The debates were cut short by the guillotine, and the third reading followed on July 23. Mr. Austen Chamberlain remarked on the change in the character of the Bill, and regretted the increase of the death duties, the treatment of settled estates, and the raiding of the Sinking Fund. As to the effect, welcomed by the Chancellor of the Exchequer, in breaking up landed estates, he desired to see many more small estates, especially occupying ownerships, but he thought the effect would be felt rather by those of moderate size than by the great ones; estates would be starved, and the taxpayers would feel themselves unjustly treated, and attempt evasion. The Chancellor of the Exchequer was eminently fair when doing business, but, when convinced that he could not afford to give way, he mis-stated his opponent's case, and showed himself a master in irrelevancy. The new arrangements affecting the Finance Bill deprived the House of its control of finance, and took away its opportunity of reviewing the whole field of taxation. He laid stress on the growth of expenditure, and predicted that the Chancellor of the Exchequer would himself convert the country to fiscal reform. The President of the Local Government Board replied that the Bill had set up a better graduation of the income-tax system, including supertax; out of 1,215,000 income-tax payers 214,000 still paid virtually less than 1_d._ in the pound, and 750,000 less than 6_d._ As to the provision for reduction of debt, he doubted whether the taxpayer was not being asked for too much. The Liberal Budgets marked a new departure in finance--a march against preventable poverty. After other speeches, the Chancellor of the Exchequer said that the new proposals had been fully discussed, and the Opposition had had difficulty in finding speakers. The changes in the Bill were a proof that the Commons still controlled finance. He defended the death duties, and thought that the financial interests of the world were feeling alarm at the total expenditure of 350,000,000_l._ a year on armaments; he saw signs of reaction, but the movement must be cosmopolitan. It was a duty to raise money for social reform. After further debate, the Bill was passed without a division.