ECONOMY PLANS

Hokitika Guardian, 20 August 1931, Page 6

ECONOMY PLANS

LOAN CONVERSION. HIGHER UNEMPLOYMENT LEVY. (Unitea Press Association— By Eleetru Telegraph.—Copyright.) LONDON, August 19. The, “Daily Herald” says; Among the Economy Committee s proposals t,. the Cabinet for discussion and decision will be: —

(1) A general ten per cent. tariff, for revenue purposes. (2) Temporary suspension o' tlu debt sinking fund. (3) A tax on interest-bearing securities. (4) Increased' contributions to the Unemployment Insurance Fund, with or without, reductions in the benefits but coupled with administrative changes designed to prevent abuses. (5) The voluntary conversion of the War Loan. The “Daily Herald” adds:—“The proposal for a revei'mo tariff will receive support from Ministers wli hitherto have been rigid free traders, and who will urge it as an emergency measure. A ten per cent, tariff on retained manufactures, including imports that are partly finished, will yield, on the basis of the 1931 imports, twenty millions sterling. A further ten per cent, tariff on food that at present is not taxed will possibly .yield twenty-five millions. The suspension of the debt sinking funds will save fifty millions. The securities tax yield is. problematical.” The significance of the above lines lies in their publication in the Government organ, the “Daily Herald.” LOAN FROM AMERICAN? LONDON, August 19. Tnotuiries at Downing Street and all th© Treasury show that nothing is known of a suggestion from Chicago that England is seeking a long-term loan in the United States.