BRITAIN'S FINANCES

Dominion, Volume 13, Issue 30, 30 October 1919, Page 5

BRITAIN'S FINANCES

A REVISED STATEMENT TO PARLIAMENT

LIVELY DEBATE EXPECTED

By TelanraDli-Preßa ABsoeiation--OoDvrielri (Bee. October 29, 7.30 p.m.) London, October 28. The C'hanceilcr of the Exchequer (Mr. Austen Chamberlain), in issuing his revised Financial Statement, said:—The iinrni.il revenue collection for the current vear is proceeding satisfactorily, and it k expected that under all heads Inland Uo-vcmie, except excess profits, will fulfill or exceed the Budget estimates, possibly by some twenty millions. The excess profile will fall during tho next financial year, instead of the current year, but this loss will be more than compensated lor by the increased yield of Custom?, Excise, etc. On flie other hand the appropriations in aid are not realising as quickly as was anticipated. The chief items of these which cannot be received, this year, include repayments, mainly by Australia, for the maintenance of Australian troops, anioimtii.!,' to J20,000,080, and the repayment, bv Germany, of' the cost of the Army of Occupation—,£69,ooo,ooo. . 'The KMi.tinunnce of .'ho food control prevents the winding-up of the food purchase accounts, and the return of working capital alluding stocks valued at £(&, 000,01)0. The actual increase in the expenditure over tho Budget estimate, apart from the non-receipt of these appropriations, amounts to ,£133,195,000. of -which tho Civil Services, owing to war pensions, war bonus, extra, police grants, and expenses due to tlw police strike, account for U;32.O(IO.fl()O; increased pay to tho Army. Navy, and Air Force involve .£21.500.000. The revised estimated total expenditure is J31,M2,295,000. exceeding tho Budget estimate by .£191,195.000. Tho revised estimated revenue is JJ1,1G8,G50,000. which is ,£32,450,000 less than the Budcet estimate. Tho revised expenditure shows the following reductions compared with the Budget.:—

> £ National Debt services 15,000,000 Air J'orce ....'. 9,000,000 Allowance for contingencies... 10,190,000 Tlir. following are increases:— Ar-inv 118,000,000 Navv 10,800,000 Civil Services 90.196,000 Revenue Departments ■ 6,389,000 Tim Chancellor tentatively gives the revised estimates for Ihe normal year based on the existing scale, which shows a. normal revenue of .£806,000,000; ineludinsr from Customs and Excise. .frt(iO,COO,OOO from Inland Revenue, .£43.000.000 from (he Post Office, and .£3.000.000 under miscellaneous headings. The normal year's expenditure will Iμ .t805.000.000, including 1'373,000,0(10 to the Consolidated Fund Charges, .£135,000,000 to the fiditing forces, .6240,500,000 to the Civil Services, and ~£53,500,000 to the revenue services.

Mr. Chamberlain announced that Germain- would pay the Allies before next Mav twenty thousand millions (?) in gold marks. The first charges on the sum would bo the cost of the armies of occuiwHon. and also of food and raw materials considered necessary to enable Germany to meet her obligations. The Reparations Committee would determine the amounts and times of subseauont uavmenr/) Mr. Chamberlain mentioned that the '•-'lilv-iiy strike cost the State approximately .•C10,(13(l.fl03. The Government's publicity ciimraign cost ,£32,000.-- hie.N.Z. Cable Assn. THE FINANCIAL DEBATE SPIRITED SESSION EXPECTED. (Eec. October 29, 7.30 p.m.) London, October 28. The financial debate on Wednesday will bo initiated by the Government's notice of anotion: That this House promises to support all reasonable proposals, however drastic, for the reduction of expenditure and the diminution of the debt. The Independent Liberals and Labour members have tabled motions demanding drastic and sweeping , reductions in expenditure. Messrs. 'Adamson, Hodge, and Clyni's , (labour members) urge a, capitation levy and tho seizure of fortunes made owing to the national emergency, fc m presumed that Sir Domv'd M'Lean's motion will be regarded as an amendment to ths Government's resolution, and accepted n< a vote of no-confidence.— Aus.-N.Si. Cable .Assn.