23 April 1920
At the London Stock Exchange, operators expressed their disappointment at the Government’s announcement that there would be an increase in the Excess Profits Duty. This had first been introduced in 1915 and charged a 50% tax on profits above the normal pre-war level, being increased to 80% in 1917. It had been reduced to 40% in 1919, but was increased again to 60% in 1920.
It was reported that Germany was secretly constructing military aircraft in Berlin, despite being obligated to cease such production in the Treaty of Versailles. Independent inspectors said that they were being obstructed and that Germans officials had “adopted a hostile attitude”.