102. Mr. ALFRED DAVIES (Clitheroe)asked the Chancellor of the Exchequer if he is aware that an extensive sale of cotton mills is going on at prices in many cases amounting to six times the paid-up capital of the companies; will he say if these profits contribute in any way to the national revenue, either through Excess Profits Duty or to Income Tax; and, if not, will he take into consideration the necessity of appropriating these profits to help to meet the national indebtedness due to the War?
Mr. CHAMBERLAINMy attention has been drawn to the transactions to which the hon. Member refers. The question whether liability to Excess Profits Duty or Income Tax arises in respect of profits 667 derived from these sales can only be determined upon a full examination of the facts and circumstances of each particular case; but I can assure the hon. Member that, where such liability exists, steps are taken by the Commissioners of Inland Revnue to secure the payment of any duty which may be due. I will bear in mind the -suggestion contained in the last part of the question.