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"What is chiefly noteworthy," points out the Morning Post (London) "is the suStained huoyancy of the tax revenues. The same taxes are producing £10(5,000,000 more than they would have done four years ago. This circumstance is extremely fortunate in view of the vast bill that now has to he met for defence, which is due in 1937-38 to cost the taxpayer about £85,000,000 more than in a normal year prior to xearmament. This is a burden which must . have meant a sfcaggering rise in taxafcion if it ha^ to be shouldered ! in "b, depression year. It is, indeed, an ipdex of the remarkable ; soundness of the nation's finances that we have up to the present i been able to shoulder so enormou^ a burden without borrowing a ■ penny. All the other nations whicli have been setting the pace in 3 the armaments race have been borrowing up to the hilt." ' i
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Hawke's Bay Herald-Tribune, Issue 128, 16 June 1937, Page 4
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154FREE INTERNATIONAL TRADE Hawke's Bay Herald-Tribune, Issue 128, 16 June 1937, Page 4
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