§ 64. Mr. JOYNSON-HICKS
asked the Chancellor of the Exchequer whether he is aware that aeroplane and engine construction is being seriously retarded by the 1428 action of the Treasury in not settling with the manufacturers the basis of excess profits of the industry; and whether he proposes to take any action in the matter?
§ Mr. BONAR LAW
The Commissioners of Inland Revenue inform me that the pioneer aircraft firms, to which I understand the hon. Member to refer, are contemplating making application under Section 42 (2) of the Finance (No. 2) Act, 1915, for an alteration of the pre-war standard of profits. These applications when received will be referred to the Board of Referees to deal with.
§ Mr. GOLDSTONE
Is it the fact that any manufacturers have been restricting output until they have arranged with the Treasury how they will be affected by the Excess Profits Duty?
§ Mr. JOYNSON-HICKS
In regard to the establishment of new factories, is that not necessary for making further output?