§ THE CHANCELLOR OF THE EXCHEQUERmoved the second reading of this Bill.
§ MR. SPOONERsaid, be wished the right hon. Gentleman would explain what was the proposed object of this grant.
§ THE CHANCELLOR OF THE EXCHEQUERThe object of the grant is this: that we propose to the House to provide a sum of between 3,000,000l. and 4,000,000l. by means of an addition to the income tar, and the addition to the income tax is to be levied with respect to the six months commencing the 6th of April and ending the 10th of October. Of course, therefore, no portion of the addition levied will be received until after the 10th of October. In point of fact, it will be in course of collection between October and next April. But the money to be spent is, for the greater part, required to be spent in the early portion of the year, and that being so, we propose to the House to enable us to raise by Exchequer bills a sum of money limited to a maximum of 1,750,000l., in anticipation of the augmented proceeds of the income tax, which will come in during the last half-year.
§ Bill read 2°.
§ House adjourned at half after Five o'clock till Monday next.