FINANCIAL WORLD

Hokitika Guardian, 5 January 1933, Page 5

FINANCIAL WORLD

MONEY PROBLEMS

DOLLAR PURCHASING POWER. Press Association—By Electric J. uicgra pli—Copy r igh t.; WASHINGTON, January 3. 'Senator borJ.ii is preparing legislation vo reduce the purchasing power of the United S tates dollar, it at was .learned to-day as the increasing S'eniyte sentiment for consideration of the j money question was disclosed in ,a .debate on the currency. From the floor, Senator Borah told the newspapermen that he believed tbe time had come wnen the currency question must be considered. If the forthcoming economic conference did I not deal with the problem the United States must. ' The American farmer could not receive a fair price for his products with 32 nations off the gold standard, he declared.

Senator Wheeler (Democrat, Montana) said the United States must either go off gold, or remonetise silver.

AMERICAN TARIFF PROPOSAL.

TO COUNTER INFLATION.

Washington, January 4.

A measure to levy additional tariffs on goods from the countries . with depreciated currencies has been introduced in the House by Representative Hill, Washington, a Democratic memher of the House Ways and Means Committee.

The proposed tax would become effective if the articles came from a country whose currency is five per cent below its par value. The levy would begin at one per cent. , The dollar value of the imported article would increase in proportion to the currency depreciation in the country of export.

PROMPT PAYMENT REQUESTED

OF TAXPAYERS IN BRITAIN.

RUGBY, January 3

British income tax aqd surtax payers are being invited to repeat their performance of the corresponding quarter last year when in order to assist in balancing the budget they paid the instalments due with unprecedented promptitude, contributing ,£265,000,0ui) to the Exchequer during three months. This patriotic effort helped largely in the restoration of national finances. The amount of income tax to be paid betweeen now' and the end of the financial year oil March 31, if the budget estimate is reached, is £191,410,000, and of surtax £50,830,000. The standard income tax rate is five shillings in the pound.

NEWFOUNDLAND’S DEBT.

IST. 'JOHN’S, January 3,

Suggestions for . converting New foundland’s bonded debt to issues bearing lower rates of interest were heard on all sides, to-day, but the Government officials refused to comment. The Government paid, to-day, 2,277,000 dollars, and half-yearly interest on the bonds, made possible through the co-operation of the Government of Britain and Canada.

RECOVERY IN AUSTRALIA

CANBERRA, January 4

■ According to the F'ederal Treasury statement, the estimate for the Customs revenue of the Commonwealth during the first half of the financial year, wa,s exceeded by nearly £2,500,000, the actual revenue being £17,290,107.

The “Telegraph” says: The figures are by far the best since the beginning of the depression, and enhance the prospects of further tax reductions.

DECLINE IN BANKRUPTCIES

SYDNEY, January 4,

There was a sharp decline in the number of bankruptcies in New South Wales during 1932, compared with 1931 and 1930. The figures are as follows: 1932 sequestrations, 318; 1931 sequestrations, 572; 1930 sequestrations, G7l.