WORLD-WIDE LOTTERY

Otago Daily Times, Issue 26639, 9 December 1947, Page 5

WORLD-WIDE LOTTERY

AID FOR BRITISH FINANCES BANK CHAIRMAN’S PROPOSALS N.Z.P.A. Special Correspondent LONDON, Dec. 7. Major Dennis Smith, chairman of the Commercial Bank of the Near East and a director of one of London’s largest discount houses, has submitted to the Treasury a plan for the world’s largest lottery, which he suggests should be backed by the Government with the object of assisting British finances. Major Smith’s proposals envisage a world - wide distribution of £2,000,000,000 worth of £1 tickets each year to be issued only to authorised selling agencies, such as banks, stockbrokers, post offices, and Government departments. One thousand million pounds, or half of the total estimated yearly returns from the sale of tickets, would be distributed in prizes. Expenses and commissions are estimated at £50,000,000, leaving an annual profit of £950,000,000 for the benefit of British national finances. Major Smith suggests that £500,000,000 of this amount should be allocated each year to repayment of the National Debt, £300,000,000 to reduqe the income tax and surtax, £IOO 000,000 to supplementing British food supplies from Empire sources, and £45,000,000 to assisting aged people and invalids, and £5,000,000 to medical In a statement explaining his plans, Major Smith pointed out that many overseas governments already assist their finances by running lotteries. Although a proportion of tickets under his plan would be sold in Britain, very large numbers would be sold abroad and would assist Britain’s currency position. The general over-all expenditure on the lottery in Britain viould help to stem inflationary pressure by absorbing surplus money. Organising of the lottery on the scale suggested, said Major Smith, would be no more difficult than float-, ing an international loan. A British lottery on a world-wide scale would also divert millions now going out of Britain for Irish sweeps and would give friendly disposed people an opportunity to help this country. Answering probable objections by anti-gambling organisations, Major Smith said that by imposing taxes on dog tracks and football pools the Treasury had already given them recognition. “Why not go the whole way and recognise the indisputable fact that people will have a mild flutter? he said. “Give them something to have a mild gamble on which will be of immense benefit to the nation as a W The full details of Major Smith’s scheme have been submitted to both Mr Attlee and Mr Churchill in addition to the Treasury. So far there have been no official reactions.