BRITISH BUDGET PROPOSALS

Taranaki Daily News, Volume LII, Issue 94, 17 May 1909, Page 2

BRITISH BUDGET PROPOSALS

FIXAXCIEKS' AI'PKEIIEXSIOXS. PROTEST 10 THE PREMIER. Recti ved 10, 4.45 p.m. London, .May 10. Thirly-live leading hankers and merchants, including Nr itillißiu Moscbeii, Lord Avebury, and Lord Rothsehilil, addressed .Mr. Asquilli la protest of nin-iy of the Uiiamv proposals of the Budget. They consider die proposed dealing with the old sinking fund u daugeruus iun ivatiini. and tliat it would inevitahly tempt a (iovernmeiiL to umhr-cstimae its revenue and over-estimate its expenditure. The signaloiiiH state they reilise the necessity for increased taxation, but are alarmed tit the increased disproportion of the burden placyl on it numerically rtihill claw of the community. The great increase of the death duties and income tax will, they hold, prove seriously injurious to commerce and industries. Death duties were really paid out of capital, therefore there was Mdanger' of capital lieiug reduced below a point necessary to the trade in which it k employed, the prosperity of all classrs being greatly due to llu> fact that the country afforded indisputable safety to capital'. The signatories deeply regret if this conviction is' to be in any way weakened. DRIVINT, CAPITAL ABROAD. Received 10. 4.30 p.m. London, Slay 1(1. Lord Addeuhaui declared the Budget would tend to drive capital abroad. H was most undesirable that a majority 'of people (Hiving no taxes, afld commanding the bulk of representation, should l)e encouraged to put the whole bur; den on the few. '..MM THE SPIRIT TAX. London, May 14. Mr. Lloyd-lieorge, Chancellor of the Exchequer,' estimates that the total annual amount produced by the additional spirit tax is £0,224,245, of which. £4,539,083 comes from Scotland.

CIGAR-MAKERS' COMPLAINTS. London, May 14. Mr. Lloyd-George is daily receiving deputation's in protest ugainst the Budget. Cigar-muker* complain that the reduction of si?* in English cigars' necessitates now moulds, which can only w> obtained in Germany, and that it will take three months to obtain them.