BRITISH AFFAIRS

Southland Times, Issue 18846, 11 June 1920, Page 5

BRITISH AFFAIRS

THE FINANCIAL SITUATION. STATEMENT BY THE CHANCELLOR. REDUCTION OF THE DEBT. By Telegraph.—Press Assn.—Copyright.) (Reuter’s Telegrams.) LONDON, June 8. (Received June 10, 10.50 p.m.) In the House of Commons, Mr Chamberlain explained the Government’s decision not to impose a levy on war wealth. He pointed out that as payment could be made in Government securities, the levy would not materially reduce the floating debt. He emphasised the fears of business men as regards the effect of the levy, and stated that the excess profits duty would produce twice as much as the levy in the same period. He now prnpospfl to maintain the excess profits duty at 60 per cent, this year, and continue the duty or an equivalent for a longer period than otherwise would have been necessary. Mr Chamberlain paid a warm tribute to the manner in which the rich had borne hj nancial sacrifices, and gave figures showing that in some cases only about five shillings in (he pound was left to the recipients of large incomes after taxes had been paid. No other country had attempted a financial effort comparable with that of Britain, and there was no other in which well-to-do people were so heavily taxed. Illustrating the financial recovery of Britain,'Mr Chamberlain referred to the rise in dollar exchange, and stated that we were in a position to buy our half of the Anglo-French loan in America and to meet all the other market obligations of the Treasury in the United States to the end of 1020 with a satisfactory margin. Our debt of 100,000,000 dollars to the Argentine would be redeemed in a few days, and the loan of 20,000,000 yen in Japan would be paid off in a month, while provision had been marie at Home for reduction of the debt by £230.000,000 this year and £300,000,000 next year without additional taxation.

EMPIRE TRADE EXHIBITION. PR KLIMINARY ARRANGEMENTS. LONDON, June 8. The Lord .Manor prosified at a large meeting in the Mansion House in connection with Inir>f‘!-;;!l trade relations and the forthcoming British Trade Exhibition. He read a letter from the Prince of Wales (president of the General Committee) stating that the Government had decided to introduce a bill providing £IOO,OOO towards the exhibition guarantee fund, conditionally on at least £.>00.000 being otherwise guaranteed. The Prince hoped that at least £1,000.000 would he guaranteed. Lord Milner urged that the Exhibition must be on a vast scale befitting the Empire, and thoroughly characteristic of the resources of the Empire. He emphasised that the Exhibition would have a social and national as well as an economic value and make for the inter-dependence of the vtirious parts of the Commonwealth. , Sir George Perley, High Commissioner for Canada, promised the very hearty sup[>ort of Canada. - Mr Watt, treasurer of the Australian Commonwealth, moved a resolution cordially endorsing the proposal! to hold an exhibition in London (luring 1923. Sir Robert Horne said the Board of Trade and other Government Departments were determined to give the Exhibition every support in (heir power. lie emphasised the necessity of in every way developing markets for British products. The resolution was carried with two dissentients. THE FARMERS’ CHARTER. ENCOURAGEMENT OF WHEAT GROWING. (Reuter's Telegrams.) LONDON, June S On the second reading of the Agriculture Bill Sir A. Griffith-Bopcawen, Secretary- to the Board of Agriculture, pointed out that before the war Britain only produced enough wheat to suffice from Friday night till Monday morning. For the rest of the week Britain depended on foreign porks, “We are agricultural week-enders,” lie said. Production had improved during the war, and the Government was determined not to let agriculture slip back. It would undoubtedly be cheaper to grow wheat in this country- than to import it. The whole question of the future was how to get our daily bread. 'Une hill might he called the “farmers’ charter,” but it. was introduced in the national interest to make the best use of the greatest national asset. The keynote of the hill was security ail round —security- for the farmer by means of guaranteed prices; security to the labourer by a minimum wage; and security to the State by giving it certain control of cultivation so that the maximum amount of, food might be procured.

IMPORTS AND EXPORTS. RETURN'S FOR MAY. L.ONDON, June 8. j Export? for May totalled £119.319,000, I con.pared with £64,344,000 in May, 1919. Import? totalled £106,333,000, compared with £ 13"),612,000 during the previous May. The chief increases in exports of manufactured goods were: —Cotton, £20,187,000; Woollens, £5.099,000; iron and steel, i £0,574,000. j The exports for the five months totalled ; £52 1,114,000, compared with £270,193,000 I for the same period in the previous year, | and the import? £802,201,000, compared i with £594,094,000. i Re-exports of foreign and colonial merchandise totalled £115.707,000, an increase jof £72,290,000, compared with the same i period of 1919. IMPERIAL PREFERENCE. INVITATION TO THE COLONIES. (Reuter’s Telegrams.) LONDON, June 8. ! In the House of Commons, Colonel Wilson staled that an invitation to consider the practicability of Imperial Preference had been sent to all the colonies and protectorates except those precluded from doing so from international agreements or in which preference was already enforced or impracticable. Replies hitherto received included Hong Kong and Sierra Ix-one, both of which considered preference unnecessary and Cyprus, where legislation in this connection had been passed. THE AIR SERVICE. SERIOUS DECLINE IN EFFICIENCY. LONDON, June 9. The Lord Mayor presided at a meeting inaugurated by the Air League of the British Empire. Major-General Seely declared that in 1918 Britain’s position was incomparable. The country then had the best equipped air service of ail nations. He added that to-day tho position was serious and said we had practically gone out of business. General Seely suggested that the national defences were suffering from inefficient control and lack of co-ordination. KING EDWARD’S HORSE. REUNION IN LONDON. LONDON, June 9. At a reunion of comrades of the First King Edward’s Horse it was stated that over 550 young colonials in its ranks had obtained commissions in the British armies during the war. A memorial in the shape of an elongated milestone, on which is inscribed the names of 82 who fell, will be shortly unveiled at Neuve Chapelle, where the regiment held up a German division all day long in 1918. General Sir Herbert Lawrence, in a speech, said he hoped the regiment would continue to be linked with the overseas dominions.