§ 70. Mr. LYLE-SAMUELasked the Chancellor of the Exchequer if he can state how the loss of revenue due to the introduction of Imperial preference last year compared with the estimate in the Budget speech, 1919; what was the amount of the loss; and what the estimated amount of loss will be in this full year?
§ Mr. BALDWINAn exact statement is not possible. If it be assumed that as much Empire goods, and especially as much Empire tea and tobacco, would 606 have been imported if there had been no preference, the loss of revenue would be £3,650,000 for the past year and £4,400,000 for the current year, but the assumption cannot be justified, and an accurate estimate is therefore not possible.
§ Mr. LYLE-SAMUELMay I ask whether the right hon. Gentleman considers, in view of our present national financial position, that this is an appropriate time for us, by indulging in a fiscal folly, to deprive our revenue of £8,000,000.
§ Mr. SPEAKERThat speech should be made on the Committee stage of the Finance Bill.