THE BRITISH PARLIAMENT.

Hokitika Guardian, 26 April 1921, Page 3

THE BRITISH PARLIAMENT .

AUSTRALIAN AND N.Z. CABLE ASSOCIATION. ' i BRITISH BUDGET. 1 (Received This Day at 9.45 a.m.) ! LONDON, April 25. i The Budget shows no reductions in j taxation, nor new taxation this year, ' hut there will be no remission taxation ' until economies are secured. A specific duty of 15/- per gallon is imposed ■ on sparkling wine,s, in place of the present fixed ad valorem duties. Legis- ! la.tion "ill be introduced to wind up ti e I excess profits duty. The estimated expenditure i5 J £974,023,000, and revenue I £1057,150,(K1D A drastic reduction in all ■ departments is foreshadowed. It is pro- j posed to convert (532 millions of war ; bonds maturing in the next two years, into three and a half per cents

BRITAIN’S HUGE FINANCE. (Received this day at 12.30 p.m.) ■LONDON, April 25. Hon. A. Chamberlain in tbe Commons, said the past year bad been tbe most remarkable in our financial history. He had anticipated a surplus of £234,198,000 hut the realised surplus was £230.500,000. Corporation profits produced only £850,000 instead of three millions, due to the initiative difficulties in starting the new fax. The total amount applied to debt extinction during tho year was 259) millions. Ue debt on March 31st was 7.574 million. The floating debt was reduced by U 7 millions. Ho had paid off half the An-glo-French loan in New York, the operation costing us £51.370.000. Will' ~ther repayments he had reduced the American debt in the last 12 months by 75 millions. Practically the onl\ debt Britain now had outside of United Slates and Canada, was 820 thousand to Sweden.

His estimates of revenue and expenditure would both he affected by the ~oal strike. He expected to receive 120 millions from the areas excess profits duty, and legislation would he introduced lo wind up this tax. The estimated special revenue from war assets was 158) millions hut there was a special expenditure on transitory war services of 05,705 thousand. No credit was taken for anything they might receive from the reparations. The sur tax on the importation of cigars would Ih* abolished.

A GREAT DEBT. (Revived This Dav at 1 5. P.m.) LONDON. April 25

He had to provide eighty millions to meet foreign obligations and as domestic obligations require 113 millions, the whole surplus will he required to meet them without being entirely sufficient. There was no prospect of making ends meet, if the revenue were reduced th.s year. The existence of a huge floating debt was gravely inconvenient. : 'id further, large additions would be a standing menace to their credit security and prosperity. The time had come t,, make a. serious effort to secure conversion into longer dated sccurd ies. Ih“ prospectus of a conversation loan was he ing issued tonight. If the whole t>32 millions were converted, the usulp’iit figure would he pust over one thousand million.