LATEST CABLE NEWS BRITISH POLITICS.

Hokitika Guardian, 1 May 1924, Page 2

LATEST CABLE NEWS BRITISH POLITICS.

ICHTRAMAN AND N.Z. CAIIEE ASSOCIATION. BRITISH BUDGET. DUTIES REDUCED. LONDON, April 30. Jii the House of Commons, Mr I’. Snowden. Chancellor of the Exchequer, delivered the Budget. The House was crowded on the occasion. Mr Snowden announced that they had realised a surplus last year of £lB— which had gone to reduce the national debt. Ho said seventeen and a half millions of the surplus was vine to excess of revenue, and twenty-seven and three-quarter millions to reduced expenditure and the balance was the

surplus from last year’s budget. There was tt surplus of £7,178.000 on Customs and excise, mainly due to spirits and tobacco. The increased consumption of spirits was apparently due to a long, cold winter, and the effects of influenza. whereof whisky was reputed a specific. The motor vehicle duties had increased by one and -half millions, and the death duties exceed the estimate by £0,800.000. The income tax was £B- - above the estimate, hut the excess profits duty was twelve millions below the estimate. Death duties yielded £(57,800,000 compared with £o(i,810.000 in the previous year. As regards expenditure, Air Enow, den said the national debt services expenditure amounted to 3D, millions, the supply services to Id millions, the Army to -HU millions, the Navy to -j'2\ millions and the Air Force to 0.1 millions. The savings therefore, were doe. inter alia, to the change in the programme in the. Middle .East ami Sin-, ga pore.

The tola] dead weight debt on March “Ist. was £7.f>80.000,00P compared with £7.rr.'i.000.0110 on March HI. 102:1. The floating debt at March 3rd was 771 J millions, compared with 811) millions a year ago. As regards the provision made to deal with the five per coni, war loan, the precise figures were not vet available, but the sum converted was not less than lot) millions. The Government bad to meet nearly ]do millions of maturing bonds. He was afraid the burden of debt would he very heavy for some years. Pending the report of the Committee on the National Debt, it was clear that all available resources must be devoted to the redemption of debt, which improved international trade, and the .terms whereon money could be borrowed for industrial purposes with a view to a great conversion scheme that we must carry out soon as tlie maintenance of British credit was a matter of vital importance. LONDON', April .'3O. Only the recent dO per cent, increase in the duly on dried fruits is being abolished, not the whole duty. Mr Snowden announced that the Government would introduce a Bill to re-establish a Land Valuation Depaitincut. » ! The necessary resolution regarding the tea duty was carried, and the re- : mnining Budget resolutions were agreed to. While reserving the light to criticise the proposals later, the Opposition Lenders congratulated Mr Snowden on his lucid statement, and applauded Lis evidences of the sound condition of the national finances. j Ex-Chancellor Sir It. Horne, was of j the opinion that the statement, slightly nii'idilied, mighti well have been [ made by either of the older parties. He twitted the Government with seeking . trade agreement with Bussla. : while rejecting a trade agreement with the Dominions. ; Mr Asquith described the Budget as a thoroughly sound financial opera- . tion. containing nothing whereto the Liberals were unable to heartily sub. | scribe. 1 j At tin* conclusion of Air Asquith’s speech. Messrs Asquith and Lloyd | George walked to the Treasury Bench and shook hands with Air P. Snowden.

ATTACKS ON BKDGET. LONDON. April .'3O

It is already clear the Budget will lie subject to a strong attack from two points, the Imperial preference proposals and the McKenna Duties. Kegunling preferences, there is some strong comment both editorially, and in published interviews. Sir P. Lloyd Graeme, interviewed.

by the Daily Express, emphasised that Air Bruce laid it down that any scheme iif settlement must depend on whether there is a market for goods produced by the settlers. That was the origin of the dried goods proposals, which will go hv the lioard. The issue is now raised definitely: Are you going

to develop preference in our fiscal svs- j tom? He concluded that the Government attitude would surprise the Empile.

The ‘‘Mornins Post” editorially under tlie heading “A Bourgeois Budget,” . “Shut tlie Workshops.” “Open the 1 cinemas, support the consumer, and let the producer go hang!” Such are Mr Snowden's principles. They are none the less calamities because they have the guise of moderation. The abandonment of tlie Economic conference proposals must 1)0 a staggering shock to the whole Empire. The abolition of tlie McKenna Duties injures both capital and labour.” * Tlie “Daily Telegraph” describes the removal of the McKenna Duties as “a .

monstrous act of destructive bigotry”, and the discarding of preferences as “none the less objectionable for Iteing a foregone conclusion.” “The Daily Express’’ says: “Our praise for Air Snowden's Budget would he almost unqualified, except for tho removing of the McKenna Duties. Instead of having the courage to 'extend them, with prcfernce to Empire products, the Socialist Government Ins failed by not looking towards the resources of our family estate oversea-. Reports from trade, centres show tlio motor trade especially is • agitating against the aholiton of the McKenna Duties, and contends that it is menaced l,y competition on an abnormal scalo from the Continent, with its distorted exchanges, and from America with its ex cos ive pioduction. Many manufacturers of small ears will l>e squeezed out of oxistem*«\

While papers of all kinds find Idemishos at folding to their political views. Nevertheless all have words of praise'' for both Mr .Snowden and the Budget. The “Daily Chronicle” says: “It is a free trade Budget, a democratic Budget, and also a Budget of sound finance: but reflects tho Cabinet’s lack of any constructive economic policy. One sees no positive programme for the absorption of the unemployed, or a real easing of post-war burdens. The “Daily Telegraph’s” l’arliamentary correspondent asks: Does the Bud. get menu an early general election?” He adds: “Members have made up their minds that the Government is dressing its shop windows and if seriously challenged, it may plunge at no distant date.

The “Daily Herald” frankly snvs Mr Snowden saw danger in any provocative proposals. Ho holds with the Premier, that the chief business of the Government is to show Labour can govern and lay the basis of an electoral success, which, before very long, will give our Party power, as well as office.