BRITISH TRADE

Hokitika Guardian, 24 March 1932, Page 5

BRITISH TRADE

THE WHEAT QUOTA

COTTON TRADE LEVY. (British Ofjiciul Wireless.) RUGBY, March 22. The House of Commons has completed the Committee stage o; the Wheat Bill. No important changes were made in the original measure. The Minister of Agriculture refused the amendment of Major Lloyd George to limit the operation of the Bill t () five years, hut ho stated that the whole situation would lie reviewed after three years, by a fully-informed hotly. Rt. Hon. W. C. R unci man (President of tin* Board of Trade), in a letter to the Joint Committee of the Cotton Trade organisations, has undertaken that if the Joint Committee will decide to prepare a suitable detailed scheme for the concentrating of production through a levy for the purchase of redundant machinery, and if they are able to secure for it a measure of support of a kind that will commend it to Parliament, he will he prepared to recommend the promotion of the legislation needed to give, authority for the collection of the levy.

Hie Joint Committee has decided that n detailed scheme for the spinning section of tho cotton industry should bo at once prepared.

BRITISH BUDGET POSITION

DEFICIT DISAPPEARING. RUGBY, March 23. With eight mere working days before the financial year ends** on 31st March, the revenue returns up to 19th March show there was a deficit at that date on the, national accounts of oHv £19,400,000, as compared with £34,800, 000 on the corresponding date last yeay. Therevenue in the proceeding week had amounted to £24,700,000, and tile expenditure to £19.900,000, making a surplus in the week of £4,800,000. The income tax receipts already exceeded the revised budget estimate ol £272,000,000 bjy over £5.000,000; and the surtax receipts exceeded the estimate by £2,000,400.

On the other hand, the estate duties and stamps together arc £21,000,000 behind lust year’s receipts to date, although the Budget estimated to receive in the year about the same total as last vear.

Tho customs and excise revenue together were on March 19th about £10,000,000 over last year’s receipts to date, as compared with the budget estimate of £7,500,000 of an increase in the year. The supply expenditure to date was about £11,000,000 in excess of last year, as compared with an estimated increase of £22,500.000 thus indicating substantial economies.

The* floating debt amounts to £609.000,000, a reduction ! of £3,500,000 in the week.

ESTIMATE OF'SURPLUS. LONDON, March 23. The Daily Express calculates there will be a Budget surplus of ten million pounds, ■