THE BRITISH PARLIAMENT

Hokitika Guardian, 18 February 1920, Page 1

THE BRITISH PARLIAMENT

(By Electric Telegraph—ConynglH

BRITAIN’S EXPENDITURE. LONDON, February 14. In the House of Commons, during the debate on the Addressdn-Reply, Sir Ramsay Steel-Maitland (Co. Unionist) moved an amendment regretting that the Government’s expenditure was so high that it was causing depreciation of the national credit, and an increase in the cost of living. Mr Austen Chamberlain, Chancellor of the Exochequer, in replying, contend ed that the high prices were due to world causes. For example, the world’s sugar production was short. No sugar was coming from Russia, Geimany, or Austria* while the TJniaed States wanted immensely greater quantities of sugar to compensate for the loss of alcohol. Ho believed that the National Debt had reached its maximum, and that henceforward its movement would be downwards. The next essential would be the funding of the floating debt. Tie expected that the financial year would end more favourably than has been anticipated. IHo revenue was coming in well, and prospects were good. Mr Chamberlain emphasised that, while there was every reason for care, there was no reason for panic. Sir Ramsay Steel-Maitland’ s amendment was rejected by 188 votes to 44, and tlie Address-in-Reply was unanimously adopted.

taxation principles. (Received This Day at 8 a.m.) ■LONDON, February ■ In the Commons Sir Donald Mac Lean moved ail amendment to extend the scope of the Government enquiry into the practicability of .a tax of wartime increases of wealth, and to practicability of a capital levy for tb® l’ ur ' pose of reducing the National Debt. Mr Chamberlain thought the idea ol a ‘capital levy would strike a blow at the employment of capital for tie expansion of industry, and the encouragement of saving. He. thought the signs of the times were reassuring. Trade was good, exports were reviving and there was a heavy fall m An - rican ex-change. There was S re “ hountv for the export trade m diverting orders which otherwise never reached us Full advantage should he taken of that by extending the means of production to the furthermost. He depreciated rash experiments against sane methods of financial recuperation. Sir D Mac Lean’s amendment was icjected, ‘ and the Government motion was adopted.