IRISH ANNUITIES

Hokitika Guardian, 1 July 1932, Page 5

IRISH ANNUITIES

A NEW BILL

BRITISH PROPOSALS

(United Press Association —By Electric Tele graph—Copy r igl I t.)

LONDON, June 23

Mr S. Baldwin will make an important announcement in the House of Commons to-day regarding measurer that are, I to be taken by the British Government in order to recover the moneys due ffom the Free Stare for the atmuit.es. i hese annuities are being paid to stockholders, as guaranteed them by the British Government, but in order to ' safeguard British taxpayers, rlie Cabinet has decided to introduce immediately a bill that is to be p, .••sed through all stages without' delay.

ihe Cabinet, on Monday, will 'decide the nature of a levy that is to be made. This levy may be either in form of ■ import dunes on certain classes of Irish goods, or it may be a levy whereby half of the purchase price of the imports of goods from Ireland will on made payablp to the British Excise, thus leaving the Irish exporters of those goods to recover an amount from the Free -State Government, Britain has brought -23,J- millions worth of food products from the Irish Free .State, 'which is 96 per cents of her total exports, BRITISH CALCULATIONS. LONDON, June 29. British Ministerialists expect that there will be -a speedy dissolution of the Irish Parliament, considering that •Mir de Valera hoped to make the Oath the issue -at an election, but; that now ho will be forced to test Irish opinion on the question of the annuities. OBJECT OF THE BILL. LONDON, June 30, Regarding annuities from Ireland, it is unlikely that any definite pro cedure will be embodied in the An nuities Bill. Instead the Treasury will be-''authorised to take any steps that, it deem" to -recoup "itself for loss of money due. The Treasury is being given the power to withdraw Dominion preferences fron* the Irish Free .State, or to' remove the- Fre e , State’s imports from the existing free list.

The Government may not immediately put, these powers into operation, but may use them instead to act as a bargaining weapon in order to bring the .Jr] dli Free State to heel. Ip -anticipation of a possible rise in exchange there has been fairly act’-ve buying of London credit during the past few days, but the bankers have been watching the position carefully in order to check any flight of capital.

It is stated that- considerable quantities of produce have been held back with a view to obtaining any benefits should a rise in exchange occur.