THE BUDGET.

Press, Volume LXI, Issue 18370, 1 May 1925, Page 9

THE BUDGET.

A GOOD RECEPTION. STIMULATION OF STOCKS. I*LE—TRESS ASSOCIATIOS—COPTBIOHT.) *» X- 1 - CABLE ASSOCIATIOK -> LONDON, April 29. T j, c Budget statement was very well ecclvcd on the Stock Exchange, and Tad a stimulating effect on certain tofks especially shares in the artificial|isk industry. ... Motor company shares continue in the ascendant. lading high-class investment securities are firm. •fro House of Commons read a fust time the Go,d Stolldard Jnd tho Widows. Orplw-ns ami Old-Age Contributory Pensions Bills. GOLD STANDARD BILL. (bevter's telegrams.) ' (Received May Ist, 0.0 p.m.) LONDON, April 29. The Gold Standard Bill repeals the. of the previous Act, under wjjelTihe holder of a currency note is •].eptitled to obtain gold in payment at face value. It repeals, the regulations ' onijer which any person is entitled to ] hiW gold bullion minted, but makes an in the ease of the Bank of England. Nevertheless, it enforces on the Bank of England the responsibility of redeeming its legal tender on request In itho f°T m ugvs °£ 6°ld bullion of apMOxi.mately 400qz. Finally it cmpowers the Treasury on any conditions it Jfcinks fit to raise any money necesj»rV to facilitate exchange operations prowled such loans or credits arc rcdetagble within two years, , 'ts' ABATEMENT CRITICISED. LABOUR CONDEMNATION: (itUin'S TBLEOBAMS.) (fleceiv.ed April 30th, 5.5 p.m.) LONDON, April ?9. |n the House of Commons, during tho committee stage on tho Budget, Mr Sijgnden declared that the increased . exnenditure was not justified. The expenditure, on the Navy shquld have been , recced instead of increased. H The Bud- ' g9t> apart from women's pensions, was '<"■ th« worst rich man's. Budget ever in'j fffltfuced., Th©. pensions scheme would ; • injfios* a burden of £14,000,000 annually on the industries'of the country at a, time of unparalleled industrial deprea- '"■ |jir Alfred Mond said he doubted the itjadom of returning to gold payments. Rtf deplored tho burdens laid on iiidustpf by the-growing systems of social ilfttranee, while the »Uk duty would in,,lifl¥ e»e, of. the most important textile iqtojltrieje, Sir- Robert Borne, tho PfOPPjiala. He tfcat. the -preay stem had been of immense* bweftt ta British trade. They could 66£ front events in South Africa the result 1 of iheir failure to give reciprocal terms to a country like that.

RETURN TO GOW>. MATTER FOR CONGRATULATION. (tuanJOAtit an» n.z. ciiue association.) SYDNEY, April 30. FaUowisg the announcement of the return to tho gold standard, an , informal meeting* of representatives of ! the. Assßojatod Banks was held to dia- '. 'ensa tho position.\ A formal meeting ( Will be called in Melbourno to-day «r i- tomorrow to further considOr the situi atioq. I* Jt is anticipated that one outcome of |i-«the tttura of. the gold standard will he p * considerable alteration in tho ex"t change rates at an, early date. J Though it was known that the Comf ruonwealth Bank; Board had advised the Federal Government to remove all ;f* tjptrictions on the export of gold as h fjonj May lst>,tbe decision of the Government to fall into Hue with the Brit'f bjfe Government from .yesterday came as I Itthw a surprise to hankers. ;' 8o«io deaiand was made at the hanks yesterday for gold for notes, but the -' 4«HW»d wat sot large. ~'Vh» "Sydney Morning Herald" com- „ Wats that the return to gold is a matr j t*> lor congratulation. Australia now a stable currency and an ex£sWge which will fluctuate only sjightj than -before tho war. The eeris that the health of tho com<s§pWee and world trado should improve. 'JfHfjdtt he possible now to tako a long Jfspkln- commerce arjd to piepare for W Jfttoe development, and not be forced |i(jjs>be content with the subsistence, of 1 month." Rectification of exchange f fates should be announced before the f, week closes. Icerred April 30tb, 7.45 p.m.) era and business men generally at the return to the andard. Mr Bruce has requestAssociated Banis to use as little : possible, and to continue to do s with paper currency, a request h the bankers concur. It is conlikely that there will b© a terndemand for gold currency, chiefeoplo who want again to experie novelty of handling sovereigns, "great bulE of business will cono be done on a paper basis. CHANGE ON NEW YORK. \jUM AKD K.Z. CABLK ASSOCIATION.) NEW YORK, April 29. fog elosed at 4.84 i dollars to the