§ 65. Mr. OUTHWAITEasked the Chancellor of the Exchequer whether his attention has been called to the balance sheet just issued by Furness, Withy and Company, showing, with £141,446 brought in, a profit for the year of £1,528,406; and can he say whether the transference of £350,000 to depreciation account and of £300,000 to the trades contingencies fund lessens the amount payable by the firm in Excess Profits Tax?
§ Mr. McKENNALiability to Excess Profits Duty is governed by statutory provisions which are not affected by any allocation of profits to reserve or otherwise which a company may see fit to make.
§ Mr. OUTHWAITEWill the right hon. Gentleman consider the advisability of getting a greater share for the Treasury of these large profits to enable the old age pensions to be raised?
§ Mr. McKENNAThe share we shall Deceive of these profits will amount to 77 per cent. I think it is pretty large. It does not leave a very considerable sum to be put to reserve.