THE BRITISH BUDGET

Hokitika Guardian, 29 April 1925, Page 3

THE BRITISH BUDGET

4UITKALIAN AND N./,. CAUI.S ASSOCIATION LON DON, April 27. Them is tremendous interest in Mr. AY. Churchill's budget, which will be delivered to-morrow. Tbe s> nti ci j>ji tions now nre Unit 1 lie income t:i\ cut will range from between sixpA'iiee nml ii shilling. The “Central News'' says the hop growers are confident the Budget, will impose a reasonable duty on imported hops, with the usual preference to the dominions. IT'S Cl 11 I'd' POINTS. (Received this day at 9.2.1 a.m.) LONDON, April 28. The chief .points in the Budget are: A surplus of twenty-six millions on the present basis of i.-..\alion. Death duties on big estates are to

l.e increased. The McKenna duties oil luxuries arc to he restored on the Ist. of July. New duties are to he paid on imported hops and natural and artificial silk.

A new contributory social insurance scheme is to commence in 1020. providing old ago ]XMis>ions at the age < sixty-five, pensions for widows plus allowances for children. Income tax is to he minted hv sixpence and small income tax payers will he allowed one-sixth instead of onetenth from earned income. There will also he a reduction in the super tax!

BRITAIN'S BUDGET. LONDON, April 28.

The House of Commons was packed anil excited in anticipation of theBudget Statement. The Irani Imvernnien! Bench was filled with members of the Cabinet and members of all parties overflowed the side galleries. There was a. big muster of Peers in tbe (lallerv.

Hun \V. Churchill was loudly cheered on rising. He paid a tribute to Ibe careful scrupulous finance or Mr Snowden, and pointed out that the realised surplus of £3,5(59.01)9 was remarkably close to the Budget forecast of C4.02J.000.

Spirits and tobacco produced two million loss than the estimate, hut beer bad increased T:y a. million. The remission of the sugar duty had lulls reached the consumer, hut the remission of the tea duty had been almost entirely extinguished by higher prices. Inland revenue duties showed a surplus over the estimates ol over £(!.- 810,000. The surplus would he devilled to redemption of the debt. Ihe nominal deadweight, debt had decreased from 7.080 millions to 7,040 millions during the linancial year. It was most important that the policy ol debt repayment should continue. Ih'-' floating debt bad been reduced bv 42f millions, and the external debt by four millions. Savings certificates produced 32 millions gross, showing a nett increase of nearly 3 millions. Savings Bank deposits increased b.v 11 millions. Interest on the national debt had been reduced in live years by over seventy millions yearly. 'I bo rate ol Government borrowing bad fallen from (V> to If per rent, enabling profitable conversion operations. Much larger operations of this sort weic pending from which the tax-pa.vois would realise important savings. The new sinking fund would he increased to fifty millions. The capital value of war pensions liability was now 700 millions, and the annual charge 8i millions, compared with over a thousand millions and over lit) millions after the war.

GOBI) STANDARD. ■LONDON, April 23,

Mr Churchill in the Budget announced the Act prohibiting the export of gold will la.pKC on 31st. December. The gold standard will lie resumed from to-day. This means a special licence to the Bank of England to export gold and bullion pending formal lapsing of the 1920 Act.

Mr Churchill announced the application of 1923 Imperial preference proposals as regards heavy sparkling wines dried fruits and sugar from Ist. July.

RETURN TO COD'D. LONDON. April 29

The Beiik of England is to-day empowered to export Imllion. A bill making notes convertible to coin nt the Bank's option, is being introduced. The Dominions are returning to the gold standard simultaneously, Australia acting to-day.