§ 50. Mr. Russellasked the Chancellor of the Exchequer what rate of duty ad valorem would have to be charged on Empire tobacco to bring in the same amount of revenue as the present specific Duty.
§ The Financial Secretary to the Treasury (Mr. Douglas Jay)On the basis of current conditions the present specific Duty is equivalent to about 164 times the import value. But there are variable factors which introduce a considerable amount of uncertainty into the comparison.
§ Mr. RussellDoes not the hon. Gentleman think that a monstrously high rate to put on an Empire product, and will he consider having it reduced?