disastrous consequences of using up our coal supplies, but sooner or
later the pinch will come. An export duty ought to be imposed on coal
directly the present war restrictions can be removed. Our stores of coal
cannot be indefinitely increased by increased industry. If the duty
operated to reduce export of coal British manufacturers would gain, and
be able to produce commodities at less cost. If the demand from abroad
were so strong that export did not diminish, the country would gain to
the whole extent of the duty paid by foreign purchasers. The ordinary
arguments in favour of free trade do not support objection to such an
export duty as this. There will be ample demand for all the coal that
can be produced. Even if there were not, it would be well not to use it
up so quickly. There are some kinds of coal, of which the amount
available is very limited, yet until the War broke out quantities of
such coal were freely sent to other countries, some of it to those who
are now at war with us, and so used to help our enemies, who got the
precious mineral cheap because we refused to allow the imposition of an
export duty. Probably the duty when it was tried was not imposed in the
best way, being charged at a fixed rate per ton instead of on an _ad
valorem_ scale, but this fault could easily be corrected. Special
exceptions in favour of Colonies or Allies, or for the supply of certain
places, might be made by arrangement in consideration of some equivalent
favour, or to meet some particular need.

The other suggestion involves more difficulties, and is of a more
far-reaching character. Would it not be possible to replace to some
extent the excess profits duty, which cannot be permanent, by a duty on
"excess dividends," that is, on the amounts paid out of the profits of a
business for the use of capital above a certain percentage? The excess
profits duty, in spite of all its anomalies and the difficulties of
assessment, has saved the financial situation during the War; a tax on