HC Deb 23 April 1947 vol 436 cc1214-5

Motion made, and Question proposed, That the Import Duties (Substitution) (No. 1) Order, 1947 (S.R. & O., 1947, No. 604), dated 2nd April, 1947, made by the Treasury under Section 16 of the Finance Act, 1933, a copy of which Order was presented on 3rd April, be approved."—[Mr. Glenvil Hall.]

1.40 a.m.

Mr. Oliver Stanley (Bristol, West)

Are we not to have any explanation of this important Order?

The Financial Secretary to the Treasury (Mr. Glenvil Hall)

This Order substitutes an ad valorem duty of 10 per cent. for one of 4s. 6d. a cwt. on this commodity. As a result of the Ottawa Agreement, we are pledged to India to maintain a duty of 10 per cent. on peppercorns. In 1937, when the 4s. 6d. rate was fixed, that was approximately equal to 10 per cent. Now the price is 290s. a cwt., and 4s. 6d. is not 10 per cent. of that. This Order will rectify the discrepancy and enable us to keep faith with India.