BRITISH BUDGET

Hokitika Guardian, 9 March 1929, Page 3

BRITISH BUDGET

Cl IA XCE LLO R 0 RTI MISTIC

V British Official Wireless.)

RUGBY, .March (5

Mr Winston Churchill yesterday received a deputation from the Association of British Chambers of Commerce. It is customary for the Chancellor to receive such a deputation before tbe preparation of the Budget, to enable representatives of commerce to place their views before him on financial questions. The deputation expressed gratitude to the Governmoht for the derating scheme, which they believed would heel - great assistance,, to producers and manufacturers. They emphasised the need for tax. remission, and advocated the introduction of penny postage. Air Churchill, replying, undertook to give consideration to the representations made. Referring to the outlook regarding revenue, lie remarked that they started the calendar iti January with, as usual, a very heavy deficit (if over .0H10,000,000, due to the fact that expenditure flowed .out evenl\ over the whole year, but the great bulk of revenue came in in the last quarter. That deficit had already been reduced by £100.000,000, and was only just over £30,000,000, with three and a half weeks of the financial year .still to go. They were engaged at present in surveying samples of the - estimated profits lor 192 b. on which the forecast ol the amount oi income tax for the next year was based. These, samples numbered many thousands, and it- was on them that the extremely accurate forecasts were based. He would not have tbe results for another fortnight, but be hud a feeling that things would not he- so badly for Britain, provided that no violent dislocation and disturbance}, occurred in our affairs.