§ Mr. H. WILLIAMS
asked the Chancellor of the Exchequer what reduction in importation of the commodities affected he anticipates during the first 12 months of the operation of the import duties imposed in the Finance Bill?
As the Chancellor of the Exchequer has already stated in Debate, a reduction in consumption of 10 per cent. as compared with the year 1924 was assumed in the case of the Silk Duties in framing the estimates of Revenue for the first full year of opera-2038W tion. As regards the McKenna Duties, the estimated yield for the first full year was based upon the experience of the most recent years during which they were in force. The corresponding estimate of the Lace Duty allowed for practically no reduction as compared with the recorded imports for 1924, which were known to be incomplete. As importations pf hops in recent years have been controlled, they had no bearing upon the estimates of the Hop Duty.