£lOOO A MINUTE

Gisborne Times, Volume LXX, Issue 11128, 11 February 1930, Page 5

£IOOO A MINUTE

PAYING FOR PAST AND PREPARING FOR FUTURE WARS

COST.TO BRITISH TAXPAYERS

CHANCELLOR’S TELLINC FIGURES

United f'resM Assn. hy El. Tel. copyright

(Received Feb. 10, 7.5 p.m.) LONDON, Feb. 9.

The whole-time labor of two million British workers throughout the year is required to produce the annual cost of the War debt service alone yet at the present rate of payment 40 years will be required to liquidate it”, said Mr Snowden, in a “secret” broadcast to America, to which Britain had no opportunity of listening emphasising the colossal burden of armaments and war debts which were insufficiently realised by those bearing them. The Chancellor recalled that Britain spent, £10,0061,000,000 in the Great War, and apart from the loss of wealth-producing capacity millions were being withdrawn from useful employment. The four years’ War had left Britain with a debt of £7,000,000,000 necessitating raising yearly from taxation £350,000)000 for war debt service taxpayers paying therefor £1,000,000 daily, £40,000, each hour, or over £6OO a minute. In addition thereto), £115,000 000 is spent annually on the fighting services, and £56 000,000 on war pen* sions', which means a total of £520,000,000 yearly , equalling £IOOO a minute.

Thus, said the Chancellor three* quarters of the taxation goes to paying for past and preparing for future wars. The average national local taxation works out at £too yearly each family. This says much for British financial and industrial power. There are more employed now than before the war.