§ 28. Colonel WEDGWOODasked the Chancellor of the Exchequer whether he can yet give information as to the class of bond or debt upon which the Canadian extra tax is levied if held or owned in this country; whether it apples also to holders in the United States; and what estimate he has made of the cost to the British Treasury by refunds and loss of Income Tax?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)I am still not clear as to the precise scope of the Canadian proposals. The actual text of the legislation is not yet available and until it is I am afraid that I cannot usefully add anything to the reply which I gave to the right hon. and gallant Member on the 11th April.
§ Colonel WEDGWOODMay I ask the right bon. Gentleman whether he is aware of the disastrous nature of this precedent, which might be followed in other Dominions; and whether he is prepared to make representations to the Canadian 252 Government from the point of view of the discrimination between bondholders of one nationality and bondholders of another?
§ Mr. CHAMBERLAINI appreciate the importance of what the right hon. and gallant Gentleman has said, but I think it desirable that I should wait to see what the exact text of the legislation is before I make any representations.
§ Colonel WEDGWOODWould it not be possible to influence that text if the right hon. Gentleman took steps before that legislation was translated into effect?
§ Mr. CHAMBERLAINPossibly, but it has not yet even been published, so far as I know.