A GLOOMY SURVEY

Sun (Auckland), Volume III, Issue 887, 3 February 1930, Page 9

A GLOOMY SURVEY

BRITAIN’S BUDGET FAILS TO BALANCE TAX REVENUE DOWN LONDON, Saturday. The Chancellor of the Exchequer, Mr. Philip Snowden, referred to the finances of the country in a speech at Leeds. He said ho regretted not being able to speak in a sanguine wav about the revenue side of the account. Unless income-tax receipts improved considerably before the end of March, probably it would be found that th® Budget estimates had not been realised. Stamp duties probably were several millions short. Estate duties also were down. The only possibility was a reduction in expenditure on armaments and war debts. If trade improved, accompanied by cheaper money, for which lie was hoping before long, it might make an impression on the huge national debt and enable him to m duce taxation. But the national finance must pay its way. The Chancellor said he would not commit raids or make any levied on capital or outside capital to meet current and recurrent expenditure. POSTAL FIGURES UP A British Official Wireless message says a surplus of £9,000,000 is revealed in the commercial accounts of the Post Office for the year ended March 31 last. This is the highest recorded in the history of the department. The figures are: Postal surplus. .£9.250.000; telephone surplus, £500.000; telegraph deficit £750,000 Cash receipts for wireless licences totalled £1.353.000, against £1,234.50S for the preceding year. After 121 per cent, had been credited to the Post Office for expenses of management, etc., a balance remained at £1,179,501. Of that sum £557,616 was paid over to the British Broadcasting Corporation and £ 291,885 accrued to the Exchequer.