NATIONAL DEBT

Hokitika Guardian, 24 March 1933, Page 3

NATIONAL DEBT

SINKING FUND SUSPENSION

HASTINGS, March 22.

A decision to ask the Associated Chambers of Commerce to bring before the Minister for Finance, if if sees fit, a proposal to suspend the national debt -sinking fund, was made by t;io Hastings Chamber of Commerce.- last night.

In making the. suggestion, Mr W. C. Whitlock said that strength was lent to the proposal by the fact that in “The Times,” London, of February 7fill, Sir Robert Horne, Chancellor ci the Exchequer in 1923-24, advocated a similar plan, which lie had used himself during his Chancellorship. The question arose whether by the .suspension of the sinking fund, wliich totalled £1,250,000 annually, the taxation on industry and commerce could not be lessened by an equivalent amount.

The Associated Chambers might at leas,t go into the proposal. When Sir Robert Hcyne suspended Britain’s sinking fund lie was howled at front every corner of the House of Commons and was told lie would destroy the confidence of investors, hut lie took -no notice. The result was that the Gov, eminent’,s natural income from trade and industry, which benefited from tile suspension, was increased by several millions more than the amount of the fund for that year.