THE BRITISH BUDGET.

Taranaki Daily News, Volume LII, Issue 95, 19 May 1909, Page 3

THE BRITISH BUDGET.

Till-; BANKERS' LETTER. AX UNPARALLELED EFFECT. London, Ma v. 11. The Daily Mail slates that tile bankers' letter to Mr. Asqiiilh, I'rcnlier, produced an effect in the countrc almost unparalleled, and carried a deeper conviction because of its emanating from financiers of immense knowledge and experience, and the fact that several of the signatories are promiueat freetraders and others strong Liberals. Apart from the private wealth, the banks a. authorised capital of others represented amounts to £-213,143,000, whereof £.j0,000,000 is paid up. INCOME TAX PROPOSAL ADOPTED. PREMIER'S RE-PLY TO BANKERS. Received IS, 9.15 p.m.

London, May 18. The House of Commons adopted the income tax 'resolution.

Mr. Evelyn Cecil emphasised the warning given in the bankers' letter.

The Premier (Mr. Asquith) replied, citing the admissions in the memorial and the statement that the signatories were prepared to bear their share of the increase of taxation. He argued that in view: of the extra burdens falling upon liquor and tobacco, the burdens proposed upon capital were not excessive. He was not aware of anv other method of raising these burdens more equitably. He added that the French projected taxes and the existing Prussian super taxes were higher than those proposed in the British Budget.

AN UNTROUBLED CONSCIENCE. Received 18, 10.57 p.m. London, May 17. Mr. Asquith, continuing, reviewed tilie history of the income tax, and declared that when he was Chancellor of the Exchequer he removed most glaring anomalies by distinguishing earned from unearned incomes, and now regarded the permanency of the tax absolutely with an untroubled conscience. He believed the tax was capable of still wider expansion in the event of an emergency.