BRITAIN'S DEBT.

Press, Volume LVI, Issue 16858, 11 June 1920, Page 6

BRITAIN'S DEBT.

« LARGE REDUCTIONS PROVIDED FOR. (By Cable—Press Association—Copyright.) (Eeuter's To'.egrnms.) (Received June 10th, 10.50 p.m.> LONDON, Juno In the House of Commons Mr Austen Chamberlain, Chancellor of the Exchequer, explained the Government's decision not to impose a levy on war wealth. Ho pointed out that as payment. could be made in Government securities, such a levy would not materially reduce the floating debt. Ho emphasised the fears of business men as regards tho effect of a levy, and stated that tho excess profits duty would produce twice as much as a levy in the samo period. He now proposed to maintain the excess prolits duty at 60 per cent, this year, and to continue tho duty, or its equivalent, for a longer period than otherwise would have been necessarv.

Mr Chamberlain paid a warm tribute to the manner in which the rich had borne their financial sacrifices, and Rave figures showing that in'some cases only about five shillings in the £ was left to recipients of largo incomes after their taxes had been paid. No other country had attempted a financial effort comparable with that of Great Britain, and there was no other country in which well-to-do people wero so heavily taxed. As illustrating the financial recovery of Great Britain, Mr Chamberlain referred to the rise in the dollar exchange, and stated that we were in a position to buy our half of the AngloFrench loan in America, and to meet all other market obligations of the Treasury in the United States to tho end of 1920, with a satisfactory margin. Our debt of 100,000.000 dollars to Argentina -would bo redeemed in a few days, and cur loan of 20.000,000 yen in Japan would be paid ofl in a month., while provision had been made at home for a reduction of our debt by £'>30,000,000 this year, and £300,000.000 next year, -without additional taxation. • COST OF THE WAR (By Cable—Press Association —Copyrigin.; (Eculex'a Telegrams.) LONDON, Juno 8. Mr Edgar Crammond, lecturing at the Bankers' Institute, estimated tho real cost of the war, and its percentage of the National wealth of the respective countries, as follows: — Percentage A a of National • £ Wealth. Great Britain .. 3.500,000.000 12 Frnnoe .. .. 5,450,000,000 23 Italy .. .. 1,90(1.000.000 30 Belgium .. 500,000,000 —— Germany .. 5,7C0,000,000 2G Ho pointed out that the moderate, decrease of the -wealth of the United Kingdom was set off by a substantial increase in tho possession of oversea. Dominions. He estimated the wealth' of xhe Empire at £44.080.000,000, compared with £24,986,000,000 in 1910. He estimated tho annual income at £7,650,000,000. as comoared with £3,332,000,000 in 1910.