LATEST CABLE NEWS BRITISH POLITICS.

Hokitika Guardian, 2 May 1924, Page 2

LATEST CABLE NEWS

BRITISH POLITICS.

AUSTRALIAN AND N.Z. CAULE ASSOCIATION.

BUDGET .RESULTS

LONDON, April 30.

Oil the Stock Exchange the Budget was very favourably received. Markets all round are good, tea shares are active, and some heavy priced shares arc one pound higher and smaller juiced are live shillings higher. Industrials responded well to the repeal of the corporation tax. Produce markets were similarly active. Sugar futures, advanced in anticipation of a great imjirovement in the demand on reduction of the duty coming into operation today. Refiners reduce home products fourteen shillings, equivalent to the tax. ' THE BUDGET. FURTHER DETAILS. LONDON, April 30. Mr I*. Snowden, Cbancelbir of the Exchequer, said the dead weight debt totalled £7.G59.093.(>90. oil which the annual interest charge was £31)5.00!).000. Til 1919 the debt was £81.000,009,009 and the interest C 315.000.000. Their external debt was now that of £40.500.000 to the United States and £45,003.009 in market loans to America. Since 1919 the debt had been reduced by £005.009,0! 10. That was tlio amount of the total national debt before the war. It was a ereilit,ablo national achievement. Large debts were owing to Britain on which they had to pay interest, which was for the taxpayer a heavy burden. When tliev received interest on these they might hope to reduce their debts on taxation more rapidly than was nowpensile from their own resources. Last year £790.()!i:).03!) bail been spent, and the revenue would be £828.090.000. leaving a surplus of £88.000.000. The (lovernment could not endorse their predecessors’ imperial preference proposals. They greatly regretted >f it disappointed any ol the Dominions, but for that the late Government was responsible. No Government should attempt to bind Parliament over a number of years upon such a controversial subject, which was sooner or later bound to lie frustrated. The Government would not alxilish the jirofoielicos now enforced, but reserved lull liberty to propose’ to Parliament the reduction of duties on all eominodil'ies to which preference now applied whenever this was deemed expedient. The Government would give an early opportunity for full and free discussion on the Imperial economic oonlorouce resolutions, and if the House adopted ally of them, the Government would make provision for such in the Finance Bill. The tea duty. Mr Snowden stated, would lie reduced lid per 11). and the dried fruit duty would not he renewed. The postal rates would not be changed. The dulv on sweetened table, waters would lie abolished. The McKenna duties would be abolished from duly Bth. The tax on theatre tickets up to fid would be abolished. loco lie tax and super tax would, not be altered. The cocoa, coffee, and chicory duties would be abolished by naif. The reductions would take cll'ect on April 39th. lor cocoa, and June sth. for ten. codec and chicory. The inhabited house duty would lie abolished, also the tax on corporation profits. Air Snowden stated that two matters arising out of the Imperial Conference required finance resolutions; Firstly in regard to the immunity of State enterprise from taxation which he proposed to jio-toone till next year, in order to u fiord an opportunity of of further consultation. Secondly he hoped to include ill the Finance Bill a clause giving reciprocal arrangements made last year in regard to the double taxation of shipping. It was understood that it was to be voluntary and permissive.

The reduction in the duty on sugar would be 1 \<l per pound, and this would operate from April With. It would cost £17.(llV).(K)i) this year and .L'lS.in a full year. The reduction of the tea duty would cost £I.ADD, 1)1)0 for the year.' the reduction of the duty on cocoa, coffee and chicory would co«t £SIH,(!!);;. The noil-renewal of AO per cent, increase in the dried fruits duty, imposed in I!)1A. would cost a quarter of a million. Every one of t.lie food duties wold.l be reduced and the estimated cost would be L2H.7(;<I.(KH) tliis year, and !_'2-l,S!)J.ill a lull year. I lie abolition of the McKenna duties hum August Ist. would lose 2J millions. lie declared the country gave a decisive vote against these duties at the last elections. The (.overninetil was bound to give effect' to Uoat policy. In addition to the abolition of the tax on payments tor admission to entertainments up to six pone, the tax on payments up to fifteen pence would lie reduceo. costing I'H.ID'I.II.IO this year. 'I lie repeal of the corporation profits would ••ost two millions. The cost ol all the reductions in the taxation would total £;'l.l!A!!.(llll). leaving an estimated surplus of £111.2K1.01X1, which he would keep to provide for supplementary "X----penditure. lie did not suppose this would lie snUieienl In meet expenditure outside the estimates, which Parliament might sanction during the year, fur example the House of Commons was committed to the removal! of the thrift disqualification for old : age pensions, and there would be calls for housing and unemployment. Air Snowden said he was convinced I considerable economics could lie oiled- ] oil during the year. I Mr Snowden spoke for an hour and j three quarters and lie received an ovation when lie sal down. TOBY CRITICISM. : I LONDON*. April :»■'*. 1 Sir Robert Horne appealed to Mr MacDonald to bring hack confidence to j business men. Ihe repeal of the McKenna Duties would have a disastrous j effect <m the motor car indus.ry. i'l'nin ; a partisan point of view, nothing would please him better, but he would be | aghast at the hardship and misery that j the Government was prepared to bring : upon the working people of Britain. ! who would never forgive thee who failed them in tiii- great matter. Ha, appealed to the House to do nothing to weaken the loyalty of our brethren overseas by jeopardising the connec- j tioit with the Dominions. 'lhe Govern-j incut made great professions regarding the relief of unemployment, but had done nothing. Were not the Colonial [ markets worth eoir.sideringi' Ihe '"i-i vernment was quite ready to negotiate a trading agreement with Russia, yet New Zealand took as much mainline- , tured goods before the war as the whole teeming population ot Russia, lie continued: ‘‘lt is madness to disicgnrd every Dominion proposal o. pro- . for, nee. If the Government flout the j Imperial Conference's decisions, it will I h impossible to hold tne l'.mpiie to-j gether. j

advocates ok duties. LONDON, May I. In the House of Commons, three Labourites tabled an amendment to

the Budget urging the continuation of the McKenna duties until 1!»2A. In the debate on the Budget Sir R. Horn said the abolition of the McKenna duties was the price the Government was paying for Liberal support. He urged the Government to consider its effect on employment. -

Mr Thomas refuted The idea that tbo Conservatives were the only pnrty jealous of the position of the Empire. He stated that in regard to the Economic Conference resolutions, the Government deplored the difficulty which bad arisen, but they were not responsible. The Dominion premiers were unquestionably misled. Lot the Hous» npply itself to avoiding that mistake. l'rogress was reported and tlie debate was adjourned.

ANTI-PROFITEER BILL. LONDON, May I

The “Daily Herald” understands that the Government is preparing a bill for the prevention of profiteering.