§
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
1215
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.