Taxing Users' Stocks of Petrol.
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rpETE Chancellor of the Exchequer was, without doubt, puzzled to know how to deal equitably with users' stocks of petrol as held at midnight on Budget night-April 24th. There had been a sufficiency of rumour both informed and anticipatory to put many users on the quz rive and, therefore, to lead them to fill up. This, we think, applies more particularly to the case of the smaller consumers, to whom an extra few hundred fourpences loom large at face value.
We have been examining the forms of return from the Board of Customs and Excise upon which particulars are to be published. The provision of spaces for declaration of stocks on the one hand, and of the next week's consumption on the other hand, is suggestive-to us. We regard the consideration for users with large storage as deserving of extension. A case does exist for giving a further week's consumption free of the new impost.
It is at the moment laid down that up to 10,000 gallons of stock, on the basis of ascertainment which is set forth on the form of return, shall be exempt. But the case of the large consumer Is not, -we think-, met as it might be. There were very general increases of storage at numerous depots after the general strike of 1926, obviously in the nubile interest. and since the completion of those enlarged
installations normal stocks regularly in the big users' tanks have been maintained habitually at high total volumes. These larger users have not hustled to fill up. They are caught with big stocks almost solely because of their rule to hold them as a practice in the public interest, as well, admittedly, as their own. The point is that normal stocks were higher this April than were recorded at the end of April, 1926.
A Reasonable Suggestion.
What 'concession is practicable? What can the Chancellor .do to avoid undue penalizatioa of those who have observed this quite natural precaution without the remotest -idea of saving a tax? We urge that an extra week's consumption be allowed-as can readily be sanctioned by. the House of Commons at the next stage of the . Finance Bill-if Mr. Churchill advises it. A small 'modification of the sub-e mitted resolution will, we suggest, be a deserved concession to these larger owners. The smaller owners with stocks up to 10,000 gallons on Budget night escape for the lot, even though their supplies in hand thenmay prove to last them as long as four or five weeks in consumption. We venture to urge Mr. Churchillto make the gesture. It may do little to soften the main blow, but it will be a fair act.