BRITAIN'S FINANCE

Taranaki Daily News, 11 December 1920, Page 5

BRITAIN'S FINANCE

«• IMPORTANT STATEMENT. WHERE ECONOMY IS, POSSIBLE. fcr lelerotfJ.—Press Aun —Copyright. Received Dec. 10, 2.45 p.m. London, Dec. 9. In the House of Commons Mr. ChamUeriain (Chancellor of the Exchequer) Mid that in Cabinet's opinion the only, method of effecting savings was in the W« Department. (Cheers.) The Ministries of Shipping, Food and Munitions Would be wound up during this financial yaw. The question of economising expenditofp in the Middle East would be thoroughly explored, with a view to drasti* reductions. He hoped that Mesopotamia would be self-supporting in a »*ort time.' .A* regards 'naval construction, there would be no programme of new construction until the lessons of the war had been definitely ascertained. The Cwnpnittee *f Imperial Defence would proceed immediately with exhaustive investigations, and ho programme of capital ships would be presented until the committee reported.—Aus. and N.Z. CaWe Assb.

ECONOMY URGED. WTSIDE MILITARY OPERATIONS DENUOUNCED. • ENGLAND PAYLVG ITS WAY. Received Dec. 10, 7,25 p.m. London, Dec. 9. IS the House of Commons the Rt. Bo*. George Lambert, in moving his motion to restrict the expenditure to £*»,OQO,OQO, Violently attacked the operations in Egypt, Palestine and Mesopotem!*. He-Stated that the expenditure must come off in chunks. Mr. Austen Chamberlain (Chancellor ' of the Exchequer), replying, admitted that the Government was on its trial, but stated that the House of Commons was. also on trial. It had to be decided, said Mr. Chamberlarh, whether we are to be governed by irresponsible clamor of by the House of Common!*. In England since the' armistice the expeaditure had been reduced from £?>13O,0OO,OOO to £!2S*OOO,OO<H, and taia was a remarkable achievement. He admitted there was a genuine anxiety regarding prospects. ■ The over-hopeful, over-confident Over-horrowing, overtrade and over-speculation of six months ago* h»d been succeeded by reaction. Tirade was now stagnant, and orders we?*, hard to obtain. Nevertheless, he and his advisers believed the Budget would substantially realise expectations. No other country in Europe could show <» parallel, and the only other country sayuig its way was Denmark. An expenditure of £808,000,000 would* be readied without making any provision for unemployment, housing, or the cost 'til a single soldier, sailor or airman. He wound up his speech by reading a number of the decisions of the Cabinet regarding next year's expenditure. Filttly, no new social reforms would be uuried out involving any burden on the jxehequer or upon the municipal rates. Secondly, spending departments would be instructed that except with Cahinet'B approval schemes involving expenditure must restate in a'beyance. Received Dec, 10, 7.50 p.m. ~ London, T>ee. 10. The Blouse 0 f Commons, by 321 to '56, Tejected the Rt. Hon. George Lambert's motion, and carried an amendnent in general terms urging the Government to prepare next year's estinates with a view to the greatest economy.