Concluding, Sir John Simon emphasized that the total of £1,234,000,- 000 which he was seeking to get from revenue this year was the largest figure ever drawn from taxation in twelve months in the history of British finance, and yet it was inevit-
"novel proposal" to provide additional revenue which he proposed to call some the purchase tax.
Sales taxes of different kinds are in tion in a large number of countries, and in most of the Dominions, I think, but the methods and machinery differ considerably," he said. "The qne I am about to propose is a purchase tax in the form of a percentage on the price which will be paid at the stage when the wholesaler is selling to the retailer. One great advantage of applying this tax at this point is that it makes it easy to secure. There will be no purchase tax imposed in respect of goods
Text read from the printed page and cleaned; old type leaves the occasional error.