§ 63. Major Stourtonasked the Chancellor of the Exchequer whether he is aware that the Excess Profits Tax in its present form bears inequitably upon the cotton industry which has had to carry the full effect of prolonged economic depression and been forced to liquidate its reserves, and that by contrast sheltered industries have built up strong reserves and their standard is sufficiently high to guarantee a satisfactory return to shareholders before a penny is paid to the Exchequer in Excess Profits Tax; and what steps does he propose to take to amend the present anomalous position?
§ Sir J. SimonI would refer my hon. Friend to the reply which I gave on the 16th of November last to a Question put by my hon. and learned Friend, the Member for Ashford (Mr. Spens). I am sending him a copy of that reply.
§ Major StourtonIs my right hon. Friend aware that every encouragement should be given to the cotton trade at the present time as one of the great exporting industries?