1 MAY 1926, Page 2

* * * After defending the silk duties, which he

said had not increased the price of artificial silk though probably they had prevented it from falling, Mr. Churchill came to the MeKenna duties which he declared had not caused. any increase in the price of British manufactured goods. On the contrary, prices had fallen and more men had been employed. In order to prevent duniping between the announcing of a tax and the date of its coming into operation duties in future would be applicable from the date of the announcement. Articles subject to Imperial Preference would enjoy a ten years' guarantee. In dealing with Income Tax, Mr. Churchill proposed to abolish the three years' average, though this reform could not come into operation till next year.