to be made at the time of importation, or a bond with security for future payment given to the revenue authorities. The inconveniences of this system were many; it was not always possible for the importer to find sureties, and he had often to make an immediate sale of the goods, in order to raise the duty, frequently selling when the market was depressed and prices low; the duty, having to be paid in a lump sum, raised the price of the goods by the amount of the interest on the capital required to pay the duty; competition was stifled from the fact that large capital was required for the importation of the more heavily taxed articles; there was also the difficulty of granting an exact equivalent drawback to the exporter, on goods which had already paid duty. To obviate these difficulties and to put a check upon frauds on the revenue, Sir Robert Walpole proposed in his "excise scheme" of 1733, the system of warehousing, so far as concerned tobacco and wine. The proposal, however, was very unpopular, and it was not till 1803 that the system was actually adopted. By an act of that year imported goods were to be placed in warehouses approved by the customs authorities, and importers were to give "bonds" for payment of duties when the goods were removed. It was from this that the warehouses received the name of "bonded" or "bonding." The Customs Consolidation Act 1853 dispensed with the giving of bonds, and laid down various provisions for securing the payment of customs duties on goods warehoused. These provisions are contained in the Customs Consolidation Act 1876, and the amending statutes, the Customs and Inland Revenue Act 1880, and the Revenue Act 1883. The warehouses are known as "king's warehouses," and by s. 284 of the act of 1876 are defined as "any place provided by the crown or approved by the commissioners of customs, for the deposit of goods for security thereof, and the duties due thereon." By s. 12 of the same act the treasury may appoint warehousing ports or places, and the commissioners of customs may from time to time approve and appoint warehouses in such ports or places where goods may be warehoused or kept, and fix the amount of rent payable in respect of the goods. The proprietor or occupier of every warehouse so approved (except existing warehouses of special security in respect of which security by bond has hitherto been dispensed with), or some one on his behalf, must, before any goods be warehoused therein, give security by bond, or such other security as the commissioners may approve of, for the payment of the full duties chargeable on any goods warehoused therein, or for the due exportation thereof (s. 13). All goods deposited in a warehouse, without payment of duty on the first importation, upon being entered for home consumption, are chargeable with existing duties on like goods under any customs acts in force at the time of passing such entry (s. 19). The act also prescribes various rules for the unshipping, landing, examination, warehousing and custody of goods, and the penalties on breach. The system of warehousing has proved of great advantage both to importers and purchasers, as the payment of duty is deferred until the goods are required, while the title-deeds, or warrants, are transferable by endorsement. Inside Green Logistics Co. ...
A government is the body that has the power to make and enforce laws within an organization or group. ...
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In finance, a bond is a debt security, that is the issuer owes the holders a debt and is obliged to pay the principal and interest (the coupon), together with other obligations under the term of the issue, such as the obligation to give certain information. ...
The Right Honourable Robert Walpole, 1st Earl of Orford, KG, KB, PC (26 August 1676 – 18 March 1745), usually known as Sir Robert Walpole, was a British statesman who is generally regarded as having been the first Prime Minister of Great Britain. ...
Events February 12 - British colonist James Oglethorpe founds Savannah, Georgia. ...
Species N. glauca N. longiflora N. rustica N. sylvestris N. tabacum Ref: ITIS 30562 as of August 26, 2005 Tobacco (, L.) refers to a genus of broad-leafed plants of the nightshade family indigenous to North and South America or to the dried and cured leaves. ...
Wine is an alcoholic beverage made by fermenting grapes or grape juice. ...
1803 was a common year starting on Saturday (see link for calendar). ...
1853 was a common year starting on Saturday (see link for calendar). ...
1876 is a leap year starting on Saturday. ...
1880 was a leap year starting on Thursday (see link for calendar). ...
The Revenue Act was passed in 1764 by British Prime Minister, George Grenville to enforce the provisions of the Sugar Act (or Molasses Act) of 1733. ...
1883 was a common year starting on Monday (see link for calendar). ...
While the goods are in the warehouse ("in bond") the owner may subject them to various processes necessary to fit them for the market, such as the repacking and mixing of tea, the racking, vatting, mixing and bottling of wines and spirits, the roasting of coffee, the manufacture of certain kinds of tobacco, &c., and certain specific allowances are made in respect of waste arising from such processes or from leakage, evaporation and the like.
References Supporters contend that the Eleventh Edition of the Encyclopædia Britannica (1910-1911) represents the sum of human knowledge at the beginning of the 20th century; indeed, it was advertised as such. ...
The public domain comprises the body of all creative works and other knowledge—writing, artwork, music, science, inventions, and others—in which no person or organization has any proprietary interest. ...
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