§ 41. Major CHAPPLEasked the Chancellor of the Exchequer whether the institution of a purely policy tax of 2s. in the £, imposed on the holders of certain dollar securities in order to induce them to sell to the Government, has produced the desired result; and, if so, will he take steps to impose a graduated policy tax on holders of more than an economic area of land, in order that they may be induced to subdivide and sell at an economic price to discharged or returning soldiers, and thus avoid the cost and delay involved in administration and in the resistance offered by landowners in all legislative schemes for the public acquisition of land for the purpose of small holdings?
§ Mr. McKENNAThe results obtained by the imposition of the additional tax on American securities have, so far, proved satisfactory. The answer to the second part of the question is in the negative.