§ The first item, not of taxation, but which yields additional revenue, I propose to the House of Commons is an increase in the Post Office rates. The House will remember that this was recommended by a Committee in 1915. It was considered then, and the Government did not adopt it. But our need then was very different from what it is now; and there is this fact also, that the change has been made in nearly all the great countries of the world. We propose, therefore, that the rate upon letters both at home and to the United States and our Dominions should be 1½d., and that the rate on postcards should be 1d. From this source of revenue we expect to derive in the present year £3,400,000, and in a full year £4,000,000 per annum. [An HON. MEMBER: "For the same weight?"] I do not think the House wishes me to go into details. They will all be contained in a White Paper, which will be available to-morrow morning.
§ The next item, in comparison with the figures I have been dealing with, brings in a very small amount, but it has this advantage, that it can be collected without any trouble or expense. I propose that the stamp on a cheque in the future should be 2d. instead of 1d. The House will remember that this was proposed by Sir Michael Hicks Beach at the time of the Boer War. It was rejected then by the House of Commons, but again the need now is much greater. I have been in consultation in connection with this tax, as I have been with all other taxes, with those who I think are the best people to advise me, and I have reason to believe that this change can be made without any serious inconvenience at all. It will have the advantage possibly, though I doubt if it will be much—it will only happen if the total number of cheques are reduced—it will have an advantage from the point of view of the banks, whose starts have been so much reduced. They would be glad, no doubt, to see some diminution in the number of cheques used. We estimate that we shall get £750,000 from that, and in a full year £1,000,000 sterling.