The house of Industry : a new estate of the realm

TAXATION A TRADITION 33

equivalent of income-tax at the source. Limited liability practice shows the way. For example, on my table, as I write, is a dividend warrant which, mirabile dictu, has come to me. On the counterfoil I am informed that my income-tax has been deducted and that this counterfoil will be accepted by any accredited officer of customs.

If your patience, like my income, is not already exhausted, the question arises what has this disquisition on the income-tax to do with the House of Industry ?

Let me briefly recapitulate. It is proposed to give control and co-ordination to the House of Industry. If this be so, then it follows that it must be responsible for feeding the Treasury with the money voted by Parliament. I see the Commons voting the Budget and then issuing a peremptory precept upon the House of Industry for the precise amount. So that obviously the question of taxation is vitally relevant.

There is one form of taxation of enormous importance not yet mentioned. Tariffs !

Am I wrong in asserting that a feeling is growing in all parties and sections of our national life that to secure the end in view neither Free Trade nor Protection meets the complexities of our industrial system? Mr. G. D. H. Cole boldly declares that neither of these is a policy ; both are expedients. Fundamentally this is true, although it is equally true that each has gathered round it certain historical loyalties and attachments which go far towards constituting a policy. But political