§ Captain ERSKINE-BOLSTasked the Chancellor of the Exchequer whether he will state the amount of revenue that will be lost to the country by the exemption from Excise Duty of the 90 million gallons of petrol estimated to be produced in this country during the ensuing 12 months?
Mr. CHAMBERLAINOn the assumption that the Customs Duty on imported light hydrocarbon oils remains at its present rate of 8d. a gallon and that no Excise Duty is imposed on home-produced light oils, the figure would be £3,000,000. It will be recalled that in any event, under the British Hydrocarbon Oils Production Act, 1934, there must be a margin of at least 4d. a gallon between the Customs Duty and any Excise Duty that might be imposed on home-produced light oils.