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CHAR 18/7 Official: Treasury: Budget 1925-1926: Customs and Excise memoranda, Treasury memoranda and tables, used in the production of the Budget.

  Reference Description Date range  
CHAR 18/7/64-66

Letter from WSC (Chartwell) to Sir Horace Hamilton [Chairman, Board of Customs and Excise] querying figures: reduced revenue from McKenna duties; whether increased consumption and taxation have been accompanied by increased production and depletion of capital reserves; whether levels of saving have been reduced given the rise in unemployment. He concludes by asking Hamilton to forecast figures.

Typescript signed with initials annotated by WSC "Sir Warren Fisher [Permanent Secretary, Treasury] to see".

3 folios
16 Nov 1924
CHAR 18/7/79

Memorandum by Sir Otto Niemeyer [Controller of Finance, Treasury] to WSC, Chancellor of the Exchequer, commenting on the balance sheet: discussing the effect of reductions in fighting services; estimating higher revenues from the Inland Revenue than forecast; and concluding that the balance sheet is likely to be plus £10-15 millions.

Annotated "If the Navy is to be given a blank cheque (which is its demand), Britannia rules the waves is about all there will be left to rule."

Typescript signed with initials.

1 folio
25 Nov 1924
CHAR 18/7/89-94

Copy of a letter from WSC to Stanley Baldwin, Prime Minister, marked "most secret" relaying a conversation with Neville Chamberlain [Minister of Health] about including the costs of widows and old age insurance in the budget; balancing relief to the direct taxpayer; meeting the cost of war pensions; the timing of implementing Chamberlain's Insurance Bill; establishment of a committee of experts to consider insurance; housing and funding for building "Weir" steel houses; and support for efforts by [Lord] Weir [earlier Sir William Weir] to reduce housing difficulties in Scotland.

Carbon typescript signed with initials.

6 folios
28 Nov 1924
CHAR 18/7/141-143

Memorandum from Frederick Leith-Ross [British representative on Finance Board of the Reparation Commission] to WSC responding to his queries. He explains the delay between the collection of reparations and payment into the Exchequer and £6 million interest earned from investment of German funds; discusses reasons to avoid specific public mention of this and the basis for lower estimates this year.


3 folios
24 Apr [1924]
CHAR 18/7/150-164

Copy of a letter from the Chancellor of the Exchequer [WSC] to King George V about his budget proposals. He explains that the budget has two main objectives: to provide security for the wage earning population against misfortune and to encourage the "enterprise of the nation" by remission of income taxes; that the 1925 budget is based on tax revenue of £826 million set against expenditure of £799.5 million; proposals to increase estate duty and taxes on luxury goods and to re-introduce the "McKenna duties". The increased revenue will be used on compulsory contributory pension systems and there will be benefits for insured families and increased stake in the nation for wage earners. Super Tax will be reduced, as will tax on investment by "the black coated working man" and income tax. Imperial preference will be increased on sugar and tobacco to fulfill policy towards India and the Dominions. The country will return to the gold standard, revenue credits have been built up for this purpose, so there will be a uniform standard of value in the British Empire.

Carbon typescript.

11 folios
23 Apr 1925