THE FINANCE BILL.

Wairarapa Age, Volume XXXII, Issue 9605, 27 September 1909, Page 5

THE FINANCE BILL.

A LIVELY DISCUSSION-

GOVERNMENT'S ACTION

ASSAILED

United Press Association-By Electric Telegraph Copyright.

LONDON, Septahmar 24

In tfie course of the debate on Mr Hunt's amendment to clause 56 oi the Finance Bill, Sir P. Banbury, Conservative member for the City of London, said he saw no reason why colonial railway and municipal securities should be exempted. The object of exemption was to encourage British capitalists to invest money in the colonies.

Mr Timithy Haaly. Nationalist, did not see why the colonies should be allowed to escape the Birmingham policy which wa3 anathema to the Treasury Bench. Mr J. S. Harmood-Banner, uon servative member for Overton, considered that these colonial municipal loans were of the greatest to British industries. It was often arranged that the money should be spent on work in Britain.

Major F. E Coates (Lewisham) gave a powerful analysis of the effect of the stamp duties from the standpoint that they were trammelling free dealing in securities. He claimed that the exemption of municipal loans would be greatly appreciated in the colonies, and would prevent America from taking Canadian muni • cipal bonds from the English market.

Mr Hobhouse, Financial Sacreta ry to the Treasury, replying, said he had baen advised that the competition for colonial municipal loans did not come from France, Germany, or America, but was among the various grojps operating in Britain. Hence the concession could not necessarily benefit the colonies. Last year Britain lent Canada forty millions, and Australia eight to ten millions. America was becoming a very dan gerous competitor to Britain in loans made to municipalities and industrial concerns in the colonies and elsewhere. A few years ago competition did no exist; it was due to the huge accumulation of American capital during the last ten or twenty years. British citizens would reasonably object to tha exemption of all monav lent to the colonies.

The Right Hon. W. H. Lons, exConservative Minister, declared that there was not a particle of defence for the Government's attitude.

During an all-night sitting in the House to discuss the spirit duties the Government's majority fell to 13, owing to the Nationalists joining the Opposition.

Sir W. J. Bull, member for Hammersmith (Conservative), emphasised the fact that whereas Mr Lloyd-George estimated the decline in the consumption at 11 per cent., withdrawals from bond in the period from May to August declined 55J per cent, or, including anticipatory clearances in April, 29 per cent. Thus, instead of a gain of £1,600,000, the Chancellor experienced a loss of £1,700.000.

Mr Lloyd-George admitted that he had under-estimated the immediate effect of the duties in reducing consumption, but he still anticipated that there would be a substantial increase in the revenue for the whole year.

SLUMP IN BUILDING.

LONDON, September 24.

The members of thirty South London building firms state that since the introduction of the Budget two thousand five hundred have been thrown.out of work in their^district.