Try setting the viewBox
instead of a specific width and height:
<svg viewBox="0 0 240 70">
<g id="layer1">
<text
style="font-size:100px;font-family:Bitstream Vera Sans"
x="0"
y="70"
id="">TEST</text>
</g>
</svg>
Note that Chrome has some rendering inconsistencies with SVG with no specific height.