THE BRITISH PARLIAMENT.

Hokitika Guardian, 7 August 1918, Page 4

THE BRITISH PARLIAMENT.

[putt PUKSS ASSOCIATION. —COP YIUCTIT. J HOUSE OF LORDS. (Received Yesterday at 1110. p.m.) LONDON, Aug. 5. j In the House of Fords, Lord 1 h- j cape drew attention to the hir.'.neiai situation. He said the high income tax [ retarded the development of the roue- j try’s resources. Germany’s finances j after the war would he worse than oars, j but that was small comfort. He idi- ! mated that if the war ended in March, j our debt would he at least, £(>,O«K! 1 - j 000, necessitating an annual pay ivuit I of £330,000,000. and malting the oia, expenditure £700,(ICO,000 ; hut the war must he continued until the enemy accepted the Allied terms. We were now living in a fool’s paradise. The nation must produce and export more, mid consume less. Though the country possessed great recuperative capacity, he feared we must go through 1 1»• g period of self-denial and sacrifice. Lord Faringdon said if the nation it to remain solvent, many cuntenv> at >1 a f tor-the-war schemes must l>e set aside. Any attempt to penalise wealth, or to interfere with the sanetilj of capital, would be disastrous. He e neluded that the Bolshevik repudiatim of debt ended in the starvation of the Russian people. Lord Curr.oa said he was afraid it w’s unwise to attempt to go forward too fast, with a too ambitious nfter-tha-war programme, hut lie expressed the • ;• nion that the Government of the <ay would bo swept off its feet by the ;> '■ sistenl demand for re-building tie* shattered world.