§ 92. Mr. BARNESasked the Chancellor of the Exchequer if he has further considered the question of shipping profits and has he considered the desirability of a special tax on this form of exploitation; has his attention been called to the case of a firm at Cardiff owning a fleet of steamers upon which a profit of £3,000,000 has been made since and as a result of the War; and is he aware of the public opinion in favour of taking a larger part of these increased profits for public purposes?
§ The CHANCELLOR of the EXCHEQUER (Mr. McKenna)My right hon. Friend has called my attention to the case mentioned. If the sum named represents excess profits earned in one year, the State will take £1,800,000 as Excess Profits Tax, £300,000 as Income Tax, and, unless the profits are very widely distributed, over £200,000 in Super-tax. The balance—£700,000—after allowing for reasonable profit, is not more than should be set aside for the maintenance of the ships and proper additions thereto.