§ 71. Mr. H. G. Williamsasked the Chancellor of the Exchequer whether, in connection with the National Defence Contribution and the three years 1933, 1934, and 1935, the average profits of which are suggested as forming the basis of the standard profits, the years referred to have reference to the calendar year or to the fiscal year?
§ The Financial Secretary to the Treasury (Lieut.-Colonel Colville)The years in question would be the trader's accounting years ended in the years ending 5th April, 1934, 5th April, 1935, and 5th April, 1936, respectively.
§ Mr. WilliamsI understand accordingly that the statement in the White Paper that the years were 1933, 1934, and 1935 was to a substantial extent misleading because it really means nine months later than is indicated in the White Paper?
§ Lieut.-Colonel ColvilleI do not agree with the hon. Member's arithmetic, but I think my answer makes it perfectly clear.