BRITISH FINANCE

Hokitika Guardian, 18 December 1931, Page 5

BRITISH FINANCE

THE FALL IN INCOME.

(British .Official Wireiess.)

RUGBY, December 17. On the Stock Exchange this morning, leading British Government stocks were generally one-eighth to threeeighths higher, with the sterling dollar rate quoted at 3.44-}. Doctor W. H. Coates estimates that there lias been *a fall of five hundred million sterling in the national income for 193.1, compared with 1929. Addressing the Manchester Statistical Society, he estimated the income for the .three different years as follows: 1914, 4212 mellion pounds; 1929, '*1350 million ; .1931, 3842 million.

He admitted that there had been n fall in prices, but this factor was insufficient to account for the fall shown above. Dispassionate judgment of the burden of the present taxation in relation to the national income suggested that except for a limited period it would endanger the whole economic structure. The limits of taxable capacity on a gold standard basis had not only been reached, but had passed.

CORRECTOR OF TRADE BALANCE,

LONDON, December 17

Major Colville, Secretary of the Department of Overseas Trade, speaking at Sheffield, referred to the measures for correcting 'the adverse trade balance. He said that tariff duties must not be regarded as unalterable. Their incidence and continuance must be justified by the test of efficiency of production for home and export markets.

Dealing with the approaching Ottawa Conference, he said the Government would attend with eager minds and ready hands. He hoped an opportunity would be taken to weld the Empire together on economic lines. If the Empire combined on a common trade .policy, world competition in export trade could be faced with confidence.

INTERCHANGE WITH ARGENTINE BUENOS AIRES, Dec. lb. ’ The Argentine' Government announced to-day that it will send soon to London a commission of experts, to negotiate a. commercial agreement with Great Britain. An advisory committee appointed by the Government, it was stated, will study carefully the commercial interchange between the two countries. These steps have been taken as the result o? the British anti-dumping measures, although Argentine receives an assurance that her products actually will not be affected by the new duties.