A.—s

190

25 April 1907. Double Income Tax. (Dr. Jameson.)

cause your answer to be sent in as a Memorandum to the General Conference so that rt may be brought up. CHANCELLOR OF THE EXCHEQUER: I quite understand; you naturally would like to raise it formally '( Dr. JAMESON : Yes. CHANCELLOR OF THE EXCHEQUER : I will see that is done ¥ou are now to deal with profits on silver coinage, Mr. Deakin.

PROFITS ON SILVER COINAGE. Mr DEAKIN : The Memorandum I have just had the opportunity of reading I may have looked at before,'but really have had no chance of fully considering. It contains a good deal which appears to me to be arguable and that might be an interesting pursuit, but I do not know that it would" profit us. Let me at once call attention to one or two omissions from the Memorandum. In the first place, nowhere here is any estimate or calculation turnished. Frrst there is an interesting discussion as to what is " profit" and what 19 not, and what indefinite liabilities have to be provided forthat is mere argument. Now, as a matter of fact, it ought to be possible— I assume it is known—to state what is the apparent profit up to the present time on the silver coined m, for instance, the Colonies generally. Nowhere do we see that, and without that the argument remains academic. When reference rs made to several statements here which can only have been made on the faith of some such calculation more or less close having been already carried out, one finds that it is not given. We are told that under certain circumstances the present profit may disappear. I assume these statements to be made with knowledge of what the profit is, and what chances there are of losses occurring; we are left in the dark. The supposition with us is that there is, and always has been, a considerable profit, and that there are profits still. If that could be settled by actual figures it would a good deal diminish our difficulties in dealing with the matter. CHANCELLOR OF THE EXCHEQUER : Are the figures you wish for the total profits, or the annual profits, for a series of years, or the profits made in respect of that part of the coinage which goes to Australia and is used in Australia, or both ? Mr. DEAKIN : I should like - both, because one comes into the other The latter would show whether we are really misled by those among us who calculate that there is a very considerable profit which we have some title to claim. CHANCELLOR OF THE EXCHEQUER : Of course as you agree we have to take into account as a set-off the loss which is incurred in replacing gold. v B Mr. DEAKIN : Yes, that is reasonable. I would look at the figures with the further admission that it is within the bounds of possibility that there may be, though we hope there will not be, fluctuations in silver which may affect the profit. We have that generally in our mind, but really I feel quite unable to grapple with the practical side of this question until we have some idea of what the actual earnings ai'e. CHANCELLOR OF THE EXCHEQUER : I shall be glad, if it is possible, to let you have these.

Profits on Silver Coinage.