Mr. DOYLEasked the Chancellor of the Exchequer whether, in view of the fact that the financial year of many businesses is now approaching its close, the Inland Revenue authorities will permit traders to value their stocks at the prices at which these commodities are being imported from Germany or the cost price, whichever is the lower?
Mr. CHAMBERLAINThe general basis for the valuation of stocks for purposes of taxation is cost price or market value, whichever is lower.