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BRITISH EXPENDITURE
Heavily Reduced Estimates.
LONDON, llth May.
The Chancellor of the Exchequer (Mr.
Austen Chamberlain L speaking on the se
cond readin of thc Finance Bill in tho
House of Commons tonight, mid he limped
that the estimates of expenditure on eupplv
services, which for the current year had
been reduced by £822,000,000, would bo fur
ther reduced by £250,000,000 next year. Ho
earnestly advocated consideration of the
desirability of a tax on increased war
wealth. As an insurance against a levy on
capital it would add to tho security of
capital, and disappoint the hopes of those
who wished to see tho present commercial
system break dowu under the weight of
the war. If such a tax could bo made to
produce appro vimately £500,000,000 this
year, he would be able to reduce the ex-
cess profits duty to 40 per cent, this year,
and Anticipated its rapid extinction, leaving
tho corporation tax with a similar mode
rate flat rate on all concerns coming with
in the scope of excess profits duty.
It is noteworthy that the committee
which is considering the proposed levy on
war wealth has not yet presented its re
port
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