Other events of the Leicester Conference are worth noting. The
Capital Levy was virtually shelved and its place was taken by a proposal to raise £85,000,000 a year by increasing the Income Tax on unearned incomes to 6s. in the X. This tax was suggested, of course, by the Labour members of the Colwyn Committee. For what purpose is the 185,000,000 to be used ? Originally the proposal of the Capital Levy came from the Labour Party as a means of reducing the National Debt. Now all pretence that the Labour Party is concerned about the National Debt has been abandoned. Mr. Lees Smith, one of the members of the Colwyn Committee, declared that the money would be used for financing the Labour policy of " Socialist expenditure." Mr. Wallhead act ually suggested that the National Debt should be repudiated. But Mr. E. F. Wise, who knows the meaning of such proposals, icily pointed out that one result would be to make all the Co-operative Societies bankrupt. This would certainly be unfortunate just when the Co-operators have affiliated themselves to the Labour Party.
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