HOOVER TO CONGRESS

Evening Post, Volume CVIII, Issue 136, 5 December 1929, Page 9

HOOVER TO CONGRESS

INCOME TAX REDUCTION

NAVAL PUOGEAMME

United Pres» Assoclatlon^-By Electric Tele.

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(Bccoivea sth December, 10 a.m.)

WASHINGTON, 4th December

President Hoover laid before Congress on Wednesday a recommendation for a 1 per cent, income tax reduction totalling ICO million dollars and a request for 3,830,449,231 dollars for Governmental use for tho next year. Ho gave a bright picture of the state of the nation's finances.

Drawing a lesson from tho lowering of taxation in the past, the President declared that undoubtedly increased revenues always followed and that the stimulus given to business was partly responsible for the upward jump in receipts.

A total of 380,392,526 dollars is asked for the Navy, an increase of 163,999,----000 over 1928. Alterations in battleships, increased navy pay and other improvements caused tho increase. Dealing with cruiser construction and the procedure and programme connected with it, the President said that "for the fifteen cruisers and one aircraftcarrier authorised in February, 1929, provision has been made to carry forward work on the two cruisers already laid down and for three cruisers and the aircraft-carrieer to be laid down late in the fiscal year, 1930, and for the remaining ten cruisers to be commenced lato in the fiscal year."