Definitions

• McKenna Duties:

  McKenna was home secretary in September 1915 when he introduced a series of tariffs on luxury imports in order to fund the war effort. Originally, this excluded commercial vehicles because they were needed in wartime, but in 1926 it was extended to include commercial vehicles.
• The Safeguarding of Industries Act 1921:

  An Act intended to protect strategic industries against foreign competition.
• Overcapitalised:

  A situation where a company had issued more shares than its assets are worth.
• Gold Standard:

  The value of a currency defined in terms of the price of gold, for which notes and coins could be exchanged.