PUBLIC ECONOMY

Dominion, Volume 8, Issue 2522, 24 July 1915, Page 5

PUBLIC ECONOMY

DEPUTATION OP BANKERS ■ j PRIME MINISTER'S REPLY. By Telegraph—Prc63 Association—Oomrigm .London, July 22. •A. deputation of bankers and merchants waited oil Mr. Asquith and Mr; M'Kenna on the subject of public economy. . Viscount St. Aldwyn said that the Government had' not'since the commencement of the war enforced econoiriy in matters under its own control. Ho ' urged that private economy should be enforced by an immediate increase of taxation. Mr. Asq;uth', in reply, said he had endeavoured to bring home to his fellowcountrymen the importance and urgency of. economy. They were faced by a large and growing increase in public and private expenditure; also by the faot that the war could not be prosecuted .successfully without large: economies.. He agreed that lie had licit gone nearly far enough in providing for! the war out of taxation. He for a long timo had been convinced - that l the income tax- / ought to begin at a lower scale; its basis ought to. be broadened..,- 1 They niust diminish the consumption of imports and maintain the. exports on: an increased, scale. Tho njore they did this the more they would contribute , indirectly to the country's resources, from which the nation is to defray the gigantic:expenditure. .He could' not assent to tha suggestion thaifc they should proceed by way bf a piecemeal Budget, which was dangerous. He thought it more desirable that the question should be dealt with as a. whole, and that there should be' 110 delay in submitting concrete proposals-to Par- ' i Jiament to complete for the present year the duty of obtaining from the taxpayer nh adequate and equitable contribution to the abnormal expenses. He was not . pessimistic as to the conduct of the war or tlio resources of the country. • RETRENCHMENT COMMITTEE. \ SCOPE OF INVESTIGATION. '{"Times" and' Sydney "Sun" Services.) London, July 22. In the House of Lords; Lord Ribbles'dale asked the nature of the investigation by and the scope of the Retrench- . ihent Committee... Ministers, he; siud,-i hiiist 'fate the questioii of . war expenditure frankly.. . Lord Lansdowne said the Retrenchment Committee was dealing with Gov-, ehiment civil expenditure. It', was impossible to impose a public inquiry on the admiiustratioii of .the War Of2c6 and 'Admiralty during the stress, of a .great war. Although the Admiralty and War Office did not come within the. scope of . ! the investigation they intended to keep them within the. strictest, bounds. There ~ iVas'an. immense war expenditure, .and' Lord ■ Kitchener was going into theso matters persbnally with the Chancellor of the Exchequer (Mr. Reginald . M'Kenna); and had appointed a Departmental Committee at the War Office to deal with the whole subject. 1 NECESSITY FOR ECONOMY. OUTLOOK IN AUSTRALIA'. Melbourne, July 23. .'At the Conference ■ of, the Victorian State Government Departments;. Sir A. J. Peacock; Premier of Victoria, em-, phasised the necessity for economy. Ho stated that the financial outlook is very . unsatisfactory. '.