* * * * Mr. Churchill's explanation of the new
taxation on betting was followed with profound interest. His scheme coincides exactly with that which we have advo- cated for many months in the Spectator. In order to avoid any change in the betting laws he would make the tax—five per cent. on every bet—apply solely to that kind of betting which is already legal, namely, credit betting with bookmakers and betting on racecourses. He believed that these two classes of betting covered nine- tenths of the turnover. The tax cannot be applied before November 1st. If it should be objected that the. State . wanted to make money out of an evil thing lie must reply that the Treasury already made money out of it. Book- makers already paid Income Tax. He estimated the yield this year at £1,500,000, and on a full year at £6,000,000. " That," said Mr. Churchill, " is the only optional or luxury tax I shall bring forward."
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