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Mr. Chamberlain went on to deal with direct taxes. Stamps

had yielded £22,500,000 in the past year, or more than twice as much as before the war. The twopenny stamp on cheques required from September, 1918, had been successful in raising the yield of this tax from £1,300,000 to £3,000,000. Mr. Chamberlain stated that he would increase the duty on transfers of stocks from a half to one per cent., besides doubling the duty on bearer securities, and increasing the Capital Duty paid by limited companies from 5s. to 20s. per cent. Furthermore, the stamp required for an ordinary receipt would be twopeuee instead of a penny, so as to yield £550,000 in a full year. Stamps would thus produce £5,200,000 more in the current year.

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