WAR WEALTH LEVY.

Taihape Daily Times, Volume XI, Issue 3501, 12 June 1920, Page 7

WAR WEALTH LEVY.

R li,-\S( )_\' 17()Ix’ .\'O;\'—l.\i. I”<;)SITl(_).\'

].(‘).\"l)()‘.‘l, Jam‘ 9

In the House of Cvl:lnx(:ll.~'.l‘.l'r.Ghanahelrluin explained the G(>\'~.-:'nulcm-‘s decision not to imposv a levy on war wealth. He pointed out 11121: no payment could be made in Govt-I'nnlmlt .~'o<'lu'i‘rio.<. The levy woulfl not Inutel' iully IcLlLl<3c the .\':llTicmzll Jv_br. 1-10 (-.nlpll:lsisod the .fu:ll's of })uslnos.»' men as I'eg:ll'<]s the o.fl’<:*ct of the levy, anci .s't:m,‘Ll that ,ex<.-oss pl*()fit‘s duty‘ \\'ould ]n'odu<*b twice as much as the levy in the .<:mm yoriod. Ho mm‘ pl'Op():s(‘d to nl'.linTu‘m the excess I)l’()fi{‘s duty at (50 per (:on‘r. this _\'e:n'. :1.11d‘(-mrtinuc the duty 01' an oqui\‘:\lcnt for :1 himgor poriod Hum ut’ilol'\\'iso would have been 11ece.<s:11'_\,'._ .\[l' Ch:uubox'luin paid .-.1.

\\'ul'm tribute to the manner in which

the rich had borne financial ;<acril‘ices. and he gave figures sllo\\*l'ng' that in some Cases only a'bout live sliilliiigs in the 55 was left to the reeipient.< of liirge incomes after taxes were paid. No other country had ntteiiipted :1 lin--11ne.i:1l etl’ort lfO1l‘|[“d1':1.l)lL‘ with Brit:iin’s, and there was no other in which well to do people were so lieavily taxed. Illu-st.l';rtil:g‘ The iinizmeial ‘recovery of Britain, Mr Chamberlain referred to the -rise in the dollar exelizinge, nntl stated that we were in :1 position to buy our half of the AngloFrench loan in America and to meet all other miirket obligations of the ’.l‘re:l.<nry in the Ynited Ht;lte.< to the end of 1920 with :1 satisfac-tory margin. Our debt of :1 hundred million dollars to the Argellti.ne would be redeemed in :1 few days, and the loan of twenty millions yen in .Tap:ln would be paid off in :1 month, while provision haul been nincle ‘.‘.l' home for reduction oi’ the debt of 230 million sterling this year, ard 300 million.< next _‘\'€‘fll' \\'il'lloliT additional t:l:x':lt.ion.