HC Deb 29 April 1902 vol 107 cc161-2
MR. LOUGH (Islington, W.)

I beg to ask Mr. Chancellor of the Exchequer whether his attention has been drawn to the case of a single business in which 4, 000 cheques a week are issued for amounts under £1; and whether he has made any estimate of the loss from his proposed revenue which will be caused by the concession he has announced in the cheque duty, and what has been the basis of such estimate.

* THE CHANCELLOR OF THE EXCHEQUER (Sir M. HICKS BEACH,) Bristol, W.

The hon. Member has been good enough to send me some particulars of this case, from which I gather that it is that of a firm carrying on a large tea business, which is so profitable that they are able to give pensions of a few shillings a week to the widows of customers who have bought a certain quantity of tea, which must presumably be paid either by cheque or postal order. I do not know why he has called my attention to the case, unless he wished to raise doubts in my mind whether it deserved the concession I offered yesterday. As to the estimate of loss by that offer, I had already allowed for a considerable loss from a diminution in the number of the small cheques to which it referred. So far as I can judge from the statistics of the comparative numbers of small cheques which I have been able to obtain, I think that an addition of £40, 000 to the loss I already anticipated should cover the amount.

MR. LOUGH

Are we to understand, then, that the right hon. Gentleman hopes to realise within £40, 000 of his Estimate in the Budget Speech, notwithstanding this concession?

* SIR M. HICKS BEACH

Yes, Sir, for the reasons I have stated.

MR. LAMBERT (Devonshire, South Molton)

I beg to ask Mr. Chancellor of the Exchequer whether he will consider the advisability of avoiding the necessity of going to the Money Order Office for a penny stamp by arranging that cashed cheques under £2 may be used as postage stamps.

* SIR M. HICKS BEACH

I suppose the hon. Member thinks this a joke. If he does, he is perfectly welcome to his amusement, but I do not think I need answer the Question.