BRITISH BUDGET

Hokitika Guardian, 29 April 1933, Page 5

BRITISH BUDGET

END OF DEBATE PESSIMISM DEPRECATED. (United Prong Association—By Electrio Telegraph—Copyright.) LONDO'N, April 28. In the Hous e of Commons, Mr Jack Jones, the Labour member .for Silvertown, caused .a- roar of laughter by describing this budget as a “Beer and Bunk” Budget. Mr Leopold A-mery (Conservative) said that, while welcoming & reduction of taxation on new capital issues, he wished that the whole system coufd be re-cast, giving preference to investments within the country. He believed that the sugar taxation system could be mad e to yield an additional twelve millions without hardship to the at the same tim e abolishing subsidies. He said; “We have deliberately thrown away a chance of raising substantial revenue .by taxation of foreign meat, and are now negotiating a treaty which probably will preclude us from doing so for years to come.” The Chancellor of the Exchequer, Mr N. Chamberf.ain, replying to the debate, claimed that there had been no serious attack on the Budget from any quartay of the House, /Mv A.mory )was almost alone in maintaining that the - Chancellor ought deliberately to have had an unbalanced Budget in order to take something off the income tax, .and this at a time of extraordinary difficulty. The Government'had made th e best use of the resources available.

He deprecated the continual pessimism. Personally, he believed the country had the greatest prospect of regaining some of the 264 millions worth of foreign trade which had disappeared. There were improved prospects, he said, fwhich were due to what Mr MacDonald had done at Washington in' encouraging international collaboration. The - House agreed to Budget regulations.