SPAIN’S DEFICIT
DISCLOSURES IN THE BUDGET. THE BIGGEST ON RECORD. (United Press Association—By Electric Telegraph—Copyright.) MADRID, October 15. A Budget totalling one hundred and eighty-eight millions sterling has been presented by the Government to the Cortes. It is the biggest in 'Spain’s history. This Budget introduces for the first time in Spain’s history the principle of income tax. Starting from one per oent. it rises to 7J per cent, only upoiT Incomes of four thousand and upwards. Th e estimates are for a deficit of twenty-two millions sterling. The deficit is to te converted by an issue of -Treasury notes. The expenditure on armaments has increased by £BBO,OOO due to modernisation under, the Republic.
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Hokitika Guardian, 17 October 1932, Page 6
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114SPAIN’S DEFICIT Hokitika Guardian, 17 October 1932, Page 6
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