WAR WEALTH.

Hokitika Guardian, 12 June 1920, Page 2

WAR WEALTH.

N() LEVY tp BE IMPOSE!). •( [ BRITAIN’S REDUCTION OF DEBT. ! fAUSTRALIAN & N.Z GABLE ASSQCI.I?J LONDON,. June 8. In the House of Commons, Mr Chanj- . berjaiu (G’haqceJJor). gxplajned tfajil the Governments decision not Jo imposp any levy oil war wealth, pointing outc that payment could be made in Government securities, thp levy would not materia]}^ > reduce pie, fiofatiqn debjt. He gmphi]- • sised tlip fears qf busjn.egs mpn ag rejSards tlie effect pf the levy, and stafpd that an excess profits duty woujd prq? ducu twice as much as the Jevy ip tjie same period. He npw proposed to niaiq-' fain excess profits fluty at 60 per capf this year, apd continue tlie duty pr an equivalent for a longer period than otherwise would have been necessary. Mr Chamberlain paid a warm tribute .to the manner iq whipli file rich! had , borne financial sacrifices. He gfiyo J figures showing that in some cases pn|y ' t about us in the £ was left to recipients ' •of large incomes after taxes were paid. No other country had, he said, attempt? ,cd a financial effort comparable with i Britain’s. There was no other country in which well-to-do people were so h<?ayl- ( 1 ly taxed, Illustrating the financial recovery by Britain, Mr Chamberlain re- • forred to a rise in the dollar exchange. He stated that they were lri g position to pay half of the Anglo-French loam |n America, and to meet all other market obligations of tiro Treasury in the United States to the end of UJ2O, with a'satis* factory margin. Their debt of one hundred million dollars to the Argentine would be redeemed in a few days, A loan of twenty million yen in Japan would'be paid off in a month. Provision had been made at Home for a reduction of the debt by £230,000,000 this year, and £300,000,000 next yeiir without- additional taxation. ~ :