HC Deb 02 November 1949 vol 469 c382
21. Mr. David Renton

asked the Secretary of State for the Colonies, in view of the importance of increasing gold production in the Gold Coast, what steps he is taking to reduce the tax on the gold output of British companies.

Mr. Creech Jones

The Gold Coast Government are at present considering representations from the industry regarding the gold duty.

Mr. Renton

Will the right hon. Gentleman bear in mind that gold mining is, in effect, digging up dollars, that the gold production of our Colonial territories has fallen by 30 per cent. since before the war, that the companies carrying it out have to pay British Profits Tax and Income Tax, and will he ensure that the necessary incentives are applied?

Mr. Creech Jones

I think the hon. Member will recall that quite recently there were adjustments under taxation which did impose much lighter burdens on some of the more difficult mines.

Mr. Stokes

Would it not be a more satisfactory economic solution to leave the gold in the ground and sell it to the Americans there?