WARM WELCOME

Rotorua Morning Post, Volume 2, Issue 265, 2 July 1932, Page 5

WARM WELCOME

(Press. Assn.-

chorus of congratulations

— By Telegraph — Copyright).

Rec. July 1, 7.10 p.m . LONDON, Friday. The House of Commons had no inkling of Mr. Neville Chamberlain's statement until the front benches unexpectedly filled up. Mr. Chamberlain, amid cheers, announced details of his scheme. He explained that Majoi'-General J. E. B. Seely had agreed to take charge of the arrangements, fanxiliarising the pxxblic with the scheme. The Stationary office had been working in lxot haste, under lock and key, since 5 o'clock Thursday, printing, 3,000,000 forms enabling the holders to indicate their intentions regarding holdings. These will be completed in 24 hours. The secrecy with which the matter was organised is regarded as a triumph for the Treasury. A broadcasting programme was inteirupted in order that a verbatim report of Mr. Chamberlain's speech coxxld be broadcast. . It is estixnated that the conversion will save £32,000,000 per yeax*, beginixing on June 1,.1933. Allowing for the constant reduction in the economy tax surtax, the nett saving will be £23,000,000. Lord Hailsham, in the House of Lords, read Mr. Chambex-lain's anxxouncement. In the House of Conxmons, the Leader of the Opposition, Mr. George Lansbury, said tlie Opposition was delighted that at last an effort was being made to put the enormous debt on a proper footing.. "We are agreed that it is the very best fornx of economy," he said. "We think that every stock-holder should be willing to fall into line with Mr. Chamberlain's suggestion." Sir Austin Chamberlain, congratulating the Chancellor on the suggestion, said, "The action will meet with the response- we have the right to expect." Sir Godfrey Collins said that this was the most momentous announcement since the war. They had just listened to a complete vindication of British credit in the eyes of the world.