BRITISH BUDGET.

Taranaki Daily News, 23 April 1920, Page 5

BRITISH BUDGET.

RESTRICTION OF LUXURIES. NATION FACING RESPONSIBILITIES. By Telegraph.—Press Assn.—Copyright. Received April 22, 7.25 p.m. t ii -rr London, April 21. Jn tlie House of Commons, .Mr. Austen Chamberlain (Chancellor of the Exchequer), replying to the Budget criticisms, said he did not apprehend that the increase in wine duties would appreciably increase the difficultes of trance, Italy, and Portugal. The French proposal would drastically restrict the importation of luxuries, and would affect British trade, but we had not complained, because neither the French nor the British action was unfriendly and retaliatory. It was simply duo to the necessity of restricting expenditure and raising revenue to meet their obligations. He emphasised the immense things t?ie nation was doing in facing its responsibilities. He intended to stand bv the original proposal to increase the excess profits duty to sixty pel cent., but he would remit the increase in the event of war wealth taxation being introducedHe would be disappointed if there was not a further vast reduction in public expenditure during the current year.Imperial Service. OPPOSITION TO NEW TAX. „, . ~ London, April 20. ine indications are that the principal opposition to the Budget will centre on the increase in the excess profits' tax Trading bodies have begun a formidable campaign. Mr. Terrell, chairman of the Manufacturers' Unipn, will move its rejecIt is generally anticipated that Mr. Chamberlain will be willing to compromise. It is reported in the City that »e has announced his willingness to abandon the entire increase. Mr Chamberlain, in the Budget speech, stated that the expenditure on supply sery.ee amounted to £788,000,000, to which must be added £-20,000,000, partly to cover the extra cost of unemployment and of the agreement with Australia and New Zealand in regard to Nauru Island, but mainly to provide further war bonuses and public services Aus.-N.Z- Cable Assn.