§ 46. Mr. KINGasked the Prime Minister whether he will now announce his intentions as to the Petroleum (Production) Bill; and whether, to meet the emergency and avoid opposition, he will proceed with the Bill, dropping the proposal to create royalties?
§ The CHANCELLOR of the EXCHEQUER (Mr. Bonar Law)I am not yet in a position to make any statement.
§ 66. Mr. CURRIEasked the Chancellor of the Exchequer whether he can now say whether income derived by landowners under the proposed Petroleum Bill will be subject to Income Tax, Super Tax, and Excess Profits Duty; whether the Bill is to be proceeded with; and, if not, in what way and on what terms petroleum believed to exist in this country is to be made available for the Navy and for industrial purposes?
§ Mr. BONAR LAWI think that it would be better to postpone any statement on these matters until the Bill comes on for discussion.