In the House of Commons on Monday Mr. McKenna proposed
to charge an extra Income Tax of 2s. in the pound on American securities which the owners have not sold or lent to the Treasury. This additional tax will not be subject to any abatement. Mr. McKenna explained that his resolution would be the basis of a Bill. For some time American securities had flowed in freely, but now there was only a trickle. It was necessary for the Government to control more in order to regulate the exchanges. If the 2e. reminder were insufficient to move backward owners, he would propose an extra tax of 5e., 10s., or even 20s. in the pound. In answer to the criticism that the Government could do what they wanted by simple enactment, Mr. McKenna said that then the Treasury would be flooded with unsaleable securities. The reso- lution was agreed to.
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