BRITISH BUDGET

Hokitika Guardian, 12 March 1932, Page 5

BRITISH BUDGET

LOAN TO ALLIES TOTAL OF 1246 MILLIONS. (British Official Wireless.) RUGBY, -March 11. Mr Baldwin announced to-day that tlie annual Budget statement will ho made on April 19th. The Chancellor of the Exchequer, Mr Neville Chamberlain, stated in Parliamentary answers to-day, that money lent to the Allies during the war, was borrowed at slightly over live per cent, interest. Tiie total amount of war debts covered by agreements was £1,246,000,000', on which interest at five per cent amounted to £62,600,000.

The total annuities payable under agreements amount to £17,500,000, and on this basis (which leaves out of account any provision for the repayment of money borrowed, uncovered by a charge upon public funds) is £45,000,CCO a year.

Sir Philip Sassoon said the map of the world was being steadily and methodically covered by air routes, primarily opened by the Air Force, and followed by the regular civil services. The London-Capetown Mail Services was another step in the establishment of the network of the Imperial air routes, which would one day link up ah parts of the Empire, Three Southampton liying boats were leaving Singapore on the loth on a training flight to Port Darwin. Sir Phillip said the country could not aiford to maintain the RIOO.

When the financial position improved, organisation could be set in motion with a minimum of delay. He was glad the Schneider contest was over, and we were going to keep the trophy. The contest had become too dangerous. The estimates were carried. CUSTOMS DUTIES. RUGBY, March 10. It was stated in the House of Commons to-day that owing to abnormal importations the Customs duties had produced £316,000 in January, and £287,000 in February, while the Horticultural Products Emergency Duties had produced £48,000 in January and £52,000' in February. FOREIGN EXCHANGE RATES. RUGBY, March 10. When the foreign exchange market opened this morning, the New York rate for the pound sterling, which closed last night at 3.693 dollars, was quoted at 3.673 dollars . The Paria opening rate was 223 francs, RATE FLUCTUATIONS. RUGBY, March 10. The last reduction in the bank rate took place on February 18, whan tne rate was lowered to 5 per cent, from 6 per cent., at which it had stood since September 20. when the rate was raised, in connection with the suspension of the gold standard. GILT-EDGED STOCK. DONDON, March 10. As proof that investors are hungry for first-clasp issues, the “Evening Standard” says that during the last fortnight 196,250,000 has been tendered for five new tames, aggregating seven million pounds. The city expects a demand for first class debentures directly the giltedgeds boom eases.