This proposition is not new. It has been frequently urged in the past and frequently considered, but the issue has undoubtedly become more pressing nowadays, when the standard rate of Income Tax has risen to such high levels. Tax should be charged on true profits reasonably measured, but not more. The appropriate allowances for capital expenditure are of supreme importance in relation to the work of reconstruction at the end of the war when, in order to take up the challenge which I have mentioned, in the interests of employment policy, industry of all kinds may have to embark upon modernisation and re-equipment. It is, therefore, to these questions, that I now address myself.