Before he came to his proposals for new taxation Mr:
Churchill said that beer showed a small increase in con: sumption, but that spirits had again fallen no doubt as the result of the very high taxation. On the other hand, tea, cocoa, and sugar had shown "-healthy compensating expansion " and the consumption of tobacco had also noticeably increased. On the whole the nation was richer now than it was a year ago. But though trade was steadily improving the basic industries remained de- pressed. Depression and prosperity were found side by side. " The picture," he said, " is not black nor grey ; it is piebald." The principal feature in Inland Revenue was the unexpected results of the Death Duties and the Super Tax. Last year he had reduced the Super Tax and increased the Death Duties by equal amounts. At the end of the year the Death Duties were 51 millions below the estimate, the Super Tax 51 millions above it.
