BRITISH BUDGET

Hokitika Guardian, 20 April 1932, Page 6

BRITISH BUDGET

SUGAR DUTIES. SUBSTANTIAL ECONOMIES. (United Press Association. —By Electric Telegraph.—Copyright.) (Received this day at 10.15 a.m.) LONDON, April 19. Li Ibe budget, during the next live years, the preference on imported colonial sugar will he increased by a shilling per hundred weight. A special supplementary preference of another shilling on a limited quantity ot sugar will be allocated by the Colonial Office among sugar producing colonies. The foreign dominions' sugar duties are not altered. Mr Neviilc Chamberlain said that Sir Philip Snowden's emergency budget in the Autumn of 1951 was unprecedented for over a century, ft was a model o s sound and sane finance.

••\Ve are r.ow nine millions better off than Sir Philip Snowden anticipated." Economies amounted to £34,500,000 instead of the estimated £22,500,000. Reduced unemployment had aided the Exchequer, and the income tax yielded a .surplus £15,000,C00 over 'the estimate-

The present position was that there was a total expenditure of £766,000,000, while the estimated revenue was £731,500,000 leaving a deficit of £54,500,000. He would make an order under the Import Duties Act based on the Tariff Committee's recommendations before the end of The week. This would bring the total receipts ':o £764.000,000 reducing the deficit to £1,700,000. “Since the budget was. balanced there had been an inward How. of liquid', capital, flattering our credit, bust somewhat

embarrassing to trade.'’ They must avoid any violent currency fluctuations for which it was proposed to build up an exchange equalisation account. For this purpose he would ask the House for power to borrow £150,000,000. 'l here would be no relief to income tax payers this year.

Voluntary schemes of employers paving the tax and deducting instalments from their employees’ wages ought- to become a permanent system. There would : 'be ,uo reduction in the bee 1tax, and a duty was being imposed on foreign tea, of four pence a pound, with a preference of two pence on .Empire tea. - The final figures are estimated ,to be as follows :—Expenditure. £766.004.000 ; revenue, £766,800,000 ; 'surplus £796,000.

A DULL BUDGET. VARIOUS COMMENTS. LONDON, April 19. Lobby opinion admits 'that the Budget is one of the dullest cm record. Though it is agreed Mr Chamber!.bn had a most difficult position, the chief •cwt-ici siii'S are directed-rut his inability to reduce the beer duty and revise Ihe income tax allowances to married people l . A reduction in the beer tax was so generally anticipated, that a number of brewers placed .poolers in public houses and clubs announcing an immediate reduction of a penny per pud.

The only oilier matter of comment is the new preference to colonial sugar. The director of Tale Lyle, refiners, expressed the opinion tha-t ii: will not affect prices in Britain, a.s the duty is paid to producers. I't is .surprising there was no additional preference for Dominions, presumably this being left for Otftawa. -Members of (the Commons generally approve of the exchange equalisation account and consider it ought to help it he movement- towards a Sterling Union, which is going on all over the world.

Basil Blackett, who is a director 01 ■the Bank of 'EngLand, however, expresses the opinion that it. should be described as regularisation and simplification of a system already in existence. Labour critics of Mr Chamberlain ask will 'the 150 millions be handed to i!u Bank of England, or be coni:ro]lt-d by Treasury and what level of stabilisation will be aimed at-

Though Mr Chamberlain carrthf'y avoided naming articles on which the new import, duties "ill be imposed b' fore the -end of file week it is taken for granted -limit those will be non