asked the President of the Board of Trade whether his attention has been called to the upward trend of industrial activity in the United States of America during the past month; that nearly all important lines are reported close to capacity or restricted only by labour supply; that the present output of construction materials, transportation equipment, and manufactured goods generally, is claimed to have never been surpassed; and whether he is in possession of, and will give the figures with regard to, the incidence of taxation upon industry in the United States as compared with this country?
§ Major BOYD-CARPENTER
I am not aware of any satisfactory method of measuring the comparative incidence of taxation on industry in different countries. But I may perhaps remind the hon. Member that the United States has a substantial sinking fund for its net war debt, and since August, 1919, has reduced its debt by something like £800 millions sterling.