LEADING TO BANKRUPTCY.

Taranaki Daily News, 11 August 1919, Page 4

LEADING TO BANKRUPTCY.

BRITAIN'S PRESENT EXPENDITUItB A PESSIMISTIC REVIEW, Received August 10, 6.8 p.m. By Telegraph.—Kress Assn.~Cepjnrl|tit ' London, August 7. Mr. Chamberlain (Chancellor of tho Exchequer), in the House of Commons in a pessimistic review of the financial situation, said that if the country continued spending at the present rate it would lead straight to National bankruptcy. It was essential to increase production and reduce expenditure. The Budget forecast would fail to realise expectations. The expenditure (auctioned on pensions alone amounts to half the pre-war expenditure. The impossibility of discounting food control hat a serious effect on the Budget, as it wa« hoped to realise seventy millions by the sale of the. Government's stocks. He doubted whether it would be possible to balance accounts without new taxation. The only way to deal with exchanges was to reduce the import of luxuries and increase exports. Waste ■ should stop. There was nothing in the position beyond the nation's power if it tackled the problem with tho lane resolution as it displayed In the war,— Aus.-N.Z, Cable Assn.