37. Exchanges.

Any instrument effecting a conveyance or transfer of any immovable property in exchange for any other property, wherever situated, whether movable or immovable and with or without the payment of any consideration, shall be chargeable in respect of such conveyance or transfer under the heading "Conveyance or Transfer on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance" in Schedule 1, with the substitution of the value of immovable property situated in the State thereby conveyed or transferred for the amount or value of the consideration for the sale.