BRITAIN’S FISCAL POLICY,

Gisborne Times, Volume XXV, Issue 2082, 17 May 1907, Page 3

BRITAIN’S FISCAL POLICY,

Press Association —Copyright. LONDON, May 15.\

Mr. Austen Chamberlain’s amendment to the Finance Bill was rejected by 376 to 108. The Bill was then read a second time. M. Balfour warned the House that they were dealing with a world which was determined, by striving to divert commerce and . industries from their natural channel, to our disadvantage, .lie contended that if there wore sufficient. grounds for imposing duties for great national Imperial objects, the more fact that the duties possibly involved some small protective, effect, was no reason' for rejecting thorn.

Mr. Asquith replied that we had not reached anything like the possible limit of taxation on a freetrade basis. Ho contended that the basis of our taxation was broader than any other, and consisted of taxes on necessaries, next simpler luxuries, and finally property. He defended the fiscal liberty of the Motherland and colonies, -a U* was sure, after the frank and cordial interchange of opinions the members of the Colonial Conference rose from the table bettor friends than when they sat down.

Mr. Asquith stated that after a frank discussion on preference the. Premiers and the Government agreed to differ, though they wore better friends than ever. Britain would be mad to interfere with the colonies in full exercise of fiscal autonomy, while tho colonies would be acting like fools and flying in tho teeth of their own economic system if they allowed British manufacturers to undermine their native industries.